Growing awareness among consumers, increasing automobile sales and rising technological advancements are driving factors for dashboard cameras worldwide through to 2021. According to a TechSci Research report, Global Dashboard Camera Market By Region, By Technology, By Single Channel Vs. Multi-Channel, Competition Forecast & Opportunities, 2011 - 2021, the global dashboard camera market will be worth more than US$3 billion by 2021.
Rising automobile sales and increasing per capita income across various regions are the major factors boosting demand for dashboard cameras across the world, the research-based global management consulting firm said. From 2011 to 2015, automobile sales across the globe increased at a CAGR of 3.48% in volume terms. An expanding young population base and increasing automobile sales, coupled with rising incidents of road rage are further expected to fuel demand for dashboard cameras globally during the 2016-2021 period.
Single channel dashboard camera technology dominated the global dashboard camera market in 2015 and this trend is further anticipated to continue during the forecast period as well, owing to growing use of single-channel dashboard camera in various vehicles.
“Dashboard cameras have a huge consumer base in number of countries across various regions like Asia-Pacific, Europe & CIS and North American, owing to growing consumer preference towards installing dashboard cameras in order to monitor and track vehicles on a real-time basis. Road accident and road rage incidents across the globe have increased at a significant rate over the past few years, which positively influenced global dashboard market during 2011 to 2015.
"Moreover, changing insurance policies, number of initiatives by various governments and rising technological advancements, coupled with growing penetration of Chinese players are further anticipated to propel demand for dashboard cameras during 2016 to 2021,” said Karan Chechi, Research Director with TechSci Research.
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