Rockville, MD, Aug. 21, 2024 (GLOBE NEWSWIRE) -- According to a recently updated research report released by Fact.MR, the global car DVR market is expected to reach a size of US$ 1.86 billion in 2024 and thereafter expand at a CAGR of 5.2% from 2024 to 2034. Use of car digital video recorders (DVR) by security officials and commercial fleet operators is high for the prevention of vandalism, theft, and vehicle collisions.
Modern car DVRs use IoT technology to detect errors and protect drivers from unexpected incidents. These devices have built-in Wi-Fi connectivity, which allows them to communicate with the driver seamlessly, thus creating more demand for them in the market. This technology also improves driver safety and comfort. It also allows for effective control over on-road security by documenting incidents.
With traffic increasing in most parts of the world, people are more concerned about their safety while driving and prefer having a second set of eyes on the road. Car DVRs offer high-quality video resolution, low-light capabilities, a long loop, ease of use, and sufficient storage capacity. The number of insurance claims involving footage has increased dramatically in recent years, indicating that these devices are becoming more popular globally. Together, North America and East Asia account for around half of the global sales of digital video recorders meant for vehicles.
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Key Takeaways from Market Study:
- The global market for car DVRs is projected to expand at a CAGR of 2% from 2024 to 2034.
- The market is forecasted to climb to a value of US$ 3.08 billion by the end of 2034.
- The market in the United States is expected to reach a value of US$ 356.7 million in 2024.
- China is estimated to account for a market share of 3% in East Asia by 2034.
- Revenue from the sales of car DVRs in Japan is analyzed to reach US$ 184.3 million by 2034.
- Sales of low-priced car DVRs are estimated to reach US$ 839.3 million in 2024.
“Car DVRs providing improved on-road security through effective incident documentation. Long loop recording, ease of use, and sufficient storage capacity are some of their key advantages driving their sales across regions,” says a Fact.MR analyst.
Leading Players Driving Innovation in the Car DVR Market:
Amcrest Technologies, Cobra Electronics Corporation, Honeywell International Inc., Vicor Corporation, iTronics Group Ltd., WatchGuard Video, Pittasoft Co. Ltd., PAPAGO Inc., FINEDIGITAL Inc., Pittasoft Co. Ltd., Panasonic Corporation, Cobra Electronics Corporation, DOD Tech, CNS Link Co., Ltd., Fine Digital, Inc., 70mai Co., Ltd., Thinkware.
Low-Priced Car DVRs in High Demand Due to Ease of Installation:
Price is an important consideration for many customers. Low-cost car DVRs are more affordable to a wider range of customers who do not want to spend a lot of money on a high-end model but still need basic recording capabilities. Many low-cost DVRs include essential features like HD video recording, loop recording (continuous recording over previous footage), and a simple display screen. Many customers believe that these features are adequate for their needs. Lower-cost DVRs are frequently designed to be easy to install and use, making them appealing to customers who are not tech-savvy or prefer a simple setup process.
Car DVR Industry News:
- In January 2024, Continental AG (Germany) unveiled Face Authentication Display, a two-phase biometric user recognition-based access control system that utilizes unique camera systems externally mounted on the car's B-pillar and behind the driver's console. When a registered user is identified via biometric face authentication, the car unlocks and starts, and driver monitoring is activated for added security.
- September 2023 saw the debut of standalone camera heads by Robert Bosch GmbH (Germany) at the IAA Mobility 2023. These products come in 3 and 8 MP versions that can be upgraded up to 12 MP, and they offer ADAS capabilities from SAE levels 0 to 4. A tele camera, front and rear cameras, a wing-back camera, a wing-front camera, and a new range camera are among the independent camera heads.
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More Valuable Insights on Offer:
Fact.MR, in its new offering, presents an unbiased analysis of the car DVR market for 2019 to 2023 and forecast statistics for 2024 to 2034.
The study divulges the car DVR market based on product (single channel, dual channel), price range (low-priced, mid-priced, high-priced), and sales channel (OEMs, aftermarket), across seven major regions of the world (North America, Latin America, Western Europe, Eastern Europe, East Asia, South Asia & Pacific, and MEA).
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