Accident Recorders Market

Accident Recorders Market Outlook (2022-2032)

Worldwide consumption of accident recorders currently stands at a value of US$ 2.91 billion. The global accident recorders market is predicted to increase at a high CAGR of 7.3% to reach US$ 5.89 billion by 2032.

The lives of almost 1.3 million people are ended prematurely every year as a result of traffic accidents. An extra 20 to 50 million people suffer non-fatal injuries, many of whom suffer from disabilities. Around 8% of the global recorders market is comprised of accident recorders.

Report Attributes	Details
Accident Recorders Market Size (2022E)	US$ 2.91 Billion
Forecasted Market Value (2032F)	US$ 5.89 Billion
Global Market Growth Rate (2022-2032)	7.3% CAGR
North America Market Share (2022)	32.7%
Europe Market Share (2022)	27.6%
Market Share of Top 3 Countries	37%
Key Companies Profiled	Delphi Technologies Continental Blackbox Guard BlackVue Garmin Papgo Spy Tec Thinkware Wicked HD Valeo Clarion Eken RoadHawk Transcend Old Shark

Accident Recorder Demand Analysis (2017-2021) Vs. Market Forecasts (2022-2032)

Road fatalities continue to be mostly caused by distracted driving, which has led to the installation of safety and preventative measures in cars.

Accident recorders provide a significant source of information for car owners and regulatory authorities to identify the true reason for any collision. They save precise information before, during, and after the crash.

Accident recorders store the data they capture in the brief seconds before and/or after any automobile accident. The market for accident recorders is anticipated to expand rapidly as a result of their several advantages.

Electric in-cabin informational components are becoming increasingly common in the rapidly developing automobile industry, which may open the door for more widespread use of smart accident recorders. The market for accident recorders offers several profitable opportunities in the future.

Expanding at a CAGR of 7.3%, the global accident recorders market is projected to increase from a valuation of US$ 2.91 billion in 2022 to US$ 5.89 billion by 2032.

What’s Influencing Accident Recorders Market Growth?

“Increased Trading Activities, e-Commerce Expansion, & Rising Fear of Unwanted Crashes Driving Accident Recorder Sales”

Growth of the fleet industry has been fuelled by increased trading operations, the expansion of e-commerce, and the growth of the warehousing sector. As a result, the market for fleet management has tremendous potential for future income creation. Many businesses that depend on the fleet sector must deal with increased auto insurance premiums.

Furthermore, strict laws and a growing understanding of corporate liability may increase costs for a firm if a driver is involved in an accident. Many fleet management companies offer services to install high-tech, reasonably priced accident recorders in fleet cars. This lets businesses drastically cut the expense of any unimportant crash claim.

Self-driving cars pose foreseeable risks of experiencing an uninvolved crash while being the pinnacle of automation in the automobile industry. This has raised worries among automakers of both autonomous and non-automated vehicles, and it will probably lead to a rise in the use of accident recorders in the future.

“Technical Errors Caused after Incident Slowing Down Detection Process”

The primary factor anticipated to restrain the growth of the global accident recorders market during the projected period is technical concerns with accident recorders.

Even though an accident recorder is an essential tool for recording important information, the date and timing of the events it captures are frequently discovered to be inaccurate.

Particularly when several objects are involved in a vehicle crash, this occurs, and data is repeatedly overwritten. Furthermore, the electrical system of the car is impacted by these hits and vehicle motions, resulting in inaccurate data.

What Opportunities Await New Manufacturers of Accident Recorders?

“Smart Software Integration & Need for Cost-effective Accident Recorders”

The arrival of affordable products is anticipated to create a favourable market scenario soon. Due to their high cost and poor efficiency, accident recorders are used with caution by law enforcement authorities.

Companies can invest in R&D initiatives to develop affordable accident recorder products to obtain a major competitive edge. Smart software integration is also anticipated to increase profit margins and open up significant growth prospects for new market participants.

How is the Accident Recorders Market Expanding on a Regional Level?

“Rapidly Expanding Automotive Industry & Rising Incidence of Road Accidents in North America”

In 2022, North America is likely to account for 32.7% of the global market share.

• According to injuryfacts.nsc.org, the number of miles traveled in the United States in April 2022 rose by 1.5% as compared to April 2021, but was still down 3.8% from 2019 (pre-pandemic norms). 3,460 deaths were predicted to occur by April 2022. This early projection shows a decrease of 11% from 2021 but an increase of 35% from 2020.

The automobile industry is actively involved in the installation of safety and preventative measures in vehicles due to growing rates of distracted driving.

Europe is expected to account for 27.6% of the global market share. Europe's automobile market is expanding rapidly in terms of vehicle production.

• The French government enacted European Regulation 2019/2144 (the "Regulation"), which specifies standards for the licensing of motor vehicles by Member State National Authorities, into law on April 14, 2021, by an Ordinance. By July 2022, all new cars sold in the European Union must contain an "Electronic Data Recorder," as required by this regulation.

The European Union is following the example set by American regulators, where Event Data Recorders are required in all new cars and are already present in more than 90% of lightweight cars.

Which Product Type Accounts for Highest Demand?

“Single Channel Accident Recorders Highly Demanded Due to Several Advantages”

Single channel based on black box technology is used to record information about the dynamics of auto accidents.

Before an accident happens, information is intended to be recorded, stored, and analyzed, which aids in a better understanding of accidents.

Insurance firms can use this information for underwriting or claims, fleet managers can use it to raise safety standards, law enforcement can use it to investigate traffic infractions, and automakers can use it to enhance their current models.

Vehicles can be equipped with dual channel accident recorders to keep track of the number of collisions. These recorders capture information on the vehicle's speed, acceleration, and braking after an accident, which aids investigating agencies in determining what caused the collisions.

Competitive Landscape

The emergence of several local and regional companies has led to the highly fragmented and competitive nature of the global accident recorders market. Major players use a variety of marketing tactics, including mergers & acquisitions, expansions, partnerships, and collaborations.

Additionally, the top businesses use new product innovation as a strategic way to enhance their market position among consumers. Accident recording devices have become more popular as a result of these tactics.

• In 2022, Dragonfly Technologies' acquisition by BlackBox Guard was announced. This acquisition will help the business expand its footprint in the area and improve its expertise in areas such as enterprise networking, automation & consulting, and cyber security.

Key Segments Covered in Accident Recorders Industry Research

• Accident Recorders Market by Product :

  • Single Channel Accident Recorders
  • Dual Channel Accident Recorders

• Accident Recorders Market by Application :

  • Passenger Cars
  • Light Commercial Vehicles
  • Heavy Commercial Vehicles

• Accident Recorders Market by Region :

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