The Global Connected Dashcam Market was estimated at USD 4.21 Billion in 2022 and is projected to reach a value of USD 20.39 Billion by 2030, growing at a CAGR of 21.8% during the forecast period 2023-2030.
Car owners, who have dashcams, have the ability to record video of any attempted or actual theft, which can assist in locating and prosecuting the culprits. Additionally, some dashcams have motion detection and a parking mode that allows them to record footage even when the vehicle is parked and turned off and helps to notify owners of any suspicious activity. Owners of automobiles may be more likely to make an investment in a dashcam to safeguard their vehicles as a result of this increased level of safety. Moreover, Dashcams assist in recording untoward incidents, such as rash driving, road rage, and even road accidents. Such recorded footage can further act as concrete evidence during the time to prove. The video evidence may also assist fellow road users, in case of any misfortunes. This factor propels the market’s growth. In addition, as disposable income increases, consumers generally have more money to spend on advanced technologies. This results in an increasing demand for advanced dashboard cameras, which come with internet connectivity, cloud storage, AI-powered sensors, etc. This factor also helps in fuelling the growth of the global connected dashcams market. However, the global connected dashcams market is encountering challenges, primarily in terms of the high price and cybersecurity. Connected dashcams, in comparison to conventional dashcams, are more expensive due to the advanced technologies integrated with them. Thus, this makes it difficult for price-sensitive consumers to purchase the advanced versions of dashcams. Moreover, most connected dashcam manufacturers collect and share sensitive data, such as recorded footage and user GPS location, with third-party companies that invent new technologies for better user experience. However, this practice can lead to major privacy and security concerns regarding user data, which may result in potential misuse of data and serious cyber-attacks.
In 2022, the basic technology segment held the largest market share. Basic technology dashcams are entry-level dashcams that comprise essential features, such as auto-recording, loop recording, 140-degree field-of-view, and audio recording. These dashcams are affordable and take only a few minutes to install. The majority of customers are happy with the basic features. Dash cams with basic technology are popular in developing countries due to their simple manufacturing process and low cost.
In 2022, the 1-channel product segment held the largest market share. 1-channel (or single recording) dashcams record video from only one direction. These dashcams are inexpensive, have only one lens, have limited memory storage, and have short battery life. Some 1-channel dashcams with advanced technology come with GPS tracking, motion detection, and parking mode. Dashcams with one channel are the most affordable options on the market.
In 2022, the SD & HD video quality segment held the largest market share. Standard Definition (SD) and High Definition (HD) video quality dashcams produce low-quality videos as compared to Full HD and 4K quality dashcams but they capture enough details, such as number plates, road signs, etc. These dashcams are affordable and help in saving memory storage.
In 2022, the personal vehicle application segment held the largest market share. The growing concern of personal car owners related to safety and security issues such as car theft, road accidents, and insurance fraud, is driving the demand for connected dashcams. Personal car owners have greater freedom to select and install dashcams based on their individual needs and preferences.
In 2022, the North American region held the largest share in the global connected dashcams market. The United States police enforced the use of dashcams to provide corroborating evidence of crimes. The major users of dashcams in this region are rideshare drivers. Legislators in the United States are urging to make dashcams mandatory in every vehicle. The Europe region held the second-largest share in the global connected dashcams market. Russia was the first nation to adopt dashcams, followed by the United Kingdom and Germany. Dashcams became mandatory in Russia due to the presence of aggressive drivers, insurance frauds, and the high rate of road accidents. However, the growth slowed down due to the Russia-Ukraine war.
The connected dashcams market is estimated to become more competitive as new players enter the industry. Due to their innovation and new product development in the connected dashcams market, Garmin Ltd., Thinkware Corporation, and BlackVue currently dominate the market.
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