Have you seen a boom in dashcams in recent years? This phenomenon isn’t just in your imagination. The dashcam market has grown to an immense size. Zion Market Research found that the market was worth 4.5 billion USD in 2022 and is likely to increase further. Since dashcams are crucial to our fleets’ everyday operations, let’s explore the market’s expected growth for the coming years.
What Kind of Growth is Expected?
You may be surprised to learn that experts predict the dashcam market will nearly quadruple by 2030. Specifically, the market will grow to around 17.01 billion USD by that year. This expansion represents a compound annual growth rate (CAGR) of about 20.98% between 2023 and 2030.
Factors Affecting the Dashcam Market
Positive Factors
With such remarkable growth expected, experts have cited several factors that will spur the expansion of the dashcam market. There are two significant factors to consider:
- Safety Concerns: Concerns regarding individual safety have been on the rise in recent years. Of course, this is natural as we have seen the rate of accidents increase. Dashcams are particularly popular in urban areas with high populations. More traffic brings more danger, and people will turn to dashcams to protect themselves.
- Increased ADAS Spending: ADAS stands for “advanced driver assistance system.” These technology solutions help keep drivers safe on the road. You may know ADAS technology like lane assist, forward collision warning, and adaptive cruise control. There are initiatives in place to bring dashcams up to speed with these ADAS systems by enhancing them with algorithms and sensors.
Negative Factors
Even though the outlook is good for dashcams, there are some factors that the industry should be concerned about. We will explore two particular elements:
- Privacy Concerns: With more and more technology solutions infringing on privacy, concern regarding the matter has been on the rise. A device that constantly records video may greatly concern those who worry about privacy. The laws and ethics surrounding video recording are complicated, and this issue may cause problems for the dashcam industry down the line.
- Resiliency: Dashcams are delicate technology that must endure a lot of hardship. Think of the extreme temperatures, humidity, and tremors that your vehicle undergoes. Because of this, dashcams require maintenance to operate at full efficiency and adequately protect your data. Drivers who are aware of the need for this maintenance may be less likely to invest in the technology.
A Dashcam Ahead of the Market
Azuga’s AI SafetyCam is one step ahead of the competition. Our dashcam uses the power of AI technology to enhance the safety features a dashcam can offer. Our technology can track signs of distracted driving and prevent an accident before it ever happens. Learn more about our dashcam technology by contacting an expert for a demo.
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