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Accident Recorders Market

Accident Recorders Market

Accident Recorders Market Analysis by Product Type (Single Channel, Dual Channel), by Application (Passenger Cars, Light Commercial Vehicles, Heavy Commercial Vehicles), by Region - Global Forecast 2022-2032

Accident Recorders Market
FACT677MR

Global Accident Recorders Market Outlook

The global accident recorders market is estimated at USD 3.9 Billion in 2022 and is forecast to surpass USD 8.1 Billion by 2032, growing at a CAGR of 7.5% from 2022 to 2032.

Report Attributes

Details

Base Year Value (2021A)

USD 3.6 Billion

Estimated Year Value (2022E)

USD 3.9 Billion

Projected Year Value (2032F)

USD 8.1 Billion

Global Growth Rate (2022-2032)

 CAGR 7.5%

North America Market Share in 2021

~35%

North America Growth Rate (2022-2032)

CAGR ~7.9%

Collective Value Share (US, China, India) 2022: Top 3 Countries

~39%

Top 5 Companies Market Share in 2021

~21%

Key Companies Profiled

  • Delphi Technologies
  • Continental
  • Blackbox Guard
  • BlackVue
  • Garmin
  • Papgo
  • Spy Tec
  • Thinkware
  • Wicked HD
  • Valeo
  • Clarion
  • Eken
  • RoadHawk
  • Transcend
  • Old Shark
  • Other Market Players

The global accident recorders market is likely to create an absolute dollar opportunity of USD 4.2 Billion by the end of 2032. The global accident recorders market holds ~8% of the global recorders market.

2017-2021 Global Accident Recorders Market Outlook in Comparison to 2022-2032 Growth Forecast

The WHO (World Health Organization) stats show that every year, roughly 1.25 million people die in road crashes, on average 3,287 deaths per day. Distracted driving remains the main cause of fatal road accidents, which has triggered installation of safety and precautionary measures in automobiles.

Accident recorders save precise information before, during and after the crash, and deliver considerable source of data for vehicle owners and regulatory authorities to determine actual cause of any crash. When any car accident takes place, accident recorders save the information recorded a few seconds before and/or after the accident. Numerous benefits of accident recorders are expected to fuel growth in the accident recorders market.

Growing number of fleet manufacturers are installing accident recorders, as these devices help protect the brand from getting sued following an accident that involved their driver. Additionally, increasing number of drivers are electing to install accident recorders in personal vehicles to protect themselves from false cases. These factors remain imperative for growth of the accident recorders market.

The trend of using vehicle-equipped with accident recorders is also pacing up among several driving championships, such as FIA World Motor Sport Council (WMSC). Growth in accident recorders market will remain sustained due to favorable regulations enforced by many racing brands.

The rapidly advancing automotive industry is witnessing significant penetration of informative electric in-cabin components, which could pave way for increased installation of smart accident recorders. The future holds many lucrative avenues for companies operating in the accident recorders market.

Fact.MR projects the accident recorders market is expected to witness exhibiting growth at 7.5% CAGR during 2022 and 2032 in comparison to a CAGR of 5.4% with which it grew from 2017 and 2021.

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Features to Support Market Growth

Accident recorders are frameworks that always record data identified with the vehicle activity. In case of an accident, the recorder spares the data that was recorded a few seconds just previously and additionally soon after the crash. Not at all like Event Data Recorders which are introduced by the car maker and are required on new cars sold in the U.S., accident recorders are secondary selling frameworks generally mounted simply behind the windshield or on the back view reflect. Occasion information recorders store a few seconds of vehicle data which is continually being overwritten until there is an airbag alert.

Accident recorders may record minutes or even long stretches of information. Occasion information recorders don't record video, date and time, or GPS data; while accident recorders regularly record video inside or potentially outside the vehicle while following the time and area of the vehicle. Accident recorders may likewise screen different parameters, for example, vehicle speed and vehicle increasing speed utilizing their own particular interior sensors, or by tapping in to the car’s ready demonstrative system.

Accident recorders are frequently introduced in armada vehicles. They can help ensure an organization in the occasion the organization is sued following an accident including one of their drivers. There is likewise a developing number of drivers that choose to introduce accident recorders (some of the time alluded to as dash cams) in their own vehicles keeping in mind the end goal to shield themselves from false risk asserts in case of an accident.

Provision of Significant Information to Fuel Market Growth

CDC states that every day approximately 9 death and 1000 injuries occur due to crashes in the United States. This statics are solely reported for the cases of distracted driving. Owing to increased incidences of distracted driving across the globe, the automotive industry is actively involved in the installation of safety and precautionary measures in the vehicles.

As accident recorders save accurate information before, during and after the crash, it delivers a significant source of data for regulatory authorities and vehicle owners to precisely determine the cause of any crash. The fleet industry is another important end-user of the accident recorders. In addition, regulation on mandatory installation of accident recorders in race cars and incidences of self-driving car crashes are likely to boost adoption of accident recorders in the future.

An Adaptive Approach to Modern-day Research Needs

Fleet Industry Leads Installation of Accident Recorders

Increased trading activities, e-commerce expansion, and growth of warehousing industry have spurred the growth of fleet industry. Due to this, the fleet management market presents huge opportunities in term of revenue generation in future. Several companies that are dependent on the fleet industry are facing rising costs of automobile insurance.

Further, if a driver is engaged in a crash, stringent legislation and rising awareness of corporate liability can add to company cost. There are several fleet management providers that deliver services to install advanced and affordable accident recorders in fleet vehicles. This enables companies to significantly reduce claim costs of any uneventful crash.

Incidences of Self-Driving Car Crashes to Boost Adoption

Although they represent the epitome of automation in the automotive industry, self-driving cars carry predictable risks of encountering an uneventful crash. For instance, recently an Uber Self-driving car was engaged in a crash which led to death of a pedestrian in Arizona. A dash cam footage recovered from the accident recorder dash cam installed in the SUV delivered important insights on the car crash incident. Such self-driving car crashes have intensified the regulations regarding autonomous car testing. This has increased concerns among manufacturers of both autonomous and non-autonomous cars and is likely to increased adoption of accident recorders in future.

Increased Installation in Race Cars Fueling Market Demand

The FIA World Motor Sport Council announced mandatory installation of accident data recorders (ADR) in all cars that will be used in its national FIA Formula 4 Championships around the world. In addition, ADRs have been installed in cars of the FIA GT championships, as well as Germany’s popular DTM series and the FIA Formula 3 European Championship.

As ADRs have remained helpful to FIA in analyzing crash incidences in past, FIA continues to leverage benefits of affordable ADRs that deliver adequate data on crash incidents. Due to these regulatory changes, cost-efficient and custom accident recorder solutions for race cars are provided by manufacturers

Product Innovations in Accident Recorders Market

Fleet Complete VisionTM is a new real-time video analytics solution launched by Fleet Complete. A combination of mobile video technology and telematics data enhances fleet safety and driver risk management. The product is considered as a complete solution designed to improve operational safety and accident management for fleet owners across several industries.

ScottishPower is an energy company. In its vehicle replacement scheme, the company has plans to install Trakm8’s RoadHawk DC-2 forward facing camera in its new fleets. The new camera delivers video recording with 1080p resolution, gyro-balanced image stabilization, and a high-quality sensor. In addition, RoadHawk DC-2 has inbuilt G-sensor that enables automatic image saving in a separate folder during the detection of sudden jolt or impact. Further, the camera delivers result in bright as well as low light scenario.

Competitive Landscape: Top Companies in Accident Recorders Market

The global accident recorders market is highly fragmented and competitive owing to the existence of many domestic and regional players. Various marketing strategies are adopted by key players such as mergers and acquisitions, expansions, collaborations and partnerships.

Also, new product development as a strategic approach is adopted by the leading companies to upscale their market presence among consumers. These strategies have resulted in the growth of accident recorders.

Fact.MR has provided detailed information about price points of key manufacturers in accident recorders market positioned across regions, sales growth, production capacity, and speculative technological expansion in the recently published report.

For instance:

  • Delphi Technologies was acquired by BorgWarner in 2020. This acquisition is likely to strengthen the electronics and power electronics products and provide for greater growth. This will also strengthen the commercial vehicle and aftermarket businesses of the company
  • BlackBox Guard in 2022 announced the acquisition of Dragonfly Technologies. This acquisition will help in strengthening the company’s presence in the region along with enhancing the cyber security, automation & consulting capabilities, enterprise networking and more

Global Accident Recorders Market by Category

  • By Product Type, Global Accident Recorders Market is segmented as:

    • Single Channel
    • Dual Channel
    • Other Product Types
  • By Application, Global Accident Recorders Market is segmented as:

    • Passenger Cars
    • Light Commercial Vehicles
    • Heavy Commercial Vehicles
  • By Region, Global Accident Recorders Market is segmented as:

    • North America
    • Latin America
    • Europe
    • East Asia
    • South Asia & Oceania
    • MEA

- FAQs -

The global value of accident recorders market is estimated to be worth over USD 3.9 Billion in 2022.
The demand is anticipated to surpass USD 8.1 Billion by 2032 end.
During 2017-2021, global accident recorders market grew at 5.4% CAGR.
Some of the prominent players in accident recorders market are Delphi Technologies, Continental, Blackbox Guard, BlackVue, Garmin, Papago, Spy Tec, Thinkware, etc.
North America tops the global accident recorders market accounting for 35.3% of global market share in 2022.
Dual channel segment under the product type segment contributes 37.8% of market share in global sales of accident recorders.

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Fact.MR follows a methodology that encompasses the demand-side assessment of the market, and triangulates the same through a supply-side analysis. This methodology is based on the use of standard market structure, methods, and definitions.

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