According to a recent study titled ‘Global Dashboard Cameras Market Size study, by Technology (Basic and Smart), by Product Type (Single-channel, Dual-channel and Rear-view) and Regional Forecasts 2020-2027’, available with Market Study Report, global dashboard cameras industry was valued USD 1.9 billion in 2019 and is projected to showcase a CAGR of 21.9% throughout 2020-2027, subsequently accumulating USD 9.3 billion by the end of the forecast period.
 

As per the report findings, mounting cases of accidents thefts, and stringent government regulations regarding safety & security are augmenting global dashboard cameras market size. For instance, approximately 748,841 vehicles were stolen in 2019 in the U.S., urging the government to mandate installation of onboard cameras in new cars.
 

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Moreover, increasing vehicle sales is further improving the growth prospects of the industry. In fact, North America motor vehicle production rose to 16.8 million in 2019 from 8.76 million in 2009, cites Statista. Further, launch of innovative products, such as Garmin Dash Cam Tandem that is equipped with dual lens dash camera with 180-degree field of view and can record in both day and night, will further enhance the overall dashboard cameras industry outlook.
 

For the uninitiated, dashboard cameras, also referred as digital video recorders (DVRs), are portable onboard cameras fixated at the vehicle’s front windscreen. There are several types of these cameras which come with G-forces, in-built GPS, and night recording features. Some dashcams are available in a spherical form that allows for 360 degree recording of the vehicle interior, and can automatically transmit video and picture data utilizing 4G network. Moreover, dashcams can serve as video evidence in case of a road accident.
 

Speaking of the factors hindering global dashboard cameras market growth, reliability and privacy concerns with the camera are negatively impacting the business dynamics.
 

Considering the geographical landscape, North America, Latin America, Asia Pacific, and Europe are the key contributors to global dashboard cameras market remuneration. Among these, Europe currently leads the industry growth and will likely maintain a strong growth curve in the upcoming years. This can be ascribed to prompt adoption of new technology coupled with increasing popularity of dashboard cameras among motorists in the region.
 

Speaking of the competitive arena, LG Electronics, Inc., HP Development Co., LP, Steelmate Automotive (UK) Ltd., Papago, Inc., DOD Tech, Samsung Electronics Co., Ltd., ABEO Company Co., Ltd., Aiptek, Inc., Panasonic Corp., and Garmin Ltd. are the top contenders in global dashboard cameras market sphere.