The Global Car DVR Market To Expand At A CAGR Of 5.2% From 2022 To 2032

Posted on 2022-10-28 by Fact.MR in Automotive // 0 Comments

A recently revamped Fact.MR study on the car DVR market forecasts that the industry is projected to surge at a CAGR of 5.2% from 2022 to 2032, reaching US$ 2.49 Bn by the end of the said assessment period. Increasing need to monitor traffic movement and avoid accidents is a prime factor governing market growth.

From 2017 to 2021, car DVR sales flourished at a CAGR of 7.3%. During the COVID-19 pandemic, prospects dipped significantly, particularly in 2020. Imposition of lockdowns across all countries stymied automotive industry output, leading to contracting sales. Eventually, this was offset as the restrictions lifted.

As the world continues to progress, urbanization and establishment of public transportation infrastructure, including roadways, is leading to an increase in the number of automobile sales. This is also providing traction to automotive safety components, including car DVRs.

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Key Takeaways from the Market Study

By vehicle, passenger cars to accumulate 63% of car DVR market revenue
China to be an opportunistic investment hub, expected to flourish at a CAGR of 7%
Japan to account for a revenue share of US$ 125 Mn by the end of 2022
Germany is forecast to emerge as the fastest growing market, registering a CAGR of 8%
Global car DVR market is expected to be valued at US$ 1.5 Bn by the end of 2022

Increasing vehicle ownership amid rapid urbanization has heightened the need to install adequate safety features to avoid accidents, which has boded extremely well for car DVR sales, says a Fact.MR analyst.

Will Increasing Vehicle Thefts and Road Accidents drive market demand?

Law enforcement agencies all over the world primarily use car DVRs. However, increased use among personal vehicle owners as well as commercial fleets in recent years as a result of an increase in vandalism, theft, and vehicle collisions will bode well for market growth. This technology enables drivers to effectively control their on-road security by documenting such incidents.

Dash-mounted video cameras, for example, are extremely popular in Russia due to lax and often corrupt law enforcement, as well as a legal system that rarely favors first-hand accounts of traffic collisions, which has made in-vehicle cameras a necessity for many drivers. Over the forecast period, these factors are likely to drive market growth.

Will Passenger Vehicle Segment hold High Demand?

The market is divided into two categories: passenger cars and commercial vehicles. Over the forecast period, the passenger car segment is expected to accumulate 63% of total market revenue in 2022 and beyond.

Road safety regulations and standard laws in place in several countries, combined with increased consumer awareness of the benefits of car DVRs, have resulted in increased product demand in the passenger car segment. Furthermore, the integration of in-vehicle recorders with various driver assistance functions is likely to increase car DVR adoption among personal vehicle owners.

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Competitive Landscape

Prominent car DVR manufacturers are emphasizing on introducing highly advanced product lines, complete with high definition imaging and videography capabilities to provide crystal clear vision. Moreover, approaches such as acquisitions and partnerships are also relied upon. Some significant developments are as follows:

In January 2020 – Garmin International Inc. introduced the Garmin Dash Cam Tandem, the company’s first dual-lens dashcams, which provide drivers with complete video coverage of their surroundings by using two 180-degree fields of view lenses that record in tandem day and night, as well as other features such as its exclusive NightGlo technology, which improves video capture in low light conditions.
In February 2019 – Panasonic Corporation, as part of its expanding Public Safety Solutions portfolio in North America, introduced the AS-1 Arbitrator, a new compact in-vehicle camera designed to provide law enforcement agencies with enhanced video evidence capture capabilities.

Key Competitors:

Amcrest Technologies
Cobra Electronics Corporation
Honeywell International Inc.
Vicor Corporation
iTronics Group Ltd.
WatchGuard Video
Pittasoft Co. Ltd.
PAPAGO Inc.
FINEDIGITAL Inc.

Key Segments Covered in the Car DVR Industry Survey

By Product Type

Single Channel Car DVR
Dual Channel Car DVR

By Price Range

Low-Priced Car DVR
Mid-Priced Car DVR
High-Priced Car DVR

By Sales Channel

Car DVR Sales via OEMs
Car DVR Sales via Aftermarket

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Key Takeaways from the Market Study

Will Increasing Vehicle Thefts and Road Accidents drive market demand?

Will Passenger Vehicle Segment hold High Demand?

Competitive Landscape

Key Segments Covered in the Car DVR Industry Survey

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