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(Transportation-News.com, May 08, 2024 ) According to the latest analysis by Virtue Market Research, the 2023, the Global Connected Dashcam Market was valued at $5.13 Billion, and is projected to reach a market size of $20.40 Billion by 2030. Over the forecast period of 2024-2030, market is projected to grow at a CAGR of 21.8%.
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The global connected dashcam market has experienced substantial growth in recent years, driven by various factors. One of the long-term market drivers for this industry is the increasing focus on road safety. Connected dashcams provide real-time monitoring and recording of road conditions, helping to improve driver behavior and reduce accidents. Additionally, the COVID-19 pandemic has had a significant impact on the market. With more people working remotely, there has been a decrease in the number of vehicles on the road, leading to a temporary slowdown in the demand for connected dashcams.
In the short term, one of the key drivers of the market is the increasing demand for advanced driver assistance systems (ADAS). Connected dashcams are often integrated with ADAS, providing features such as lane departure warning, forward collision warning, and automatic emergency braking. This integration enhances the safety and convenience of driving, driving the demand for connected dashcams.
An opportunity in the market lies in the growing adoption of telematics solutions by fleet operators. Connected dashcams can provide valuable data on driver behavior, vehicle performance, and road conditions, helping fleet operators improve efficiency and reduce costs. This presents an opportunity for manufacturers to develop specialized connected dashcams tailored to the needs of fleet operators.
A trend observed in the industry is the integration of artificial intelligence (AI) and machine learning (ML) technologies in connected dashcams. These technologies enable dashcams to analyze road conditions, detect potential hazards, and provide real-time alerts to drivers. Additionally, AI and ML can be used to improve the accuracy of data collected by dashcams, enhancing their overall effectiveness.
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Segmentation Analysis:
The global Connected Dashcam Market segmentation includes:
By Technology: Prescription Drugs Basic, Advanced, Smart.
In 2022, the basic technology segment held the largest market share. Basic dashcams offer essential features at an affordable price, making them popular in developing countries.
The smart technology segment is expected to witness the fastest growth. Smart dashcams integrate advanced features such as AI and cloud connectivity, enhancing their functionality and appeal to tech-savvy consumers.
By Product Type: 1-Channel, 2-Channel, Rear View.
The 1-channel product segment held the largest market share in 2022. These dashcams record video from one direction and are popular due to their affordability.
The rear view product segment is expected to witness the fastest growth. Rear view dashcams provide added safety by recording footage from the rear of the vehicle, helping to prevent accidents and monitor activity behind the vehicle.
By Video Quality: SD & HD, Full HD & 4K.
The SD & HD video quality segment held the largest market share in 2022. These dashcams capture enough detail for most purposes while being affordable.
The Full HD & 4K video quality segment is expected to witness the fastest growth. These dashcams offer higher resolution and clearer images, making them ideal for capturing fine details such as license plates and road signs.
By Application: Personal Vehicles, Commercial Vehicles.
The personal vehicles application segment held the largest market share in 2022. Personal car owners are increasingly using dashcams to enhance the safety and security of their vehicles.
The commercial vehicles application segment is expected to witness the fastest growth. Fleet operators are adopting connected dashcams to improve driver behavior, reduce accidents, and lower insurance costs.
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Regional Analysis:
In 2022, North America held the largest share in the global connected dashcam market. The region's growth is driven by the enforcement of dashcam usage by police and the increasing adoption by rideshare drivers.
The Asia-Pacific region is expected to witness the fastest growth. Factors such as the growing concern for road safety, increasing adoption of technology, and rising disposable income in countries like China and India are driving the demand for connected dashcams in this region.
Latest Industry Developments:
1. Focus on Product Innovation: Companies in the connected dashcam market are focusing on product innovation to enhance their market share. Recent developments include the integration of AI and ML technologies to improve the functionality of dashcams, such as advanced driver assistance systems (ADAS) and cloud connectivity. Additionally, companies are collaborating with technology partners to develop smart dashcams that offer features like real-time alerts and remote monitoring, catering to the increasing demand for connected and intelligent devices.
2. Expansion into New Markets: Companies are expanding their presence in new markets to increase their market share. This includes collaborations and partnerships with local distributors and retailers to reach a wider audience. Additionally, companies are focusing on developing products tailored to the specific needs of different regions, such as dashcams with language localization and region-specific features, to gain a competitive edge in these markets.
3. Strategic Partnerships and Acquisitions: Companies are entering into strategic partnerships and acquisitions to enhance their market share and technological capabilities. This includes partnerships with automotive manufacturers to integrate dashcams into new vehicles and acquisitions of technology companies to gain access to innovative technologies and talent. These partnerships and acquisitions help companies strengthen their position in the market and stay ahead of the competition.
About Us:
Virtue Market Research is a strategic management firm helping companies to tackle most of their strategic issues and make informed decisions for their future growth. We offer syndicated reports and consulting services. Our reports are designed to provide insights on the constant flux in the global demand-supply gap of markets.
Virtue Market Research
Megha
+1-917 436 1025
megha@virtuemarketresearch.com
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