The Global Dashboard Camera Market size is expected to reach $5.2 billion by 2026, rising at a market growth of 14.9% CAGR during the forecast period.
Dashboard cameras become more and more popular among drivers worldwide.
In many commercial and personal vehicles, it enables the driver to take control of road safety and enables incidents such as collisions, robbery, and vandalism to be recorded.
For liability and insured claims, the camera footages obtained from dashboard cameras are now accepted.
Insurance companies encourage the use of dashboard cameras with insurance premium discounts to combat false insurance claims.
Several insurance companies offer customers up to 15% discount on monthly rates for their vehicle using dashboard cameras.
The popularity of dashcams worldwide has thus greatly increased. The adoption of dashcams should increase over the forecast period in the North American region.
In January 2017 New York (NY) State suggested a Senate Bill (S438) to provide for an approximate 5% reduction in premium payment on the use of a dash cam by non-commercial vehicle owners.
Law enforcement agencies throughout the world have traditionally used DVRs and dashboard cameras.
In spite of that, according to recent trends, both passenger vehicles and commercial fleets are increasingly being installed.
The increase in the number of fraudulent claims for insurance and medical compensation through fake car accidents is a key driver of the demand for dashboard cameras. Most insurance companies are now accepting camera images from dashboards to resolve claims disputes.
In the automotive and transport industry the COVID-19 outbreak is one of the most exposed verticals and is currently in unprecedented uncertainty.
COVID-19 should have a significant impact in the automotive industry on both the supply chain and product demand. The market has gone from being focused on China’s supply chain disruption to the global slump in demand for auto products.
With the shutdown of all non-essential services, demand for commercial automobiles is expected to decrease.
In addition, changes in consumer acquisition behavior due to pandemic uncertainty may have serious implications for the industries near future growth.
Meanwhile, a cash crunch and liquidity deficiency have affected fleet operators’ sales, which are expected to increase in the coming months.
- Panasonic Corporation
- Garmin Ltd.
- LG Corporation (LG Electronics)
- Samsung Electronics Co., Ltd. (Samsung Group)
- Motorola Solutions, Inc.
- Fine Digital, Inc.
- Amcrest Technologies LLC
- Cedar Electronics Corporation (Cobra Electronics Corporation)
- ABEO Technology Co., Ltd.
- Papago, Inc.
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