Dash cams are enjoying increasing popularity around the world. Besides the fact that their recordings are accepted as evidence in court, they have many other advantages, from better insurance policies to being an indispensable tool in the training of new drivers.
But different countries have different traffic cultures, different laws and regulations, and ultimately drivers think differently about recording what happens on public roads.
That being said, let’s take a look at what Canadians think of dash cams, how receptive they are to the technology, and what trends we can expect in the medium to long term.
One in ten vehicles is equipped with a camera
First and foremost – how popular dash cams in canada? According to the most recent report from a personal and commercial insurance company, ThinkInsure, they are very popular. Its latest report, dated August 2020, indicates that one in ten vehicles in the country is equipped with at least one camera. The same source says dash cams are growing in popularity because businesses and consumers can save money on insurance, detect insurance fraud and help fight traffic tickets.
Canada drives the market forward
One in ten may not seem like much, but knowing that Canada has at least 35 million vehicles registered (official 2019 figures from the national statistics office of Canada), this means that a minimum of 3,500,000 cars, trucks and motorcycles carry one of these devices.
It is also worth mentioning that Canada is one of the few countries with a formidable global market share that is expected to propel the market forward. According to a report by Grand View in 2020, the dash cam market size, globally, exceeded $3 billion, reaching it with a compound annual growth rate (CAGR) of 12.9%. Drivers in three countries show particular interest in the technology, the report says. Besides Canada, this includes France and Russia. These three will propel the market forward in the second half of the decade.
The Covid-19 effect
Although the Covid-19 pandemic seems behind us, its ripple effect is still being felt across industries, and the automotive industry has not been spared. The closures have posed serious challenges to supply chains, causing vehicle shipments to be postponed and, in some cases, canceled altogether.
With fewer vehicles being shipped around the world, the demand for dash cams has also declined. Knowing that the industry is still expected to grow at a double-digit compound annual growth rate, this shows how resilient the market is and how in-demand the devices are.
Canada – an industry leader
Canada has over 23,000 miles of roads and over 35 million vehicles, including over 700,000 trucks that have become accustomed to dash cams. As the market recovers from Covid-19 supply chain disruptions and awareness of the benefits of dash cams grows daily, Canada is uniquely positioned to lead the way. world in adopting technology and popularizing its benefits.