ALBANY, New York, Aug. 19, 2019 /PRNewswire/ -- The rising need to figure out the truth behind an accident or a collision between vehicles majorly propels rapid growth of the global automotive dashboard camera market. Dashboard cameras installed in vehicles record events that occur both inside and outside the vehicle.
Koninklijke Philips N.V., Honeywell International Inc., JVCKENWOOD Corporation, Garmin Ltd., and LG Innotek Co. Ltd. are some of the prominent companies of the global automotive dashboard camera market.
Transparency Market Research (TMR) has come up with a report on the global automotive dashboard camera market. A TMR analyst projects that the market will expand exponentially clocking a double-digit growth rate of 25 % CAGR during the forecast timeframe, from 2018 to 2026. The market is likely to surpass the value of US$ 20 Bn through 2026.
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Asia Pacific to Grow Rapidly, Thanks to the Region's Focus on Road and Vehicle Safety
The global automotive dashboard camera market is divided into the major geographies of South America, Asia Pacific, Middle East and Africa, Europe, and North America.
Geographically, the global automotive dashboard camera market in North America is likely to expand at a fast speed owing to the increasing traction of vehicle safety systems. Besides, government statutes mandating integration of back-up cameras.
Asia Pacific region is another rapidly growing regional segment of the global automotive dashboard camera market. Both China and India are experiencing a surge in the demand for dashboard cameras in the recent times, owing to the increase in number of insurance frauds, road accidents, and absence of safety measures for pedestrians in these countries. The regional market is projected to be propelled by the growing concern over safety and security on roads and automobiles.
Economic Losses Due to Road Accidents Borne by the Countries Stimulate Market Growth
The growth of the global automotive dashboard camera market is expected to gain momentum from the riding number of road collisions that take place all over the world. According to the statistics of World Health Organization (WHO), nearly 1.35 Mn people die every year due to road accidents.
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In addition to that, almost 20 to 50 Mn people suffer non-fatal injuries, many of those injuries lead to lifelong disability. Road accidents also cause economic losses to individuals and the nation as a whole. For most of the countries, road collisions cost 3% of the GDP, WHO states. As such, the demand for better assistance systems by the drivers has risen so as to categorically judge the dangers that might come their way. Those technologies are expected to guide drivers and prevent accidents on road.
Many insurance providers are offering substantial discounts on premiums of car insurance to bolster the sale of automobile dashboard cameras. Rise in the cases of fraud insurance claims is also likely to accelerate the demand for automotive dashboard cameras during the forecast period.
Automotive dashboard cameras consume a significant amount of energy as it is kept running even when one is not driving to record break-ins. Such high consumption of energy leads to frequent replacement of the vehicle's battery. Therefore, manufacturers are coming up with energy efficient dashboard cameras that can overcome this challenge.
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However, the global automotive dashboard camera market is plagued by the thermal noise generated by these dashboard cameras. It is compulsory for automotive systems to have reduced or no noise systems. Noise affects the quality of image generated by these cameras. Many manufacturers are making Ethernet cameras, which significantly reduce the noise but are expense.
The information shared in this review is based on a TMR report, bearing the title, "Automotive Dashboard Camera Market (Type – Mono Channel and Dual Channel; Vehicle Type – Passenger Cars, Utility Vehicles, and Commercial Vehicles) - Global Industry Analysis, Size, Share, Growth, Trends and Forecast, 2018 - 2026".
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The global Automotive Dashboard Camera Market is segmented based on:
- Mono Channel
- Dual Channel
- Passenger Cars
- Utility Vehicles
- Commercial Vehicles
- North America
- Rest of Europe
- Middle East and Africa
- GCC Countries
- South Africa
- Rest of Middle East & Africa
- Asia Pacific
- Australia & New Zealand
- Rest of Asia Pacific
- Latin America
- Rest of Latin America
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