Dashboard cameras are the latest addition to the exciting world of vehicle accessories. These onboard devices are installed on law enforcement vehicles, private cars and rental and other vehicles for recording real-time videos, both inside and outside of vehicles. The global market for dashboard cameras is witnessing huge expansion across several regional markets, innovation of a variety of economical and technologically advanced products, and the rising convergence of device manufacturers and automobile companies for the development of vehicles that come readily fitted with dashboard cameras.
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Factors such as favorable regulatory scenario, certain government regulations and initiatives that are encouraging installation of dashboard cameras in private vehicles as road safety measures, and offers from insurance companies such as benefits of a lower premium for vehicles equipped with dashboard cameras are also significantly contributing towards the increasing popularity of dashboard cameras on a global front.
Analysts Project Excellent Growth Prospects
A recent market research report published by Transparency Market Research forecasts excellent growth prospects for the global market for dashboard cameras. The report states that the market will expand at a 15.3% CAGR over the period between 2014 and 2020. Along with the host of factors mentioned above, the market for dashboard cameras will also expand owing to the rising awareness about the benefits and declining prices of these products.
Privacy Act Restricts Market in Europe
Though the usage of dashboard cameras is legal throughout almost all major regional markets, some countries in Europe restrict vehicle owners to take videos with dashboard cameras in public places. Enforcing such regulations is the Privacy Act in European countries such as Austria, Belgium, and Portugal. Such restrictions are expected to limit the overall adoption and sales of dashboard cameras in these European countries over the next few years. However, there has been an exponential rise in the demand for dashboard cameras from other major regional markets.
Asia Pacific to Emerge Global Leader
The market is especially witnessing significant expansion in Asia Pacific. The region represents a large population of middle-class people, strengthening economies, rising disposable incomes, and flourishing automobile industry. The region has witnessed a huge rise in demand for technologically advanced vehicle accessories over the past few years and increased awareness regarding road safety measures. These factors have collectively led to the rising adoption of vehicles fitted with dashboard cameras from private as well as commercial vehicle owners in the region.
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The manufacturing sector for the global dashboard cameras market is also dominated by Asia Pacific. The competitive landscape of the market features a large number of small- and medium-sized companies, particularly from South East Asia. Competition in this highly fragmented marketplace is projected to become intense in the near future as prominent automotive equipment manufacturers and digital camera companies are focusing on expanding their expertise and introduce innovative and economic products in most popular product segments.
Some of the most prominent vendors in the present day global dashboard camera market are Delphi Automotive Systems Pvt Ltd, Qrontech Co., Ltd., Harman International Inc, Pittasoft Co. Ltd., Garmin International Inc, DCS Systems Ltd., and Papago Inc.