Car Digital Video Recorder (DVR) - Global Market Outlook (2021-2028)

Car Digital Video Recorder (DVR) - Global Market Outlook (2021-2028)

According to Stratistics MRC, the Global Car Digital Video Recorder (DVR) Market is accounted for $1.52 billion in 2021 and is expected to reach $3.25 billion by 2028 growing at a CAGR of 11.5% during the forecast period. Car DVR (digital video recorder) is commonly known as dash cam or dashboard camera which is mounted or linked to an interior windscreen of cars for recording the road ahead as car is in motion. Prominently used for recording video evidences that may be of help in cases of accidents or road mishaps and in insurance demands, car DVRs play a vital role in investigations of road accidents and on-road disputes, and in crash analysis.

Market Dynamics:

Driver:

Preventing Insurance Fraud with the Help of Car Camera Footage

An increase in insurance reporting scams handled by drivers is a vital factor for the increased adoption of in-vehicle cameras as the footage obtained from these cameras is being accepted for insurance claims and to prove liability. Moreover, many insurance companies are also offering discounts on monthly premiums for using dash-cams in their vehicles to prevent fraudulent insurance and medical compensation claims via fake car accidents. An example of growing awareness regarding the benefits of this technology is the Senate Bill (S438) proposed by New York State under which a 5% discount would be offered to non-commercial vehicle owners for using in-vehicle cameras. These factors are responsible for fuelling the growth of the market across the globe.

Restraint:

Privacy Violation Concerns

The features of it such as accessing it thru smartphone and the built-in Wi-Fi leaves the invehicle camera susceptible to security threats such as hacking and illegally recording car interior footage and private conversations. Hence, several countries have outright banned their usage. For instance, DVR use in Switzerland owing to concerns over data protection principles is strongly discouraged and they are prohibited by law in Austria where their use carries a heavy fine. Technological advancements in DVRs such as built-in Wi-Fi, motion sensors, and night vision capabilities have led to an increased cost burden on consumers.

Opportunity:

Rising Vehicle Thefts and Road Accidents

It is mainly being used by law enforcement agencies across the globe. But, the increasing use among personal vehicle owners as well as commercial fleets over the past few years owing to a rise in the incidents of vandalism, theft, and vehicle collision will bode well for market growth. This technology allows drivers to document such incidents and effectively control their on-road security. For instance, dash-mounted video cameras are extremely popular, owing to lax and often corrupt law enforcement as well as a legal system that rarely favors first-hand accounts of traffic collisions that have made in-vehicle cameras a necessity for many drivers. These factors are likely to create opportunities for the market.

Threat:

Increasing Competition

There are several companies in the global market, which has ultimately resulted in a competitive environment. This has made it gradually hard for companies to establish a standout position. As a result, companies are adopting newer strategies in a bid to establish a stronghold in the market.

Passenger Car segment is expected to be the largest during the forecast period

The passenger car segment is expected to hold the largest market share over the forecast period. The integration of in-vehicle recorders with various driver assistance functionalities is likely to boost the adoption of car DVR among personal vehicle owners. Road safety regulations and standard laws in place in several countries coupled with greater awareness among consumers regarding the benefits associated with car DVRs have resulted in the increasing product demand in the passenger car segment.

The Single Channel segment is expected to have the highest CAGR during the forecast period

Single-channel cameras are either mounted on the dashboard or the windshield and can only record the road that is in front of the vehicle. This can be attributed to a significant reduction in the selling price of 1-channel DVR over the past few years, which is likely to fuel the growth of the market. Single-channel DVRs record only the view through the windshield. Single-channel car DVR devices will enable manufacturers to continue technology developments in single-channel car DVRs throughout the forecast period.

Region with highest share:

The Asia Pacific is projected to hold the highest market share, owing to the presence of major vendors in countries such as China, Korea, and Taiwan has led to increased adoption of such in-vehicle camera systems in the province. Furthermore, favorable government mandates encouraging the use of such camera systems in countries such as India and Korea are expected to push the demand for dash cams. The availability of major players in countries such as Korea, Taiwan, and China is supplementing the provincial market growth.

Region with highest CAGR:

North America is projected to have the highest CAGR, owing to increased instances of fatal accidents in the U.S. have led to a rise in the number of DVRs installed in cars, to serve as a medium for collecting evidence. Insurance companies are offering incentives for auto insurance for vehicles with installed it to avoid high insurance claims citing lack of proof. Moreover, law enforcement officials in the U.S. are among the key users of DVRs, driving the demand in the province.

Key players in the market:

Some of the key players profiled in the Car Digital Video Recorder (DVR) Market include ABEO Technology, Amcrest Technologies LLC, CNSLink, Cobra Electronics Corporation, DOD Tech, Falcon Zero LLC , Fine Digital Inc., Garmin Ltd, Hewlett-Packard Development Company, L.P., Honeywell, ITronics Group, Panasonic Corporation, Pittasoft Co. Ltd.

Key developments:

In January 2020: Garmin International Inc. launched a new dash cam. The company introduced the ‘Garmin Dash Cam Tandem,’ the company's first dual-lens dash camera that provides drivers complete video coverage of their surroundings.

In February 2019: Panasonic Corporation, launched the AS-1 Arbitrator, a new compact in-vehicle camera designed to provide law enforcement agencies with enhanced video evidence capture capabilities.

In January 2017: Honeywell (DVM) launched the power of the latest industry trends and innovations in surveillance and integrated security to deliver broad benefits to the business. Honeywell DVM supports a multi-server environment with enhanced protection against system hardware failures. Honeywell DVM is based on flexible, expandable system architecture. A single Database Server supports up to 4000 cameras spread across a number of Camera Servers and solutions can be further expanded by adding additional Database Servers.

Types Covered:
Single Channel
Dual Channel

Vehicle Types Covered:
Passenger Car
Commercial Vehicles

Price Ranges Covered:
Low
Mid
High

Applications Covered:
Mobile Computing
Video Surveillance

Sales Channels Covered:
Aftermarket
OEM (Original Equipment Manufacturer)

End Users Covered:
Automotive
Other Applications

Regions Covered:
North America
US
Canada
Mexico
Europe
Germany
UK
Italy
France
Spain
Rest of Europe
Asia Pacific
Japan
China
India
Australia
New Zealand
South Korea
Rest of Asia Pacific
South America
Argentina
Brazil
Chile
Rest of South America
Middle East & Africa
Saudi Arabia
UAE
Qatar
South Africa
Rest of Middle East & Africa

What our report offers:
- Market share assessments for the regional and country-level segments
- Strategic recommendations for the new entrants
- Covers Market data for the years 2020, 2021, 2022, 2025 and 2028
- Market Trends (Drivers, Constraints, Opportunities, Threats, Challenges, Investment Opportunities, and recommendations)
- Strategic recommendations in key business segments based on the market estimations
- Competitive landscaping mapping the key common trends
- Company profiling with detailed strategies, financials, and recent developments
- Supply chain trends mapping the latest technological advancements

Free Customization Offerings:
All the customers of this report will be entitled to receive one of the following free customization options:
Company Profiling
Comprehensive profiling of additional market players (up to 3)
SWOT Analysis of key players (up to 3)
Regional Segmentation
Market estimations, Forecasts and CAGR of any prominent country as per the client's interest (Note: Depends on feasibility check)
Competitive Benchmarking
Benchmarking of key players based on product portfolio, geographical presence, and strategic alliances