Car digital video recorder Market : Understand The Key Growth Drivers Developments And Innovations
The global high definition car camera market size is projected to reach USD 3255.85 million by the end of 2027. Rising investments in technological integration have played a huge role in market growth. The presence of several large scale companies operating on the global stage will provide impetus to market growth. According to a report published by Fortune Business Insights, titled “Car Digital Video Recorder (DVR) Market Size, Share & Industry Analysis, By Type (Single Channel, Dual Channel), By Application (Passenger Car, Commercial Vehicle), and Regional Forecast, 2020-2027,” the market was worth USD 2616.00 million in 2019 and will exhibit a CAGR of 5.1% during the forecast period, 2020-2027.
A car digital video recorder (DVR) is a portable camera that is used in vehicles to record the journeys. These devices are used to document accidents and thefts. This system automatically records the captured image and video on a dedicated memory card that acts as a peripheral within the system. The technological advancements in cameras and the improvements in resolutions of cameras and decrease in physical sizes have emerged in favor of adoption of the device. Moreover, the availability of DVRs at low costs will encourage manufacturers to include DVRs at the time of production itself. The increasing number of automobile and tech company collaborations will have a huge impact on the growth of the overall car digital video recorder market in the foreseeable future.
Decreasing Product Demand in Coivd-19 Pandemic to Hamper Market Growth
The recent coronavirus outbreak has created a sense of panic across the world. As several businesses have been forced to shut down in an attempt to curb the spread of the disease, manufacturing and production units have taken a huge hit. The decreasing demand for car DVRs is consequential to the strict lockdowns imposed across the world as well as the hesitancy among people to leave their homes for reasons other than essential services. As a result, the car DVR market performance will decline considerably during the Covid-19 pandemic.
Increasing Number of Product Launches will Bode Well for Market Growth
The report encompasses several factors that have contributed to the growth of the overall market in recent years. It is observed that there are several companies in the global market, which has ultimately resulted in a competitive environment. This has made it increasingly difficult for companies to establish a standout position. As a result, companies are adopting newer strategies with a bid to establishing a stronghold in the market. It is seen that product innovations are an increasing trend among major companies across the world. In February 2019, Panasonic Corporation announced the launch of a new compact in-vehicle cam. The company introduced this product as part of its expanding Public Safety Solutions portfolio in North America. The AS-1 Arbitrator was introduced with the aim of establishing strong evidences for the law enforcement agencies. Panasonic’s latest product will enhanced video qualities and subsequently help the company acquire a wider consumer base in the forthcoming years.
North America to Emerge Dominant; Presence of Several Large Scale Companies will Bode Well for Market Growth
The report analyses the latest market trends across five major regions, including North America, Latin America, Europe, Asia Pacific, and the Middle East and Africa. Among all regions, the market in North America is projected to emerge dominant in the coming years. The presence of several large scale companies in several countries across the world has had a huge say in the performance of the market in recent years. Accounting to the strict policies associated with accidental insurance, especially in the United States, the adoption of DVRs is high in this region. Moreover, the massive investments in product innovations will contribute to the growth of the regional market. As of 2019, the market in North America was worth 814.9 million and this value is projected to increase at a considerable pace in the coming years. The market in Europe will derive growth from the strict policies regarding the use of dash cams that has also been made compulsory in a few countries. The market in Asia Pacific is driven by the presence of several global manufacturers in countries such as China, India, and Japan.
List of companies profiled in the report:
- Garmin Ltd. (Kansas, U.S.)
- ABEO Technology (Hangzhou, Taiwan)
- Pittasoft Co. Ltd. (Gyeonggi-do, South Korea)
- Panasonic Corporation (Osaka, Japan)
- Falcon Zero LLC (New Jersey, U.S.)
- Cobra Electronics Corporation (Illinois, U.S.)
- DOD Tech (Taoyuan, Taiwan)
January 2020 – Garmin International Inc. announced the launch of a new dash cam. The company introduced the ‘Garmin Dash Cam Tandem,’ the company's first dual-lens dash camera that provides drivers complete video coverage of their surroundings.
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