Dashboard Camera Market to Grow at 13.9% CAGR Due to Government Encouragement: Transparency Market Research
By Business Wire News
The latest report released by Transparency Market Research predicts that, due to the initiatives taken by governments around the world to improve security and road safety, the global dashboard camera market will expand robustly at CAGR of 13.9% from 2014 to 2020.
The report, titled “Dashboard Camera Market – Global and Russia Industry Analysis, Size, Share, Growth, Trends and Forecast 2014 – 2020”, assesses the value of the global dashboard camera market in 2013, which was worth US$598.5 million and forecasts the valuation of the market till 2020.
The report cites government encouragement along with the insistence of insurance companies for the installation of dashboard cameras as the major reasons for the growth of the global dashboard camera market. The availability of a wide array of dashboard cameras for consumers will also boost the growth of the overall market. However, the report indicates that the stringent personal privacy laws in some European countries will negatively affect the global dashboard camera market.
Depending on product type, the report segments the dashboard camera market into basic, advanced, and smart dashboard cameras. Due to their cost-effectiveness and sophisticated features, advanced dashboard cameras took up a share of more than 47.1% in the global market. The report estimates the growth of this segment at a 15.3% CAGR during the forecast period. On the basis of technology, single lens, multi lens, and rearview dashboard camera are the major segments. Though the single lens segment dominated the market in 2013, the report predicts fast growth for rearview cameras during the forecast horizon.
Geographically, Europe was the leader of the dashboard camera market in 2013, with a 39.6% share. The report mentions that Asia Pacific will grow at the fastest rate during the forecast period.
Transparency Market Research (TMR) is a U.S. based market intelligence company driven by high-pedigree consultants and researchers. TMR leverages its Syndicated Research, Custom Research, and Market Consulting expertise to help businesses make accurate decisions. TMR’s exclusive blend of quantitative forecasting and trends analysis draws on proprietary data sources and techniques, while their data repository is continuously updated to reflect the latest trends.