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UK dash cam company seeds faster growth than Amazon

UK dash cam company seeds faster growth than Amazon

A UK-based technology business is defying the industry slowdown with reported growth outstripping the world’s largest tech companies.

Road Angel, an industry-leading maker of in-car technology, has announced 76 per cent year-on-year growth for 2023 with Apple suffering a 2.8 per cent drop for the same period.

The results come off the back of high growth in 2022 when the dash cam, speed camera detector and infotainment systems manufacturer recorded a 135 per cent increase in profits.

The scale of growth being reported by Road Angel is in stark contrast to more established tech companies with Apple suffering its longest revenue slide in 22 years.

Apple reported four straight quarters of declining sales in 2023, while Meta, Alphabet and Amazon grew much slower than in the past.

The iPhone maker's strategy of charging higher prices while raising the costs for customers to switch to rival products has backfired as customers look for better value new technologies.

Consumers are no longer automatically turning to the latest iPhone model when they need a new phone, with new technologies like foldable phones a big draw in 2024.

Road Angel has taken the opposite approach to many tech giants by adopting a strategy of providing the latest technology while seeking to keep prices down.

The British manufacturer has been able to offer new technologies at lower prices by working with localised supply chains and lean distribution models.

The dash cam maker even outgrew the fastest-growing tech giant by more than six times in percentage terms, with Amazon’s revenue only up by 11.8 per cent in 2023.

Figures reported by independent market bodies predict that the UK tech high-flyer will grow again by a further 80 per cent in 2024. 

These predictions come against the backdrop of a downturn in investment in the UK tech sector as the economy dipped into a technical recession towards the end of 2023 and the start of 2024.

Road Angel’s impressive growth has seen its share of in-car technology markets increase as it takes business from its competitors.

The latest product sales figures for 2022 as reported by market research company GfK show that Road Angel’s Halo Pro has risen to become the biggest-selling dash cam online in the UK. 

Increased product sales across all categories saw Road Angel take 24 per cent of the UK car audio market and 16 per cent of the car vision market in 2022.

As Road Angel has taken a larger share of in-car technology markets, rival manufacturers are seeing a downturn in profits.

In 2022, rival dash cam makers Blackvue saw their market share fall by 24 per cent while Nextbase fell by 5 per cent for the same period. 

Following huge growth in 2023 and even stronger performance predicted in 2024, the UK car vision and audio market is set to be shaken up even further as more customers join the Road Angel brand-wave revolution.

Gary Digva, the visionary behind Road Angel, is bullish about what the future holds for the brand, with growth forecasts likely to be uprated as a host of new product lines launch in the coming months.

He said:

“To say that everyone at Road Angel is excited to see what we can achieve in 2024 and beyond would be an understatement. It is sobering to watch the largest tech companies in the world struggle to match growth forecasts leading to job losses and a reduction in investment.

“The state of the economy has made conditions challenging for everybody, but as our stellar growth figures show, the opportunities are there if you give customers what they want, market-leading products at competitive prices. But it’s not just the paying public that has recognised the quality of products and services that Road Angel has brought to the market.

“Consumer champion Which? selected our Halo pro dash cam as one of the ten best products of 2023 across all categories, a huge honour and a testament to the quality and value we offer our customers.

“What matters most is that our products perform to the highest standards, and our innovative partnership with British Touring Car champions NAPA Racing will see the race team use Road Angel dash cams to capture footage while racing at high speed.

“That such a high-performance team has chosen to use our products shows us the level we have reached, but the potential for more is huge. The growth forecasts for this year are already extremely encouraging, but with big plans to enter some new global markets and with a raft of fantastic new products about ready to go, we are optimistic that 2024 will be even better than predicted.

“What is clear is that consumers are ready to back British businesses and we will continue to innovate to provide our customers with the latest technology at competitive prices in 2024 and beyond.”


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