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The car dash camera market is growing due to increasing safety awareness, insurance benefits, and advanced features like AI and GPS integration.
WILMINGTON, DE, UNITED STATES, December 17, 2024 /EINPresswire.com/ -- Car dashboard cameras are used in vehicles, owing to the capabilities of recording high-quality footage of road activities. This footage can be used as proof in federal courts in cases of accidents for claiming insurance. These cameras need a memory card for storage space to store the clips.
This technology is gaining popularity among vehicle owners due to the additional legal protection in cases of accidents and road fatalities. The increasing road accident rates are generating a demand for dash cameras globally. The growing awareness of vehicle & passenger safety systems among OEMs and consumers fuels the car dash camera market growth.
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Covid-19 Scenario Analysis
1. The coronavirus pandemic has hampered the growth of the automotive industry, which in turn has declined the demand of car dash camera market.
2. Coronavirus caused demand to fall lower, and remain at lower levels for much longer than in a usual year.
3. Companies are stepping up to the challenge created by the coronavirus outbreak.
4. The COVID-19 pandemic has shut down various operations and reduced the demand of the car dash camera market and will restart at only when the situation is stable.
5. Manufacturing units around the world have been shut down, footfall in showrooms have fallen sharply, and vehicle sales have taken a huge hit.
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Top impacting factors: Market scenario analysis, trends, drivers and impact analysis:
The significant factors impacting the growth of the car dash camera market are increasing number of road accidents and car theft and reforms to mandate the use of cameras in cars. However, recurring costs for buying memory cards is expected to hinder the growth of the car dash camera market. On the other hand, low cost of acquiring the system, along with the benefits associated with their installation and technological up gradation is having a positive impact on the growth of the car dash camera market.
Increase in number of road accidents and car theft
Rise in number of road accidents, insurance frauds, and lack of pedestrian safety across the globe has increased the demand for the car dash camera market. This increasing focus on road & vehicle safety is promoting the market expansion. Furthermore, increasing road accidents has increased the safety features in the vehicles, which reduces the chances of accidents and provides security.
Reforms to mandate the use of cameras in cars
Various reforms for safety and insurance has increased the demand for car dash camera market. Moreover, various insurance organizations encourage vehicle owners to install these cameras so that they can claim insurance and legal protection in case road mishaps and accidents. Along with that, decreasing price of dash cams boosts the global dashboard camera market growth.
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