Dashcam Market Expected to Reach $2.5 Billion by 2025

Dashcam growth — The market for dashcams is expected to grow into a $2.5 billion industry by 2025.

The market for dashcams is expected to grow at a rate of over 5% annually, which will make it a $2.5 billion industry by 2025, according to a Research and Markets report.

The report says many private vehicle owners are becoming increasingly aware of the benefits of dashcams. In addition, taxi and bus drivers, driving instructors, police officers and many others use dashcams to capture real-time driving incidences. Dashcams provide evidence in case of accidents to easily identify the fault of the driver. The footage is also accepted by some insurance companies.

Dashcams are also used for taking videos through the journey. After the growing popularity of meteor shower videos published by a Russian motorist, the demand for dashcams has increased in the U.S. and UK.

The global dashcam market is dominated by manufacturers in Asia Pacific region particularly from South Korea, Taiwan, Japan and China. The market competition is expected to increase in the future as recognized players such as Garmin, Panasonic, Hewlett-Packard and others looking to diversify their presence. Papago Inc. is recognized as a global leader in the dashcam market and sells its dashcams in China, Russia, Australia, the U.S. and Europe.

Other key trends that contribute to the rise in dashcams include: automobile manufacturers looking to integrate dashcams in their vehicles for a competitive edge; dashcam manufacturers focusing on providing advanced and packaged solutions; and
incentives and discounts from vehicle insurance companies to install dashcams.

The Goodyear Tire & Rubber Company has named Ryan Waldron as president of the company's Americas business unit, reporting to Chief Executive Officer and President Mark Stewart. He succeeds Steven R. McClellan, who retired on April 1.

"At Goodyear, our customers are at the center of everything we do, and in Ryan Waldron, we have a customer-centric, execution-focused business leader with a deep understanding of both the marketplace and all aspects of our business, as well as a proven track record of delivering results," Stewart said. "I am thrilled to announce him as president of Goodyear's Americas business and have enormous confidence that under his leadership, both the company and our customers will reach even greater levels of success."