Asia Pacific Dashboard Camera Market Size, Share & COVID-19 Impact Analysis, By Technology Type (Basic, Advanced, and Smart), By Channel Type (Single and Dual), By Vehicle Type (Passenger Cars and Commercial Vehicles), and Regional Forecast, 2023-2030

Asia Pacific is the fastest-growing region in the global dashboard camera market. The Asia Pacific dashboard camera market size is projected to grow at a CAGR of 26.7% during the forecast period. The Asia Pacific market is projected to grow from 0.10 billion in 2022 to USD 0.60 billion by 2030.

Increasing vehicle sales will lead to increased demand for cameras in China, South Korea, and India. As per the China Passenger Car Association, approximately 2.17 million passenger cars were sold via retail channels in China in December 2022, up 3% YoY. Furthermore, issues such as car insurance fraud and road safety in Southeast Asian countries and India have also propelled the rapid adoption of dashcams in these countries.

They are also highly popular for commercial use in Japan and China, where they are used by taxis, police, and car rental firms to monitor fleets and enhance efficiency. Hence, these factors will drive the growth of the market in this region.

LATEST TRENDS

Increasing Adoption of Upcoming Technologies such as ABS, ADAS, Vehicle Telematics, and Dashcams Propels the Asia Pacific Market

The utilization of dashboard cameras is growing significantly for various advanced driver assistance systems, including lane departure warning systems, driver drowsiness monitoring systems, automated emergency braking, and others. For instance, in January 2021, Panasonic Automotive Systems, a subsidiary of Panasonic Corporation, launched a fully wireless Wi-Fi camera, offering convenience, durability, and increased ease for recreational hauling. Panasonic’s new camera technology combines best-in-class video resolution, ruggedness, and connectivity to ease the burden of navigating trailer hook-ups, lane changes, positioning, and monitoring cargo for millions of recreational trailer and camper owners. 

DRIVING FACTORS

Rise in Car Insurance Frauds and Road Safety in Southeast Asian Countries Propelled the Rapid Adoption of Dashcams

The growing number of vehicle insurance frauds in countries including India and Japan has led to a rise in installations of dashcams in their vehicles. As per the news journal Mid-Day, India witnessed a massive loss of USD 15.86 billion owing to motor vehicle insurance frauds for the financial year ended on March 2022.  Furthermore, the Road Transport & Highways Ministry of India released a new draft notification for 2021. According to the notification, the Indian government announced a new plan, mandating body wearable cameras for the police personnel and dashboard cameras on the police vehicles to keep a check on the malpractices by enforcement personnel.

Many major insurance companies have made it mandatory for the insurance holder to install dashboard cameras in their vehicles to process insurance claims easily. For instance, the automotive insurance companies in Japan offer products with special contracts to lease these cameras, as enforcement has tightened penalties against tailgating drivers. This initiative resulted in substantial growth in vehicle insurance in Japan, which reached 1 million in 2020.

Furthermore, encouragement from emerging economies such as China, India, and Malaysia leads to rising procurement of dashcams, which eventually drives the growth of the market. For instance, in 2019, Director-General Siti Zaharah Ishak of the Malaysian Institute of Road Safety Research (MIROS) lauded the growing adoption of these cameras in vehicles and requested other drivers adopt them.

RESTRAINING FACTORS

Growing Cybersecurity Concerns Countries to Limit Market Growth in Asia Pacific

A major factor expected to restrain the Asia Pacific dashboard camera market growth is the rising cybersecurity concerns. Several security vulnerabilities have been pointed out by experts in the past that may lead to user data breaches and cyber-attacks.

Cyber criminals are taking advantage of advanced technologies to cause significant damage to a vehicle owners’ or organizations’ reputation, which could potentially result in huge financial losses. For instance, India witnessed a rising number of cyberattacks over the past few years. As per the 2022 report of Indian Computer Emergency Response Team, cyberattacks stood at 1,267,564 by December 2022. Such rise in cyberattacks and privacy breaches is anticipated to hinder market growth.

KEY INDUSTRY PLAYERS

In terms of the competitive landscape, LG Innotek, Papago Inc., Pittasoft Steelmate Automotive, and Xiaomi are the key players of the Asia Pacific market, owing to their strong product offerings, active involvement in R&D investments, and the acceleration of product launches and approvals over the forecast period.

Other prominent players, such as Garmin Ltd. and Honeywell International Inc., are also leading the market due to their strong distribution networks and diverse product portfolios, which include AI-powered dual channel dashboard cameras. Other major players are Panasonic Corporation, Waylens Inc., ABEO Company Co. Ltd., Qihoo 360 Technology Co. Ltd., and others. These companies are focused on strengthening their product portfolio and distribution network through strategic collaboration and partnerships to increase the Asia Pacific dashboard camera market share.

LIST OF KEY COMPANIES PROFILED:

• Honeywell International Inc. (U.S.)


• Panasonic Corporation (Japan)


• Koninklijke Philips N.V. (Netherlands)


• DOD Tech. (Taiwan)


• ABEO Company Co., Ltd. (Taiwan)


• Pittasoft  Co. Ltd. (South Korea)


• LG Innotek (South Korea)


• Papago Inc. (Taiwan)


• Steelmate Automotive (China)


• Qihoo 360 Technology Co., Ltd. (China)


• Xiaomi (China)

KEY INDUSTRY DEVELOPMENTS:

• August 2022: Adesso, Inc., a leading manufacturer of computer peripherals, security cameras, and technology solutions, acquired the MYGEKOGEAR brand from Papago, Inc. The acquisition of MYGEKOGEAR includes their signature series of Orbit dashcams, Aegis body camera series, camera accessories, and related technology products. Through the acquisition, the company aims to innovate the business by launching categories under the MYGEKOGEAR name, which include the future development of outdoor trail cameras, baby cameras, action cameras, and drones, among others.


• June 2020: Jungo Connectivity Ltd. announced a collaboration with LG Innotek to integrate and optimize Jungo's next-generation Driver Monitoring System (DMS) and In-Cabin Monitoring (ICM) artificial intelligence (AI) software with LG Innotek's in-cabin sensors. This collaboration enables automotive OEMs and Tier 1 suppliers to quickly add DMS and ICM functionality into vehicles based on world class DMS and ICM software with validated automotive.

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This market research report provides a detailed analysis of the market. The report provides an automotive application type market analysis and focuses on key aspects such as leading companies, product/service types, and leading product applications. Besides, the report offers insights into the market trends and highlights key industry developments. In addition to the factors above, the report encompasses several factors that contributed to the market's growth in recent years.

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