Automotive Dashboard Camera Market size is projected to witness a considerable growth over 2021-2027 with ongoing expansion of automotive industry and integration of numerous safety components into vehicles. These cameras are largely used in vehicles owing to their ability of recording high-quality footage of road activities. These footages can essentially be used as proof in federal courts to claim insurance in the events of accidents. With increasing road accidents, demand for dash cameras is rising globally.
The growing automotive dashboard camera market is further supported by the growing awareness about vehicle and passenger safety systems among consumers and OEMs. These systems play a key role in analyzing driving patterns of new drivers and in turn improving the driving skills.
Automotive dashboard cameras are available in single and dual channel types. Dual channel dashboard cameras that help drivers record on-road and in-vehicle activities. These cameras are increasingly being deployed in private taxi services like Uber, Bookmycab, Lyft, etc. In addition, they are energy efficient and comprise of built-in Wi-Fi and GPS for live location tracking along with the impact and motion detection features that help in speed detection and prevention of accidents.
In terms of technology, smart automotive dashboard cameras are gaining massive traction with the integration of smart cameras with ADAS. It enables analysis of data pertaining to speed and distance of the vehicle in front and alerts the driver. Increasing preference for smart components is due to their capability to detect obstacles and record ultra HD footage on roads is complementing the product demand further. The burgeoning demand is also backed by their superior night vision imaging features. The implementation of Wi-Fi modules enables the user to view real-time footage or playback recordings.
Based on vehicle type automotive dashboard camera market is bifurcated into passenger and commercial vehicles segment. Commercial vehicles segment is projected to register substantial gains over the forecast timeline with rising application of these devices in these vehicles lately. The segmental growth will be further augmented by the growing installation of back up cameras in taxis to monitor vehicle location using their integrated GPS modules. In addition, ongoing technological advancements like 360-degree view, night vision, park mode detection, 4G LTE connectivity, etc. are also expected to favor the product implementation.
Regionally, North America is anticipated to emerge as a lucrative hub for automotive dashboard camera market on account of increased popularity of automobile safety systems coupled with stringent regulatory scenarios for the integration of back-up cameras. For instance, the U.S government has mandated the installation of back-up cameras in all the new vehicles in the country.
The market space is bolstered by major players like Garmin Ltd., Xiaomi, Koninklijke Philips N.V., Waylens Inc., JVCKENWOOD Corporation, Intensity Security, Valeo SA, Aptiv PLC, etc. who are increasingly focusing on research activities and development of advanced offerings. These initiatives not only strengthen their foothold on the market but also open new growth avenues for the industry. For instance, in 2020, Xiaomi announced the launch of its new dashcam for cars named Mi Smart Dashcam 2K that displays footage in real-time and supports intelligent voice control.
Amid the ongoing COVID-19 crisis across the globe, several major industries have been severely impacted. These challenging times have affected the operations, production and sales in automotive industry globally due to the implementation of lockdown restrictions by regulatory bodies. The declining auto sales and production has subsequently affected automotive dashboard camera industry landscape. However, with easing of restrictions and reopening of businesses, gradually the automotive dashboard camera market is expected to grow at a steady pace over the ensuing years.