ID: PMRREP32528| Upcoming | Format: PDF, Excel, PPT* | Automotive & Transportation
According to study the Dashboard Camera Market is anticipated to exhibit substantial promising growth between 3% to 4% during the forecast period. A dashboard camera known as a car DVR or driving recorder, is a automotive camera that continually captures the view through a vehicle's front windscreen and occasionally back or other windows.
They are small video cameras that are put in the dashboard or on the vehicle's windscreen. In the medium term, demand for the same will recover, with a positive growth opportunity in the long run. In the near future, the growing demand from the automobile industry will create limitless potential, and sales in the automotive sector will offer momentum.
The demand for dash cameras has risen dramatically in recent years as a result of reasons such as an increase in the frequency of traffic accidents and car thefts. In addition, these cameras contribute in the prevention of insurance fraud like making false insurance claims.
Furthermore, legal revisions mandating the use of dash cams in cars, as well as advantageous policies by auto insurance companies offering discounts to automobiles equipped with dashboard cameras, are propelling the market forward. The growing public knowledge of the benefits of dashboard cameras, such as the constant monitoring provided by DVR systems, is a key driver driving market expansion.
Automotive sales around the globe have been impacted by COVID-19 induced slowdown. This also had a ripple effect on automotive interior car accessories, components and material sales the recovery is expected in coming years.
Governments and transportation authorities throughout the world are enacting more safety rules, and there is a greater administrative focus on providing road safety and fraud protection to passengers, as well as gathering evidence in road accident situations, which drives up product demand.
The increased demand for cameras with high-end features like GPS tracking, G-sensors, and Wi-Fi connections, among other things, is propelling the industry forward. Furthermore, increased technological developments and modernization in market-available products, expanding R&D efforts, and expanding demand for the automotive sector will all provide new opportunities.
Due to an increase in the number of vehicles, Europe is expected to grow at a significant rate in terms of value during the forecast period. Due to the increasing demand for luxury vehicles and commercial vehicles there are many vehicle holders which use the dashboard camera extensively. The implementation of safety regulations by the government and transportation authorities and increase in focus of road safety to drive the market in these region.
Asia Pacific is estimated to be the fastest growing region in terms of market growth, due to increase in use from vehicle owners against protection from accidents and benefits of dashboard cameras such as continuous vigilance offered by DVR systems in these regions.
Several insurance companies in the region are offering premium discounts to vehicle owners who install dashboard cameras in their vehicles. Over the forecast period, the market is likely to gain widespread appeal in this area since they serve as vital proof that can protect the user both legally and financially.
Due to the growth in automotive manufacturing in these region, the Asia Pacific market has held a larger revenue share in recent years. Over the last decade, the region's large population, rising per capita income, and better living conditions have all contributed to the rise of automotive industry in the region. The market, particularly in the commercial vehicle sector, is predicted to grow in response to rising demand for logistics and supply chain industry.
Some of the leading manufacturers and supplier include
Many leading manufacturers and suppliers are focusing on various developments with new technology and updates which gives long life product quality and workability which will help to improve the growth in the market.
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