Car DVR Market is Expected to Witness Multiple Opportunities in Terms of Car DVR
Posted by Preet on October 1st, 2019
Traffic and crime investigation authorities have been highlighting the significance of installing dash cam and in-car DVR for recording videos in cases of parking mishaps, road accidents, or driving disputes. While this has been the scenario pushing the growth of car DVR market in developed economies, relatively low performing car DVR markets in developing regions are expected to witness gradual progress in the near future. In the recent years, governments and traffic authorities in emerging economies have been promoting the installation of car DVR in vehicle interiors and exteriors to overcome the challenges posed by poor roadway infrastructure.
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The study presented by Fact.MR estimates healthy expansion of global car DVR market at 7.5% CAGR over 2017-2022. The global car DVR market revenue is foreseen to approach the valuation equating US$ 1.5 Bn towards 2022 end – predominantly driven by drastically soaring vehicle production, and booming demand for automotive black box or dash cams.
The car DVR market report indicates that the global revenue amass majorly from single-channel car DVR sales, reflecting a higher value share in the car DVR marker revenue. Although it is most likely that dual-channel car DVR sales will exhibit a higher value CAGR over the forecast period, the study reaffirms continued dominance of single-channel car DVR – owing to easy installation, low maintenance, less demanding data backup requirement, and low price point. Over the next few years, car owners will continue to sustain the demand for installation of single-channel car DVR on windshield for insurance oriented evidences.
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Currently, mid-priced car DVR is attracting a significant share of the total revenue in car DVR market. A majority of manufacturers in the global car DVR space are prioritizing the product offering extension in the low-priced car DVR range, enabling it to account for over half of the total market value by 2022 end. While Fact.MR estimating promising prospects for low-priced and mid-priced car DVR in the next few years, the consistent decline of high-priced/expensive car DVR will prevail due to the invalidation of the demand for advanced video recording.
As passenger cars continue to record a massive number of instances involving road accidents and mishaps globally, maximum revenue contribution of PCs in car DVR market will persist through 2022. While over two-third of the car DVR market value is anticipated to come from PCs, a major boost is likely to be provided by car DVR installations expected in the aftermarket segment. Moreover, a remarkable sale of car DVR is foreseen to uplift the commercial vehicles segment in the foreseeable future. Escalating importance of having recorded evidences in vandalism or accident investigations will continue to provide the root proponent driving adoption of car DVR through upcoming years. Following the key markets i.e. North America and Europe accounting for a substantial collective share in the total car DVR market value, Japan - being an early adopter of technology innovations - is presumed to remain a highly lucrative market for automotive as well as car DVR manufacturers in the near future. Japanese market for car DVR is likely to reach the valuation of nearly US$ 125 Mn through 2022.