Jul 28, 2017
9 Insights on Future of Car DVR Market
by Team Fact.MR
Provision of safety for car drivers has led towards myriad technologies over the past including basic video recording models, highly advanced dashcams comprising multiple cameras, and ability of recording locations and speeds by GPS. A recent study by Fact.MR offers key insights about the global car DVR market for automobile manufacturers and suppliers
Fact.MR’s report estimates global car DVR market revenues to surpass US$ 1,000 Mn in 2017. The report projects the global car DVR market to register an impressive expansion at robust CAGR, to reach revenues worth US$ 1,445.5 Mn by 2022-end.
The global car DVR market is influenced by consumer demand for cars with safety features. Many carmakers are offering DVRs as part of in-built packages, whereas aftermarket sales of car DVRs are also growing. Use of car DVR as a proof in road mishaps and insurance settlements is influencing consumers to invest in them. Use of car DVR is also receiving encouragement from law enforcement, and this is further contributing to the growth of the market.
9 insights from Fact.MR’s report on the global car DVR market:
- Although single-channel car DVR will remain sought-after in the global market, sales of dual-channel car DVR are expected to register fastest expansion through 2022. Revenues generated by sales of single channel car DVR are expected to reach one billion dollar mark by 2022-end.
- By price range, low-priced car DVR are expected to remain dominant in the market, expanding at high single-digit CAGR through 2022. In addition, sales of mid-priced car DVR will reach US$ 430.9 Mn in revenues by 2022-end.
- By vehicle type, sales of DVR will be higher in passenger car segment vis-à-vis commercial segment. Revenues from commercial vehicle segment will remain comparatively lower, expanding at impressive CAGR through 2022.
- Based on sales channel, aftermarket is projected to register highest CAGR in the market to reach revenues worth US$ 357 Mn in 2017. However, OEM will continue to be the largest segment in terms of revenues.
- North America will continue to remain dominant in the global car DVR market. Sales of car DVR in this region is estimated to exhibit healthy CAGR through 2022.
- The car DVR market is estimated to reach US$ 375.1 Mn in revenues by 2022-end. Sales of car DVR in Europe will continue to be influenced by rising consumer awareness and availability of affordable DVR in aftermarket.
- Asia Pacific excluding Japan remains a lucrative market for manufacturers, owing to high automotive sales in emerging economies of China and India. Owing to the price-sensitivity of the consumers, manufacturers are focusing on providing a range of features at affordable costs. As a result, inclusion of features, such as airbags, music systems, and DVRs is gaining traction.
- Sales of car DVR in Japan are expected to register stellar CAGR through 2022. The Japan car DVR market is expected to surpass US$ 125 Mn by 2022-end.
- Key market players identified in the report include Amcrest Technologies, Cobra Electronics Corporation, Honeywell International, Inc., Vicord, ITronics Group Ltd, WatchGuard Video, Pittasoft Co. Ltd., PAPAGO Inc., and FINEDIGITAL Inc.