The dashboard camera market is expected to grow from US$ 2,018.69 million in 2021 to US$ 7,260.97 million by 2028; it is estimated to grow at a CAGR of 20.1% from 2021 to 2028.

The automotive industry in North America continues to expand progressively, signifying a steady growth rate. According to the National Automobile Dealers Association, new passenger cars and light commercial vehicle (LCV) sales in the US are expected to increase by 3.4% to 15.4 million units in 2022. Several leading automakers-including Ford and General Motors-and Tier 2 and small vehicle manufacturers have their presence in the region. The economic strength of countries in North America positively impacts the consumption pattern of passenger cars owing to the rising demand for premium luxury cars. North America is showing significant growth in the adoption of dashboard cameras due to the legality of their usage, and benefits to the driver and insurance companies. Due to the increasing demand for dashboard camera, the automakers in the region are ramping up their production capacities, which is further encouraging the dashboard camera market growth. Several prominent automotive accessories providers integrate the advanced driver assistance system (ADAS) with the dashcam. For example, Harman International offers the HARMAN smart/auto VISION, a connected automotive ADAS dashcam that incorporates on-board cameras, providing the front and driver-facing views. Dashboard camera enables remote vehicle surveillance features that support voice control, contextual alerts, driver distraction and drowsiness warnings, lane departure and collision warnings, and pedestrian detection.

The dashboard camera market ecosystem comprises the following stakeholders: hardware/component providers, dashboard camera manufacturers, system integrators, and end users. Major players occupy significant places in the various nodes of the dashboard camera market ecosystem. The hardware/component providers supply electrical components that are rated for required temperatures; these include accelerometers, motion sensors, camera sensors, strong adhesives, processors, and GPS. The Original Equipment Manufacturer (OEM) in the dashboard camera market transform raw materials into finished products, along with performing the functions of designing and assembling. System integrators bring the component subsystems together ensuring that they operate efficiently. ABEO Technology; Garmin Ltd; Pittasoft Co. Ltd; Falcon Electronics LLC; Panasonic Corporation; Cobra Electronics Co; Safe Cams; Thinkware; Harman International; and LG Innotek are a few of the leading players in the dashboard camera market. The companies are offering a wide range of products including 1-channel, 2-channel, and rear view (Front and Rear View) dashboard cameras with basic, advanced, and smart technologies for commercial as well as personal vehicles. The rising number of road accidents, car thefts, and insurance fraud has increased the demand for dashboard cameras. Moreover, favorable government and insurance company policies to offer discounts to cars equipped with dashboard cameras are anticipated to present significant opportunities for the companies planning to enter this market.

Impact of COVID-19 Pandemic on Dashboard Camera Market

The beginning of the COVID-19 pandemic in South America dramatically affected several sectors, including transportation and mobility, due to disrupted supply chains, lockdowns, and trade-related restrictions. The decline in production and sales of new vehicles in the region led to a reduction in demand for dashboard cameras during the pandemic's peak, i.e., during 2020-21. Furthermore, the dashboard camera market in South America is anticipated to face a declining growth trajectory as most of the stimulus packages deployed by governments in the region are focused on public healthcare improvement and tax relief. However, irrespective of the adversities created by the COVID-19 crisis in transportation systems, various reports by prominent global strategic organizations-World Bank, ITU, GSMA, and World Economic Forum-support the adoption of electric vehicles for transportation in economically strong countries in South America. For example, Volkswagen will build the Modularer Querbaukasten (MQB) platform-based Polo Track at its plant in Taubate, Brazil, by 2023. Several prominent global automakers engaged in establishing their design centers and production units in emerging economies in the region, thereby creating positive prospects for the growth of the dashboard camera market in South America.

The dashboard camera market size has been derived using both primary and secondary sources. To begin the research process, exhaustive secondary research has been conducted using internal and external sources to obtain qualitative and quantitative information related to the market. The process also serves the purpose of obtaining an overview and forecast for the dashboard camera market with respect to all the segments. It also provides the overview and forecast for the market based on all the segmentation provided with respect to five major regions-North America, Europe, Asia Pacific, the Middle East & Africa, and South America. Also, primary interviews were conducted with industry participants to validate data and gain more analytical insights. The participants of this process include VPs, business development managers, market intelligence managers, national sales managers, and external consultants-such as valuation experts, research analysts, and key opinion leaders-specializing in the dashboard camera market. A few major players operating in the market are ABEO Technology CO., Ltd; Garmin Ltd.; Pittasoft Co. Ltd.; Falcon Electronics LLC; Panasonic Corporation; Cobra Electronics Corporation; SAFE CAMS; THINKWARE; Harman International; and LG Innotek.