Dashboard cameras are specialised, compact and portable onboard video recording cameras that are placed inside of the vehicle & record the view through the front windscreen. The demand for these cameras has grown significantly owed to seeking legal protection in case of vehicle collisions and increasing number of car thefts. The tape from the camera is being used for presenting evidence for the insurance claims and preventing fraud.
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COVID-19 scenario Analysis:
- The pandemic has had a negative impact on the automotive dashboard camera market size for the year 2020, an estimated of 4-6% of deviation is noticed in the growth of camera manufacturers due to coronavirus.
- Dashboard camera is an evolving technology which is hampered due to an ongoing virus, because of which all type of production and installation across the affected countries had been shut down & all operations were disrupted due to the pandemic.
- Majority of camera manufacturers are facing major issues such as closure of factories and unavailability of workforce due to the lockdowns which further affects the production of the dashboard cameras as well.
- As the governments all over the world have declared lockdowns over the past few months, the demand and supply cycle of many global automotive dashboard camera manufacturers is vulnerable.
Top impacting factors: Market Scenario Analysis, Trends, Drivers and Impact Analysis
Rising number of road accidents & car thefts, favourable initiatives pertaining to the usage of dashboard cameras and benefits for vehicle owners & motorists are driving the growth of the market. However, reliability & privacy issues and laws restricting the use of dashcams in some countries such as Austria and Luxembourg are expected to hamper the growth of the market. Contrarily, increasing adoption of dashboard cameras in commercial vehicles and government initiatives encouraging the use of these cameras creates a favourable condition for the implementation of dashboard cameras which can be an opportunity for the market investments.
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The automotive dashboard camera market trends are as follows:
Increasing adoption of dashboard cameras in commercial vehicles
The commercial transportation segment is the most used public transport, thereby, ensuring the safety of the passengers is a challenge altogether. Dashboard camera protect against the potential safety and security compromises on a vehicle & are proven to reduce the legitimate claims cost by over 50%. Various commercial vehicles are promoting the usage of dashboard cameras to keep the insurance premium to a minimum amount. Therefore, growing demand for low the claims cost boosts the growth of the automotive dashboard camera market.
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Key benefits of the report:
- This study presents the analytical depiction of the automotive dashboard camera industry along with the current trends and future estimations to determine the imminent investment pockets.
- The report presents information related to key drivers, restraints, and opportunities along with challenges of the automotive dashboard camera market.
- The current market is quantitatively analyzed from 2019 to 2027 to highlight the automotive dashboard camera market growth scenario.
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