According to the latest report by IMARC Group “Dashboard Camera Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2023-2028“, The global dashboard camera market size reached US$ 3.5 Billion in 2022. Looking forward, IMARC Group expects the market to reach US$ 7.5 Billion by 2028, exhibiting a growth rate (CAGR) of 13.57% during 2023-2028.
A dashboard camera, also known as a dashcam, is a forward-facing onboard device that provides a video image of the interior and surroundings of the vehicle to the driver. It is generally mounted on the back of the rear-view mirror and comprises accelerometers, motion sensors, and a global positioning system (GPS). It is also equipped with date and time and night recording functionalities. It utilizes computer vision and artificial intelligence (AI) that offers insight to the driver. Apart from this, it provides a 360-degree view of the vehicle and helps in minimizing road rage, reporting reckless driving and harassment, and monitoring inexperienced drivers. In addition, an advanced dashboard camera provides real-time access to recordings of unwanted behavioral incidents, including dangerous and distracted driving. As a result, there is a significant rise in the demand for dashboard cameras across the globe.
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Market Trends:
Significant growth in the automotive industry and the rising focus of automobile manufacturers on improving vehicle safety represent one of the key factors positively influencing the market. In addition, increasing standards of living and inflating disposable incomes are catalyzing the demand for automobiles with premium features. Moreover, the easy availability of dashboard cameras across online and offline distribution, coupled with free doorstep delivery and secured payment gateways, is propelling the market growth. In line with this, the integration of advanced technologies, such as seamless wireless connectivity, blind spot detection, collision avoidance system, and lane departure warning, is contributing to the market growth. In addition, the incorporation of artificial intelligence (AI) and vehicle telematics in dashboard cameras for real-time monitoring of external and internal environments is strengthening the growth of the market. AI dash camera alerts the driver in real-time in case a vehicle is approaching from behind at a fast speed and enables him to make an active decision for avoiding any collision.
This, along with embedded features, such as HD video recordings, sufficient video storage, and live streaming, is contributing to the market growth. Additionally, an increasing number of service providers and a surge in after-sale services are positively influencing the market. Besides this, the incorporation of an attractive outlook and the availability of various colors to complement the vehicle is attracting a wider consumer base and encouraging manufacturers to introduce more product variants. Moreover, increasing investments in various marketing strategies, such as banner advertising, social media promotion, and celebrity endorsements, are creating a favorable market outlook.
Breakup by Technology:
- Basic
- Advanced
- Smart
Breakup by Product:
- 1-Channel
- 2-Channel
- Rear View
Breakup by Video Quality:
- SD and HD
- Full HD and 4K
Breakup by Application:
- Commercial Vehicle
- Personal Vehicle
Breakup by Distribution Channel:
- Online Stores
- In-store
Market Breakup by Region:
- North America (United States, Canada)
- Asia Pacific (China, Japan, India, South Korea, Australia, Indonesia, Others)
- Europe (Germany, France, United Kingdom, Italy, Spain, Russia, Others)
- Latin America (Brazil, Mexico, Others)
- Middle East and Africa
Competitive Landscape with Key Player:
- ABEO Technology CO. Ltd
- Aiptek International GmbH
- Amcrest Technologies Llc
- CNSLink Ltd.
- Cobra Electronics Corporation (Cedar Electronics Corporation)
- DigiLife Technologies Co. Ltd. (KYE Systems Corp.)
- DOD Technologies Inc
- Garmin Ltd.
- LG Electronics Inc.
- Panasonic Corporation
- Pittasoft Co. Ltd.
- Steelmate Co. Ltd.
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Absorption Costing MCQs with Answers Explanation Engineering ECE
What Is Absorption Costing?
Absorption costing, also known as the all-encompassing, all-inclusive, or comprehensive costing method, is a sophisticated and perplexing managerial accounting framework that attempts to incorporate all expenses that are linked to the production of a particular product. This method is highly intricate and involves a copious amount of calculations and analyses to arrive at the total cost of production.
Every minuscule expense, whether direct or indirect, such as raw materials, labor, rent, utilities, depreciation, maintenance, insurance, and every other associated cost, is taken into account to determine the total cost of the product. The complexity of this method is staggering, and it requires extensive knowledge of accounting principles, an understanding of manufacturing processes, and advanced analytical skills to execute.
However, despite its complexity, absorption costing is still widely used in the industry due to its comprehensive approach to providing an accurate picture of the cost of production. Moreover, under the generally accepted accounting principles (GAAP) in the United States, absorption costing is an approved method for external reporting. In contrast, variable costing is prohibited, adding to the confusion and perplexity surrounding this topic.
Which of the following costs would NOT be included in the cost of goods sold calculation under absorption costing?
a) Direct materials
b) Direct labor
c) Variable manufacturing overhead
d) Fixed manufacturing overhead
Answer: c) Variable manufacturing overhead
Explanation: Under absorption costing, both fixed and variable manufacturing overhead costs are included in the cost of goods sold calculation. Direct materials and direct labor costs are also included.
When production exceeds sales, absorption costing will result in:
a) Higher net income than variable costing
b) Lower net income than variable costing
c) The same net income as variable costing
d) None of the above
Answer: a) Higher net income than variable costing
Explanation: When production exceeds sales, there will be more fixed manufacturing overhead costs that are absorbed into the cost of goods sold calculation under absorption costing. This results in a higher net income compared to variable costing, which only includes variable manufacturing costs in the cost of goods sold calculation.
Which of the following statements is true about absorption costing?
a) It is used for external reporting purposes
b) It is used for internal decision-making purposes
c) It is the same as variable costing
d) None of the above
Answer: a) It is used for external reporting purposes
Explanation: Absorption costing is required for external financial reporting purposes, such as on the income statement and in financial statements. Variable costing, on the other hand, is often used for internal decision-making purposes.
In a period of increasing production and sales, absorption costing will result in:
a) Higher net income than variable costing
b) Lower net income than variable costing
c) The same net income as variable costing
d) None of the above
Answer: c) The same net income as variable costing
Explanation: When production and sales increase, absorption costing and variable costing will result in the same net income. This is because there will be fewer fixed manufacturing overhead costs per unit under absorption costing, but there will also be more units sold.
