Whether it is recording driving behavior, for vigilance, or for capturing personal memories, the demand for dashboard cameras (also called dashcams) has risen sharply over the last few years. As the dashboard cameras market charts an upward growth trend, companies are becoming more competitive in a bid to monetize on this expanding consumer base. At the same time, growth is not uniform across the world – not just because of the economic disparity, but because of laws in certain countries that prohibit the use of dashcams.
Transparency Market Research, a U.S.-based business intelligence company, recently forecast that the global dashboard camera market will report a compounded annual growth rate (CAGR) of 15.3% during the six-year span from 2014 to 2020.
As sales of dashcams rise, prices slide to bring more consumers into the market
While dashboard cameras have been a fixture in vehicles plying in technologically-advanced countries for many years now, this trend has just begun to pick up in the developing and emerging countries. This has given more confidence to companies in the global dashboard cameras market to firm up plans of entering developing countries. With a largely untapped market available to them, the next few years will see companies compete intelligently to sell their dashboard cameras designed for various applications.
The World Health Organization says that in 2010, road traffic injuries caused about 1.24 million deaths. This marks only a marginal decrease from 1.26 million deaths in 2000. To contain road accidents, governments across the world are focusing on road safety campaigns – dashboard camera companies could find an opportunity here. Such cameras can be used by parents to monitor their teens’ driving behavior whereas employers can track the road-safety adherence of their employees (this applies mostly to the transportation and logistics industry).
Laws Restricting Use of Dashcams in Some Countries Poses a Hurdle for Market’s Growth
Most major markets globally, including Japan, Australia, Germany, China, and Hong Kong, are seeing an increase in the demand for dashcams. However, in countries such as Belgium, Austria and Portugal, the use of dashcams is prohibited by law. Although the use of dashboard cameras is legal in most countries worldwide, there are a few legal complications associated with their use, especially in high-security areas. These factors often prevent people from using dashcams as a recreational tool.But with a measurable increase in people engaging in adventure activities and marketing campaigns launched by manufacturers of dashcams, the market will be able to successfully counter these growth-restricting factors.
Consumers are willing to spend extra on dashcams that come with features such as night vision, especially because many courts of law permit the use of video footage as proof in an accident case. However, it would be safe to say that given the nature of dashcams as an automobile accessory, the growth of the global dashboard cameras market is linked directly to the growth of the automotive industry. Moreover, with cases of insurance fraud coming to the fore, motorists that can produce veritable video footage find it easier to process their claims. All of these forces will thus lead to the dashcams market registering a high double-digit growth rate over the next few years.
Browse the full Dashboard Camera Market Research Report at http://www.transparencymarketresearch.com/dashboard-cameras-market.html