The latest market research report by Technavio on the global automotive dashboard camera market predicts a CAGR of close to 13% during the period 2017-2021.
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Technavio has published a new market research report on the global automotive dashboard camera market 2017-2021 under their automotive library. (Graphic: Business Wire)
The report segments the global automotive dashboard camera market by application (passenger car and commercial vehicle) and by geography (the Americas, EMEA, and APAC). It provides a detailed illustration of the major factors influencing the market, including drivers, opportunities, trends, and industry-specific challenges.
Here are some key findings of the global automotive dashboard camera market, according to Technavio automotive researchers:
- Increasing sales of automotive dashboard cameras through online sales channel: a major market driver
- In 2016, the passenger car segment accounted for close to 59% of the global automotive dashboard camera market
- In 2016, the market was dominated by EMEA, which accounted for around 45% of the market
- Garmin, LG Innotek, Panasonic, and Pittasoft are the leading players in the market
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Increasing sales of automotive dashboard cameras through online sales channel: a major market driver
Increasing sales of automotive dashboard cameras through the online sales channel is one of the major factors driving the global automotive dashboard camera market. Automotive dashboard cameras have observed an uptrend in online sales. With the growth and popularity of online shopping, the traditional way of selling and advertising is declining. Consumers now have access to a lot of information about the product through various online channels which help consumers make a more informed purchase decision. Online sales channels have specifically given a boost to the global automotive dashboard camera market.
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EMEA: largest automotive dashboard camera market
In EMEA, the automotive dashboard camera market is increasingly gaining popularity in countries such as Russia, Germany, the UK, and France. Currently, the adoption rate of dashboard cameras is maximum in Russia, whereas the adoption is steadily growing in other European countries. In Russia, the penetration of dashboard cameras is much higher than in any other region primarily because of lax and corrupt law enforcement, poor road conditions, road rage incidents, unsafe driving pattern, and high rate of road-traffic fatalities.
According to Keerthi Balu, a lead analyst at Technavio for research onautomotive electronics, “The number of road fatalities in Russia in 2016 was 26.85 traffic fatalities per hundred thousand people. The high number of road fatalities and road rage incidents has led to the installation of dashboard cameras to avoid misinterpretation of events or to provide evidence in case of road fatality. Furthermore, liability insurance is mandatory in Russia. All these factors have led to the increased popularity of dashboard cameras in Russia.”
Competitive vendor landscape
The global automotive dashboard camera market is competitive. There are a few well-established and regional players that constantly strive to increase their market share. Local players maintain their position in the competitive environment due to a keen understanding of the local markets and distribution channels in the aftermarket segment. Key vendors in the market are currently growing their customer base and are increasing their investments in R&D to cater to the growing need for enhanced features at an affordable price.
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