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Rise In Traffic Accidents Is Fueling The Market Growth Due To Increasing Demand For Crash Data Analysis And Road Safety Improvements Emerges as a Core Driver of the Automotive Event Data Recorder Market in 2025
Automotive Event Data Recorder
What Is the Expected CAGR for the Automotive Event Data Recorder Market Through 2025?
In recent years, there has been significant growth in the market size of the automotive event data recorder. The market is projected to expand from $2.6 billion in 2024 to $2.77 billion in 2025, with a compound annual growth rate (CAGR) of 6.6%. Factors contributing to this growth during the historical period include increased focus on vehicle safety regulations, a surge in road accidents and related investigations, a rise in the legal use of crash data, the expansion of airbag and crash sensor systems, and a growing application of passive safety systems.
What's the Projected Size of the Global Automotive Event Data Recorder Market by 2029?
The market for automotive event data recorder is set to experience robust expansion in the upcoming years, predicted to rise to $3.54 billion by 2029, with a compound annual growth rate (CAGR) of 6.3%. This acceleration in the projected phase is due to a surge in requirement for autonomous and networked vehicles, compliance with data transparency regulations, growing customer need for safety confirmation, expansion in insurance telematics and data-centric policies, along with increasing vehicle-to-everything (V2X) communication incorporation. Key trends forecasted for this period involve merging with advanced driver assistance systems (ADAS), standardizing data formats and access methods, broadening to commercial and fleet vehicles, emphasizing on cybersecurity and data protection, and the shifting trend to cloud-based data storage and remote diagnostics.
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Top Growth Drivers in the Automotive Event Data Recorder Industry: What's Accelerating the Market?
The escalating rate of traffic accidents is projected to stimulate the expansion of the automotive event data recorder market. These accidents encompass unforeseen events on roads involving vehicles that can cause injury, damage, or loss of life. The main contributing factor is the growth in vehicle usage, which results in more vehicles on the roads, leading to increased traffic and escalated encounters between drivers, thereby heightening the risk of accidents. Automotive event data recorders play a significant role in traffic accident analysis by documenting crucial data prior to, during, and subsequent to a collision, facilitating precise reconstruction and bolstering traffic safety measures. For example, according to the Bureau of Infrastructure and Transport Research Economics, an Australian government body, in May 2023, road crash fatalities in 2022 rose to 1,194, marking a 5.8% escalation compared to the 1,129 deaths in 2021. As such, the escalating rate of traffic injuries is a major growth driver for the automotive event data recorder market. Additionally, the rising production of electric vehicles is propelling the automotive event data recorder market forward. This production involves the creation and assembly of battery-operated vehicles which employ electric motors instead of traditional internal combustion engines. This uptick is due primarily to mounting ecological concerns, as governments and consumers alike are seeking a shift from traditional fossil fuel-powered vehicles to electric vehicles that are cleaner and more sustainable to reduce greenhouse gas emissions and air pollution. The automotive event data recorder improves electric vehicle production by offering crucial data insights to enhance vehicle safety, performance, and adherence to regulatory standards. This accelerates innovation and engenders consumer confidence in electric mobility. For instance, Kelley Blue Book, a Cox Automotive US-based company, stated in January 2024 that a record 1.2 million US car buyers opted for electric vehicles in 2023. This made up 7.6% of the total U.S. vehicle market, a significant rise from the 5.9% in 2022. Therefore, the growing electric vehicle production is promoting the expansion of the automotive event data recorder market.
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What Trends Will Shape the Automotive Event Data Recorder Market Through 2029 and Beyond?
Leading corporations in the automotive event data recorder market are progressively concentrating on creating innovative approaches such as cutting-edge vehicle safety systems suitable for both passenger cars and commercial trucks. These next-gen vehicle safety systems are a combination of high tech features integrated in vehicles to boost safety of drivers and passengers via smart attributes, sensors, and instant data analysis. These systems are instrumental in minimizing accident probabilities, averting crashes, and augmenting situational consciousness through aspects like automated emergency braking, lane-keeping aid, and adjustable cruise control. In May 2024, Plus, a pioneer in autonomous trucking technology based in the US unveiled PlusProtect, an AI-driven safety system conceived to boost next-gen vehicle safety. As a component of its comprehensive suite of enhanced vehicle safety functions, PlusProtect provides an optional, readily removable event data recorder. This system comprises of high performing automatic emergency braking, advanced lane departure warnings, traffic congestion aid, and self-regulating sensors. Equipped with features like over-the-air updates and predictive fuel enhancement, PlusProtect presents adaptable safety solutions in line with changing standards that backup advanced driver assistance systems (ADAS) and set the stage for future vehicle automation.
What Are the Main Segments in the Automotive Event Data Recorder Market?
The automotive event data recorder market covered in this report is segmented -
1) By Component: Hardware, Event Data Recorder Unit, Sensors, Storage Devices, Power Supply Units, Software
2) By Vehicle: Passenger Vehicle, Commercial Vehicle, Electric Vehicle, Other Vehicles
3) By Application: Accident Analysis, Insurance Claims, Vehicle Safety Improvement, Driver Behavior Monitoring, Other Applications
4) By Sales Channel: Original Equipment Manufacturers (OEMs), Aftermarket
5) By End-User: Insurance Companies, Fleet Operators, Automobile Manufacturers, Law Enforcement Agencies
Subsegments:
1) By Hardware: Printed Circuit Boards (PCBs), Housings And Enclosures, Connectors And Cables, Mounting Brackets, Heat Sinks
2) By Event Data Recorder (EDR) Unit: Standalone Event Data Recorder (EDR) Units, Integrated Event Data Recorder (EDR) Modules, Front-End Crash Data Recorders, Original Equipment Manufacturer-Installed Event Data Recorders (EDRs)
3) By Sensors: Accelerometers, Gyroscopes, Impact Sensors, Speed Sensors, Global Positioning System Sensors
4) By Storage Devices: Hard Disk Drives (HDDs), Solid State Drives (SSDs), Embedded Flash Memory, External Removable Storage, Cloud-Connected Storage
5) By Power Supply Units: Battery Packs, Capacitors, Voltage Regulators, Power Management Integrated Circuits (PMICs), Vehicle Power Line Adapters
6) By Software: Data Acquisition Software, Data Encryption And Security Software, Event Triggering And Logging Software, Event Data Recorder (EDR) Data Analysis Tools, Firmware And System Management Software
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Which Top Companies are Driving Growth in the Automotive Event Data Recorder Market?
Major companies operating in the automotive event data recorder market are Volkswagen Group, Toyota Motor Corporation, Mercedes-Benz, BMW Group, Hyundai Motor Company, Bosch GmbH, Kia Corporation, DENSO Corporation, ZF Friedrichshafen AG, Continental AG, Hyundai Mobis Co. Ltd., Volvo Car Corporation, Infineon Technologies AG, NXP Semiconductors, Harman International, Garmin Ltd., Sensata Technologies, Neusoft Corporation, Magneti Marelli, Alps Electric Co. Ltd.
Which Regions Will Dominate the Automotive Event Data Recorder Market Through 2029?
North America was the largest region in the automotive event data recorder market in 2024. Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in the automotive event data recorder market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
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