Rockville, MD, Jan. 23, 2025 (GLOBE NEWSWIRE) -- The global accident recorders market was accounted for US$ 3,350.4 million in 2024 and projected to reach a CAGR of 7.3% to end up at US$ 6,777.8 million by 2034.
The accident recorders market is one of the most critical segments in automotive safety technology, representing sophisticated devices that capture and analyse crucial data during incidents involving a vehicle. From basic event data recorder to multifunctional monitoring units that comprise several sensors and high-definition cameras with built-in advanced analytics, accident recorders of today offer complete information about a vehicle's dynamics, drivers' behaviour, and ambient conditions leading to the actual time of incident and its consequent outcomes.
Commercial fleet operators appreciate these systems especially for risk management and operational efficiency. The combination of artificial intelligence and cloud connectivity has made accident recorders more capable and now allows for real-time monitoring and predictive analysis. They are now integral to insurance claims processing, legal proceedings, and fleet management operations. Manufacturers continue to innovate with features like night vision, multiple channel recording, and automated incident reporting.
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Key Takeaways from Market Study
- Global accident recorders market will grow at a CAGR of 7.3% reaching US$ 6,777.8 million by the end of 2034.
- North America will expand at a CAGR of 7.5% from 2024 to 2034, capturing 34.4% of the market share in 2024 and offering an absolute opportunity of US$ 1,214.0 million.
- East Asia will account for 22.4% of market share in 2024, generating an absolute dollar opportunity of US$ 817.6 million between 2024 and 2034.
- Between 2024 and 2034, Dual Channel Accident Recorders classification is expected to produce an absolute dollar opportunity US$ 2,007.5 million.
- With a 6% market share, Passenger Cars by application is estimated to be worth US$ 1,863.6 million in 2024.
"The Accident Recorders Market is experiencing revolutionary change with manufacturers focusing on developing intelligent monitoring systems. This creates innovation in safety technology and enhances the capability to prevent and respond to incidents.”, says a Fact.MR analyst.
Market Development
Key companies like as Continental AG, Delphi Technologies, Garmin Ltd., Valeo, BlackVue, Thinkware, Transcend, Clarion, papago Road Hawk, Black box Guard, Spy Tec and others are propelling the market growth.
These important companies used a variety of primary strategies, such as product releases, mergers and acquisitions, expansions, and deals, to strengthen their positions in the electronic chemicals and materials market. Major attention was paid to the deals and expansions.
Industry News:
- In Feb 2024, Garmin launched its new Drive Recorder fleet management system with advanced AI capabilities for real-time accident detection and prevention. The system features improved video quality and cloud integration capabilities, targeting commercial fleet operators.
- In December 2023, BlackVue introduced its latest dual-channel DR900X Plus Series with enhanced night vision capabilities and built-in impact detection. The product features improved cloud connectivity and mobile app integration for seamless data access and management.
- In June 2023, Thinkware announced its new F200 Pro model featuring advanced driver assistance systems and improved recording capabilities. The device incorporates AI-powered incident detection and enhanced storage management features.
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More Valuable Insights on Offer
Fact.MR, in its new offering, presents an unbiased analysis of the global Accident Recorders Market, presenting historical data for 2019 to 2023 and forecast statistics for 2024 to 2034.
The study reveals essential insights based on by Product (Single Channel Accident Recorders, Dual Channel Accident Recorders), by Application (Passenger Cars, Light Commercial Vehicles, Heavy Commercial Vehicles), by technology (Digital Accident Recorders, Analog Accident Recorders, Cloud-Based Recorders), by Sales Channel (OEM, Aftermarket) and across major seven regions of the world
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