Dashboard Camera Global Market Opportunities and Strategies to 2032

This report describes and explains the dashboard camera market and covers 2017-2022, termed the historic period, and 2022-2027 termed the forecast period, along with further forecasts for the period 2027-2032. The report evaluates the market across each region and for the major economies within each region.

The global dashboard camera market reached a value of nearly $3,150.3 million in 2022, having grown at a compound annual growth rate (CAGR) of 13.0% since 2017. The market is expected to grow from $3,150.3 million in 2022 to $7,751.5 million in 2027 at a rate of 19.7%. The market is then expected to grow at a CAGR of 19.1% from 2027 and reach $18,602.0 million in 2032.

Growth in the historic period resulted from the strong economic growth in emerging markets, the increasing number of road accidents globally, the rise in the number of fraudulent insurance claims and the rising vehicle theft. Factors that negatively affected growth in the historic period included the coronavirus (COVID-19) pandemic, privacy concerns and stringent regulations in the automotive industry.

Going forward, the rising consumer awareness regarding in-car safety, the increasing sales of electric and hybrid vehicles, the increased adoption of advanced driver assistance systems and the rapid increase in vehicle production globally will drive the market. Factors that could hinder the growth of the dashboard camera market in the future include the impact of the Russia-Ukraine war and the rising interest rates globally.

The dashboard camera market is segmented by type into 1-channel, 2-channel, 3-channel and rear view. The 1-channel market was the largest segment of the dashboard camera market segmented by type, accounting for 70.8% of the total in 2022. Going forward, the 3-channel segment is expected to be the fastest growing segment in the dashboard camera market segmented by type, at a CAGR of 26.0% during 2022-2027.

The dashboard camera market is segmented by technology into basic, advanced and smart. The basic market was the largest segment of the dashboard camera market segmented by technology, accounting for 69.8% of the total in 2022. Going forward, the smart segment is expected to be the fastest growing segment in the dashboard camera market segmented by technology, at a CAGR of 24.8% during 2022-2027.

The dashboard camera market is segmented by application into commercial vehicle and personal vehicle. The personal vehicle market was the largest segment of the dashboard camera market segmented by application, accounting for 68.5% of the total in 2022. Going forward, the commercial vehicle segment is expected to be the fastest growing segment in the dashboard camera market segmented by application, at a CAGR of 20.3% during 2022-2027.

Western Europe was the largest region in the dashboard camera market, accounting for 30.0% of the total in 2022. It was followed by North America, and then the other regions. Going forward, the fastest-growing regions in the dashboard camera market will be Asia-Pacific and Western Europe, where growth will be at CAGRs of 24.7% and 21.7% respectively.

The global dashboard camera market is fairly fragmented, with a large number of small players in the market. The top ten competitors in the market made up to 17.48% of the total market in 2022. JVCKENWOOD Corporation was the largest competitor with 9.64% of the market, followed by Panasonic Holdings Corporation with 1.88%, LG Innotek with 1.54%, Garmin International with 0.93%, DigiLife Technologies CO., Ltd with 0.74%, Philips with 0.63%, Pittasoft (BlackVue) with 0.56%, Nexar with 0.55%, Falcon Electronics LLC with 0.54% and Nextbase with 0.47%.

The top opportunities in the dashboard camera market segmented by type will arise in the 1-channel segment, which will gain $3,027.3 million of global annual sales by 2027. The top opportunities in the dashboard camera market segmented by technology will arise in the basic segment, which will gain $3,032.7 million of global annual sales by 2027. The top opportunities in the dashboard camera market segmented by application will arise in the personal vehicle segment, which will gain $3,089.3 million of global annual sales by 2027. The dashboard camera market size will gain the most in China at $920.4 million.

Market-trend-based strategies for the dashboard camera market include focus on dashcams integrated with telematics systems, fleet tracking technology, smart dashcams for driver assistance and security, product innovations, LTE (Long Term Evolution or 4G)-connected dashcams, LTE (Long Term Evolution or 4G)-connected dashcams and technological advancements.

Player-adopted strategies in the dashboard camera market include expanding connected camera portfolio for better surveillance and security, launching new products for public safety solutions in the law enforcement, higher education and government agencies, expanding manufacturing capacities and increase output/production capabilities and integrating connected technologies to dashcams for better user experience and high level of safety.

To take advantage of the opportunities, the analyst recommends the dashboard camera companies to focus on dashcams integrated with telematics systems, focus on smart dashcams, focus on 360° rotatable dashcams, expand in emerging markets, provide competitively priced offerings, continue to participate in events and conferences, continue to use B2B promotions, continue to target fast-growing applications.