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The Rise In Road Accidents Is Fueling The Market Growth Due To Increasing Need For Accurate Crash Data And Safety Enhancements: Powering Innovation and Expansion in the Event Data Recorder Market by 2025
Event Data Recorder
What Is the Expected CAGR for the Event Data Recorder Market Through 2025?
The market size for event data recorders has seen a fast-paced growth in the recent past. The market is expected to escalate from a size of $12.48 billion in 2024 to a size of $14.48 billion in 2025, signifying a compound annual growth rate (CAGR) of 16.0%. The expansion during the historic period can be credited to factors such as stricter automotive safety regulations, surges in vehicle fleet sizes, increased use of insurance data, rising demand for accident investigation instruments, and enhanced integration of telematics and connectivity.
What's the Projected Size of the Global Event Data Recorder Market by 2029?
The market for event data recorders is predicted to expand significantly in the coming years, reaching a net worth of $26.02 billion in 2029 with an impressive compound annual growth rate (CAGR) of 15.8%. This growth during the projected period is largely due to factors such as the rising demand for self-driving vehicles, enhanced public consciousness of vehicular safety, increased governmental regulations for vehicle data documentation, the escalating application of AI and machine learning for collision analysis, and the burgeoning significance of data-centric insurance models. The forthcoming period sees major trends like superior crash detection and reporting, the advancement of data storage and recovery systems, optimization of real-time data sharing, increased focus on privacy and security safeguards, and the fostering of partnerships between vehicle manufacturers and technology corporations.
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Top Growth Drivers in the Event Data Recorder Industry: What's Accelerating the Market?
The increase in road mishaps is anticipated to fuel the expansion of the event data recorder market in the future. Road mishaps involve unexpected incidents or crashes on roads involving vehicles, pedestrians, or cyclists, often leading to damage or injury. The surge in road mishaps is mainly due to drivers being diverted by the increasing use of mobile phones, in-car entertainment systems, and other attention-diverting factors, reducing their reaction time and heightening the possibility of collisions. The event data recorder plays a vital role in enhancing road accident investigations by capturing crucial vehicle and driver data before, during, and after an accident. This helps authorities pinpoint causes and boost road safety measures. For example, in May 2023, according to the Bureau of Infrastructure and Transport Research Economics, an agency based in Australia, in 2022, the number of fatalities due to road accidents increased to 1,194, indicating a rise of 5.8% from the 1,129 deaths reported in 2021. Consequently, the surge in road mishaps is promoting the expansion of the event data recorder market.
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What Trends Will Shape the Event Data Recorder Market Through 2029 and Beyond?
Leading enterprises in the event data recorder market are prioritizing technological innovations, like AI-incorporated safety systems, to bolster real-time data analysis, augment accident forecasting, and fortify advanced driver support features to heighten road safety and operational efficacy. AI-informed safety systems merge intelligent technology with current data to identify road hazards, alert drivers, and aid in preventing accidents via programmed responses. For instance, Plus, an American software company, in May 2024 unveiled PlusProtect, a vehicle safety device codified with AI that is devised to enhance futuristic safety systems in all types of vehicles. This adaptable solution offers superior features like high-functioning automatic emergency brakes (AEB), extended lane departure alerts, traffic congestion assistance, and predictive fuel optimization. By offering over-the-air updates and integrated event data recording, it prepares manufacturers to comply with or excel beyond upcoming safety laws while helping to lessen accidents and boost driver assistance.
What Are the Main Segments in the Event Data Recorder Market?
The event data recorder market covered in this report is segmented -
1) By Type: Portable Event Data Recorder, Integrated Event Data Recorder
2) By Vehicle: Passenger Vehicle, Commercial Vehicle, Electric Vehicle, Other Vehicles
3) By Application: Automobile Manufacture Industry, Automobile Aftermarket Industry
Subsegments:
1) By Portable Event Data Recorder: Dash-Mounted Recorders, Windshield-Mounted Recorders, Helmet-Mounted Recorders, Plug-And-Play Universal Serial Bus Recorders, Wearable Recorders
2) By Integrated Event Data Recorder: Original Equipment Manufacturer-Installed Recorders, Embedded Telematics Systems, Advanced Driver Assistance System (ADAS)-Integrated Recorders, Black Box Modules, Electronic Control Unit-Integrated Recorders
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Which Top Companies are Driving Growth in the Event Data Recorder Market?
Major companies operating in the event data recorder market are Toyota Motor Corporation, Robert Bosch GmbH, DENSO Corporation, ZF Friedrichshafen AG, Continental AG, Hyundai Mobis Co. Ltd., Volvo Car Corporation, Fujitsu Limited, Toshiba Corporation, Valeo S.A., Aptiv PLC, NXP Semiconductors N.V., Autoliv Inc., Garmin Ltd., Visteon Corporation, LexisNexis Risk Solutions Inc., Neusoft Corporation, Magneti Marelli S.p.A., Sierra Wireless Inc., Kistler Holding AG
Which Regions Will Dominate the Event Data Recorder Market Through 2029?
North America was the largest region in the event data recorder market in 2024. The regions covered in the event data recorder market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
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