VIDEO EVENT DATA RECORDER MARKET ANALYSIS

The global video event data recorder market was valued at US$ 2,527.5 million in 2022 and is expected to exhibit a CAGR of 6.5% over the forecast period (2023-2030).

An event data recorder or EDR uses a device installed in vehicles to record information related to vehicle accidents or crashes. A 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 the event of an accident. It also records the car speed, acceleration, and GPS information. Generally, VEDRs are installed on the windshield of cars with a 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 and enforcement vehicles, and hazardous goods transport.

Global Video Event Data Recorder Market- Impact of Coronavirus (Covid-19) Pandemic

The COVID-19 pandemic has had a mixed impact on the global video event data recorder (VEDR) market. The decrease in automotive sales due to lockdown measures, economic uncertainties, and changes in consumer behavior has likely affected the demand for VEDRs, as they are typically integrated into vehicles. The automotive industry has also faced challenges in implementing new technologies, including VEDRs, as manufacturers and suppliers focused on managing supply chain disruptions and production challenges. Additionally, with restrictions and changes in transportation patterns, there may have been a decrease in accidents and incidents on the roads, potentially affecting the perceived immediate need for VEDRs. However, there could have been shifts in the types of vehicles or industries utilizing VEDRs, with increased adoption by commercial fleets that continued operations during the pandemic. Overall, the COVID-19 pandemic has brought both challenges and potential opportunities to the global VEDR market, and its full impact would require further analysis and assessment.

Global Video Event Data Recorder Market: Regional Insights

The global video event data recorder market is a segment of the broader video surveillance market, which includes various types of surveillance cameras, recorders, and related software and services. Video event data recorders are used in various applications such as residential complexes, commercial buildings, and public facilities to record and monitor video footage from event points such as doors and gates.

The regional dynamics of the global video event data recorder market may vary based on factors such as economic development, infrastructure investments, government regulations, and security concerns. However, some regions have traditionally been significant contributors to the global video surveillance market, and these trends may benefit the video event data recorder market as well.

Figure 1: Global Video Event Data Recorder Market Share (%), By Region, 2022

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North America held a dominant position in the Global Video Event Data Recorder Market in 2020, accounting for 59.0% shares, followed by Europe and Asia Pacific.

Global Video Event Data Recorder Market - Drivers

Increasing awareness about road safety

Increasing awareness about road safety has significantly impacted the global video event data recorder market. One of the key drivers behind this impact is the growing emphasis on monitoring and improving driver behavior. With road safety being a top concern, video event data recorders, commonly known as dashcams, have become essential tools for capturing video footage of the road and analyzing driver actions. By recording instances of speeding, aggressive driving, and other unsafe practices, these devices help identify risky behavior and promote safer driving practices among individuals and fleet operators. For instance, a large logistics company that operates a fleet of delivery trucks recognizes the value of VEDRs in enhancing road safety and reducing accidents. It launched an internal campaign to educate its drivers about the benefits of VEDRs and provide training on how to use them effectively. The campaign emphasizes the importance of adhering to traffic laws, maintaining safe driving practices, and utilizing the recorded footage for self-improvement and accident documentation.

Government regulations and mandates

Government regulations and mandates have played a crucial role in driving the adoption of video event data recorders in the market. Recognizing the importance of road safety and the potential benefits of these devices, governments worldwide have implemented various regulations and mandates to encourage their use. In many countries, government bodies responsible for road safety have introduced regulations that require certain vehicles or industries to install video event data recorders. These regulations often target commercial vehicles, such as trucks and buses, which are involved in a significant number of accidents. By mandating the use of video event data recorders, governments aim to improve accountability, enhance driver behavior, and create safer roads for all users. For instance, in a country with a high rate of road accidents and a growing concern for road safety, the government decides to take action by implementing regulations that mandate the installation of video event data recorders in commercial vehicles. The new regulations require all trucks and buses to be equipped with video event data recorders to monitor driver behavior and improve accountability.

As a result of the government mandate, large logistics companies operating a fleet of trucks must comply with the new regulation. They must install video event data recorders in each vehicle, which capture and store video footage of the road ahead. This footage includes information about the driver's actions such as speed, braking, and adherence to traffic rules.

Global Video Event Data Recorder Market - Opportunities

Integration with Advanced Driver Assistance Systems (ADASs)

The integration of Video Entry Data Recorders (VEDRs) into Advanced Driver Assistance Systems (ADASs) presents significant market growth opportunities. By combining the capabilities of VEDRs and ADAS technologies, such as collision warning systems and lane departure warning systems, the industry can unlock a range of benefits. Firstly, the integration enables the capture of synchronized video footage and sensor data, providing a comprehensive understanding of driving events and facilitating advanced analysis. This data fusion allows improved accident prevention strategies and the development of more effective safety measures. Additionally, the integration allows event reconstruction and analysis, enabling the detailed examination of incidents or near-miss events. By reviewing synchronized video footage and ADAS data, organizations can refine ADAS algorithms, enhance safety protocols, and mitigate risks. Furthermore, the combination of VEDRs and ADAS systems offers valuable feedback and training opportunities to drivers. It enables them to receive comprehensive feedback on their driving performance, enabling targeted training programs and coaching sessions to develop safer driving habits. Finally, the integration supports incident investigation and liability determination by providing critical evidence and a detailed account of events leading to accidents.

Expansion in emerging markets

Emerging economies hold the majority of the market's enormous growth potential for video event data recorders. The demand for cutting-edge safety and surveillance solutions is growing as these markets witness fast economic expansion, urbanization, and increased vehicle ownership. Emerging economies are prone to concerns related to road safety such as poor infrastructure, greater accident rates, and underdeveloped safety standards. By encouraging cautious driving, giving proof in case of an accident, and permitting improved accident investigations, the use of VEDRs can aid in overcoming these difficulties. A favorable environment for the deployment of VEDRs can be attributed to the rising priority given to road safety in emerging economies.

Global Video Event Data Recorder Market - Trends

Intense competition

Due to the market's extreme fragmentation, there is significant market competition The global video event data recorder market is highly fragmented and has a presence of numerous established players and robust public companies. However, the arrival of new market entrants with novel products has created intense 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 in the development of new technologies in order to gain competitive edge in the market.

Increasing investments in the automotive industry

Increasing investments in the automotive industry is another major trend in the market. Constant research and development activities in the industry have accelerated the industry growth in the recent past. This, in turn, is expected to accelerate the adoption of VEDRs in the near future.

 Global Video Event Data Recorder Market - Restraints

High installation and maintenance costs

One of the primary restraints in the global video event recorder market is the high installation and maintenance costs associated with these devices. The significant upfront investments required for purchasing and installing VEDRs can be a deterrent for potential buyers, especially smaller businesses or individuals with limited budgets. Additionally, the complexity of installation, often requiring professional expertise and specialized technicians, adds to the overall cost, and may cause operational disruptions during the installation process. Ongoing maintenance and support expenses further contribute to the high costs of VEDRs including software updates, data management, and hardware maintenance. Integration challenges with existing systems or platforms can also incur additional costs, particularly in terms of compatibility issues and customization requirements. Moreover, businesses need to consider the total cost of ownership, encompassing expenses related to data storage, data management software, and potential bandwidth requirements. To overcome these restraints, industry players can focus on developing more cost-effective solutions, streamlining installation processes, offering flexible pricing models, and providing comprehensive support and warranty options. As the market evolves and competition increases, advancements in technology and economies of scale may eventually lead to cost reductions and broader market adoption. To counterbalance this, VEDR systems offer long-term cost savings that can offset initial investments. By optimizing the energy usage and reducing the peak demand, businesses and consumers can lower their electricity bills and avoid penalties for exceeding contracted power limits. Over time, these savings can outweigh the upfront costs of installation and maintenance.   

Data privacy and legal concerns

Data privacy and legal concerns present significant restraints to the global video event data recorder market. The recording and storage of video footage raise important privacy implications, necessitating adherence to privacy regulations such as the GDPR. Compliance with these regulations requires businesses and organizations to implement stringent data protection measures, obtain necessary consent, and ensure secure storage and handling of the recorded data. Obtaining explicit consent from individuals whose personal data may be captured in the footage is crucial, and transparent communication about the purpose and use of VEDRs is essential. Failure to comply with privacy regulations can result in severe fines and legal consequences, as well as reputational damage for the businesses involved. Additionally, the substantial amount of video data generated by VEDRs necessitates robust data storage systems and encryption protocols to safeguard against unauthorized access or data breaches. Adhering to data storage and security best practices is crucial to maintain the integrity, confidentiality, and availability of the recorded data. By addressing these data privacy and legal concerns, VEDR manufacturers and service providers can instill trust among consumers and businesses, ensuring compliance with regulations and fostering a more conducive market environment for VEDR adoption. To counterbalance this, robust data protection measures can be implemented to safeguard the privacy and security of user information. This includes employing encryption techniques, access controls, and anonymization methods to ensure that sensitive data is protected against unauthorized access or breaches. By prioritizing data privacy, VEDR providers can alleviate concerns and instill confidence in their users.

Figure 2: Global Video Event Data Recorder Market Share (%), 2022, By End User

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Global Video Event Data Recorder Market - Segmentation

Global video event data recorder market report is segmented into data storage, vehicle type, end user, sales channel, and region.

• The law & enforcement agencies held a dominant position in the market and accounted for 76.5% share in the global video event data recorder market in 2022. The segment is expected to reach US$ 2,659.9 million in 2030 owing to the rising security concerns in the
• The light commercial vehicle segment accounted for 47.9% of the market share in 2022 in the global video event data recorder market and is expected to reach US$ 1,753.4 million by 2030. The development of the automotive industry, increasing industrial activities, and the development of the e-commerce industry accelerate the growth of the Global Video Event Data Recorder Market.
• Global Video Event Data Recorder Market: Key Developments

1. S. car authorities, NHTSA (National Highway Traffic Safety Administration) have stated that they seek to mandate that manufacturers gather additional collision data from event data recorders (EDRs), sometimes referred to as "black boxes," starting in 2022. To better comprehend the events leading up to an accident, the National Highway Traffic Safety Administration (NHTSA) suggested mandating black boxes to gather 20 seconds of pre-crash data at a higher frequency rate. NHTSA currently requires five seconds of pre-crash data at a slower collection rate for vehicles with EDRs.
2. In 2022, the EU decided to make "Intelligent Speed Assist" and “Data Recorders” mandatory by 2024. However, a new legislation that will go into effect in the European Union intends to completely ban reckless driving as early as 2024. The idea of installing mandatory equipment designed to monitor driving data and limit speed began back in 2018 with the European Commission.
3. In 2020, Ampex Data Systems in Hayward, Calif., is introducing the Common Architecture Recorder (CAR) to meet demands for low-cost data acquisition, recording, and network attached storage (NAS). The CAR is for expendable systems like unmanned aerial vehicles (UAVs) or unmanned ground vehicles (UGVs). The CAR offers low cost, small size, and scalability. It weighs two pounds, has a volume of 62 cubic inches, and offers as much as 2 terabytes of data storage.
4. In 2021, Tesla made it easier to retrieve event data recorder information. Tesla’s event data recorder (EDR) is like an airplane’s black box, it records just about everything that the car is doing and what the driver does to the car. For example, the data shows the vehicle’s speed, how far each pedal is pressed, what kind of g-forces the vehicle is experiencing, what settings are on or off, which seat belts are buckled, and much more.

• Global Video Event Data Recorder Market: Key Companies Insights

The key companies involved in the global video event data recorder 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.

*Definition: VEDR stands for Video Event Data Recorder. It is a device or system designed to record and store video footage from various camera sources, typically installed in vehicles or other surveillance applications. VEDRs capture video data along with relevant metadata, such as time, date, and location, providing a comprehensive record of events. These recordings can be used for a variety of purposes including enhancing road safety, monitoring driver behavior, documenting accidents or incidents, improving fleet management, and aiding in investigations.