The global dashboard camera market marks
the presence of a large number of players who are offering a wide range
of products under driver-assistance systems, notes Transparency Market
Research (TMR). A growing number of players are increasingly offering a
variety of dashboard camera solutions to address the needs of original
equipment manufacturers and fulfil the aftermarket requirements for
solutions for road safety. Camera manufacturers and automotive players
are constantly pursuing strategies based on improving their technical
expertise to consolidate their position, finds TMR. This is expected to
up the level of competition over the assessment period.
Top players operating in the dashboard
camera market include DCS Systems Ltd., Pittasoft Co. Ltd., Qrontech
Co., Ltd., Garmin International Inc, Harman International Inc, Papago
Inc., and Delphi Automotive Systems Pvt Ltd.
The global dashboard camera market is
projected to expand at a robust CAGR of 15.3% in between the forecast
period of 2014 and 2020. Vis-à-vis revenue, the market stood at US$
1,458.2 million in 2013 and is estimated to reach a worth of US$ 4.03
billion by the end of the forecast period.
The various technologies used in
dashboard cameras can be grouped into single lens or single channel,
multi lens or dual channel, and rearview. Of these, single channel
dashboard cameras accounted for the leading share in 2013 both in value
and volume. The segment is expected to hold its sway through 2020,
driven by the extensive demand of this dash cams by motorists. This is
attributed to their low cost and easy set-up, which are substantially
useful in filing insurance claims.
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On a geographical front, the Asia
Pacific accounted for the dominant share in 2013 and is also rising at
the leading CAGR over 2014–2020. The widespread popularity of dashboard
cameras among private and commercial vehicle owners in the key economies
projects the regional market to the forefront.
Stringent Implementation of Laws and Regulations on Road Safety World over Bolstering Demand
The global demand for dashboard camera
market is driven by the presence of stringent laws and regulations on
the road safety in several economies world over, coupled with the wide
awareness of the benefits. The significant impetus by transport
authorities to exhort private and commercial vehicles owners to adopt
dashboard cameras provides a robust thrust to the demand in countries
where these cameras are considered legal. Several insurance companies
are also encouraging vehicle owners in installing these cameras by
letting them settle insurance claims faster and charging less premiums.
The declining price of dashboard cameras is also a significant factor
boosting the market.
The integration of dashboard cameras
with various driver-assistance functionalities by vehicle manufactures
in various parts of the globe help them reap considerable significant
edge over others.
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