|09-03-2018 03:23 PM CET - Industry, Real Estate & Construction||
Ongoing Global Growth Study on Car DVR Market to Reveal Key Insights Estimated through 2022
Press release from: Fact.MR
The alarming rise in road mishaps and car accidents have rendered car DVRs with an essential tool to improve safety of driver as well as the passengers. Fact.MR’s report offers analysis on the global Car DVR Market for the forecast period 2017 to 2022.
Traffic authorities in developed countries have intensified the importance of dashcams in recording events of driving accidents or parking mishaps. In developing regions, poor roadway infrastructure has also compelled governments to promote the use of car DVRs in the interior of vehicles. Significance of recorded evidence in investigation of accidents and vandalism is also serving to be a root proponent for adoption of car DVRs.
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Car DVRs are compact cameras connected to the dashboard or the windshield that record the video and store it in digital format. These cameras are prominently used for capturing road mishaps or activities that may have led to such accidents. Videos retrieved from car DVRs are critically useful in accident investigation and crash analysis.
The Fact.MR report on global car DVR market projects that in 2017, over US$ 1 Bn worth of car DVRs will be sold across the globe. The demand for black boxes or dash cams is expected to rise on the account of rising toll of accidents. By the end of 2022, the global market for car DVR is likely to have soared at a robust CAGR, reaching US$ 1.5 Bn in value.
Multi-angle Accident Investigations Prompt the Demand for Dual-Channel Car DVRs
The report highlights the presence of single-channel car DVRs in the global market. Owing to their affordable prices, easy installation and relatively lower data backup requirement, single-channel dashcams are expected to remain dominant in the market, procuring nearly 70% share through 2022. Car owners are actively installing single-channel car DVRs on their windshields to collect evidence for insurance purposes.
While revenues amassed from global sales of single-channel car DVRs are likely to reflect a higher share on the global market, the demand for dual-channel car DVRs is anticipated to grow rapidly. Over the forecast period, dual-channel car DVRs will reflect fastest revenue growth at high CAGR, compelling manufacturers to extend their offerings under this segment.
Buying Costly Dashcams Seems Pointless
Manufacturers of car DVRs are focusing towards offering more products in the low-priced range. While the mid-priced range is garnering significant demand, expensive dashcams are losing their popularity among car buyers. Automobile companies and consumers are equally attracted towards installing low-priced automotive car DVRs since advanced video recording is unrequired. In 2017, more than half of the global automotive car DVR market is expected to be accounted by sales of low-priced dashcams. Towards the end of forecast period, the need for costly car DVRs is expected to be invalidated as this segment is anticipated to reflect the slowest revenue growth at steady CAGR.
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Passenger Cars account for Two-Thirds of Global Car DVR Sales
Observing the dreadful prevalence of passenger vehicles in road accidents recorded throughout the world, car DVR manufacturers are aware of a higher demand for passenger car owners. In 2017, car DVRs sold for passenger cars are likely to account for more than two-third share of global revenues. The demand for car DVRs in passenger car owners is also expected to boost from aftermarket installations. On the other hand, accidents caused by commercial vehicles are far more calamitous than that of passenger vehicles. The report also projects that by the end of 2022, more than US$ 440 Mn worth of car DVRs sold in the world will be accounted by lightweight and heavy commercial vehicles.
Higher Traction for Pre-Installed Car DVRs
A key highlight in the report underlines the dominance of OEMs in sales of car DVRs. This indicates that majority of car buyers are opting for vehicles with pre-installed in-built dashcams. In 2017, over US$ 600 Mn worth of car DVRs sold in the global market will be accounted by OEMs. With OEMs being the largest sales channel for car DVRs, the report also anticipates that aftermarket sales of car DVR will gain considerable traction towards the latter half of the forecast period. The aftermarket sales of car DVR are slated to exhibit a 40 BPS gain by 2022 over 2017, reflecting a robust value CAGR.
The report has also profiled prominent players in the global market for car DVRs, which include companies such as Honeywell, Panasonic Corporation, Garmin Ltd., Amcrest Technologies, Cobra Electronics Corporation, Lukas, ITronics Group, Hdigital-eye ltd. (VicoVation), WatchGuard Video, Blackvue, PAPAGO Inc., Fine Digital Inc., Qrontech Co. Ltd., ABEO Technology Co., Ltd., and CNSLink.
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FactMR is a fast-growing market research firm that offers the most comprehensive suite of syndicated and customized market insights reports. We believe transformative intelligence can educate and inspire businesses to make smarter decisions. We know the limitations of the one-size-fits-all approach; that's why we publish multi-industry global, regional, and country-specific research reports.
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