Impact Analysis of Covid-19
The complete version of the Report will include the impact of the COVID-19, and anticipated change on the future outlook of the industry, by taking into the account the political, economic, social, and technological parameters.
An event data recorder or EDR us a device installed in vehicles to record information related to vehicle accidents or crashes. Video event data recorder (VEDR) is an updated version of EDR, which adds video recording of the immediate surroundings of the vehicle. These devices store the video feed before/after in the event of an accident. It also records car speed, acceleration, and GPS information. Generally, VEDRs are installed on the windshield of the car with special feature camera and a GPS unit attached to it. Different types of vehicles install VEDRs including coaches and buses, commercial vehicles, emergency services, vehicles, law & enforcement vehicles, and hazardous goods transport.
The global video event data recorder (VEDR) market is estimated to account for US$ 2,004.2 Mn in 2019 and is expected to grow at a CAGR of 6.8% during the forecasted period (2019-2027).
- Stringent motor safety standards are the major factor expected to drive growth of the global video event data recorder (VEDR) market over the forecast period
VEDR offers several advantages such as collecting crucial data during crashes and accidents, in order to assist law enforcement agencies to truthfully ascertain facts of the event. Proactive initiatives taken by government of various countries, in order to reduce fatalities, injuries, and property loss during collisions and accidents is the major factor boosting the demand for VEDR. Furthermore, VEDR enables the government agencies to formulate various safety standards, which has supported the installation of VEDR. For instance, in September 2012, the National Highway Traffic Safety Administration (NHTSA) established regulations mandated installation of EDRs, while manufacturing light commercial vehicles. This, in turn, is expected to drive the market growth in the near future.
- Growing awareness and adoption of vehicle safety technologies is expected to propel the global video event data recorder (VEDR) market during the forecast period.
Increasing disposable income in emerging economies coupled with growing infrastructure is encouraging consumers to invest in vehicle safety solutions that offer advanced safety features. Key manufacturers in the market are focused on investing in different technologies, in order to explore lucrative business opportunities offered in countries such as South Africa, India, and Brazil. For instance, in October 2016, National Instruments Corporations, a U.S. based provider of tests and solutions, collaborated with prominent automobile manufacturers in India, in order to offer enhanced visual data acquisition and measurement techniques focusing on automotive and electric cars.
North America region dominated the global video event data recorder (VEDR) market in 2018, accounting for 59.6% share in terms of value, followed by Western Europe, APEJ, Japan, Latin America, and MEA, respectively.
Source: Coherent Market Insights
Market Dynamics- Restraint
- Budget restraints of government and law enforcement agencies are expected to restrain the global video event data recorder (VEDR) market growth over the forecast period
The prime target for VEDR manufacturers is government and law enforcement agencies around the world. Thus, the sales of VEDR depends upon willingness and financial ability of those agencies to invest in security-related products. However, budget constricting acts as the major factor hindering the adoption of VEDR by government agencies, thereby restraining the market growth over the forecast period.
- Technical issues concerning VEDRs is the major factor expected to hinder the global video event data record (VEDR) market growth during the forecast period
Although VEDR is a crucial device to record vital information, many times date and timing of the recorded events were found to be flawed. This particularly happens when a vehicle crashes with multiple objects and data is continually overwritten. Moreover, these impacts along with vehicle maneuvers affect vehicle’s electrical system, leading to flawed data. Discontinuity in data, corrosion of components, ownership disputes, and data contradicting physical evidence is expected to hamper the market growth over the forecast period.
- Novel marketing strategies are expected to offer lucrative growth opportunities for market players
Although market for VEDRs is still in nascent stage, intelligent sales and market strategies can boost the market growth in the near future. Key companies present in the market need to invest significantly in its core sales and marketing strategies. Moreover, companies can collaborate with law enforcement agencies, in order to increase adoption of VEDRs, which in turn, can offer significant growth opportunity for market players.
- Advent of cost efficient products is expected to pose conducive market opportunities in the near future
Many times law enforcement agencies are hesitant about adopting VEDR due to its pricing and low cost-efficiency. To gain significant advantage in such situations, key companies can strategically invest in R&D activities, in order to develop cost-effective VEDR product. Moreover, incorporation of smart software is expected to drive margins up and provide major growth opportunities for market players.
Source: Coherent Market Insights
Global flash card based video event data recorder (VEDR) market was valued at US$ 1,190.0 Mn in 2018 and is forecast to reach a value of US$ 1,9265.2 Mn by 2027 at a CAGR of 5.4% between 2019 and 2027.
- Presence of intense competitive due to highly fragmented market
The global video event data recorder (VEDR) market is highly fragmented with numerous established players and robust public companies. However, advent of new entrants with novel products has created immense competition in the market. Moreover, consumer demand is highly uncertain along with inconsistency of sales cycle and consumer adoption. In spite of that, key manufacturers are constantly investing on development of new technologies, in order to gain competitive edge in the market.
- Increasing investment in automotive industry is another major trend in the market
The global automobile industry has witnessed significant growth of 5.5% from 2010 to 2015 and was valued at US$ 5.1 trillion in 2015. Constant research and development activities in the industry have accelerated growth of the industry in the recent past. This, in turn, is expected to accelerate adoption of VEDRs in the near future.
In Global video event data record (VEDR) market, by vehicle type segment, light commercial vehicles sub-segment dominated the global video event data record (VEDR) market in 2018, accounting for 51.2% share in terms of value, followed by passenger cars, heavy commercial vehicles, respectively.
Source: Coherent Market Insights
Value Chain Analysis
Key companies involved in the global video event data recorder (VEDR) market are Digital Ally Inc., L-3 Mobile-Vision, Octo Telematics Ltd, (OCTOCAM Srl), WatchGuard Video, COBAN Technologies, Inc., Safety Vision, LLC., Omnitracs, and Convoy Technologies.
- Key companies in the market are focused on partnerships, in order to gain competitive edge in the market. For instance, in October 2017, COBAN Technologies, a provider in-car video solution, partnered with Digital Barriers, in order provide facial recognition and live video streaming technology for the FOCUS H1 police dashcam system.
- Key players in the market are focused on product launch, in order to enhance the product portfolio. For instance, in December 2016, Digital Ally, Inc. introduced DVM-250 with FleetVu, a cloud-based real-time fleet telematics solutions.