A video event data recorder (VEDR) is an electronic device, similar to a conventional data recorder, which is installed in different vehicles to document events such as accidents and collisions. According to the U.S. Code of Federal Regulations, EDRs must meet the fleet standards. Modern VEDRs are triggered by electronically sensed problems in the engine or sudden change in wheel speed. The VEDR device also records car acceleration, speed of the vehicle, GPS data. The collected data in the device is saved automatically to a secure digital (SD) card or now in modern devices on the cloud. Previously, it was used to monitor and enhance performance and safety of the care. However, later on, it has been used for police investigation and accident reconstruction.
The global video event data recorder (VEDR) market is expected to surpass US$ 3,834.6 Mn in terms of value by the end of 2028.
Global Video Event Data Recorder (VEDR) Market: Driver
Robust insurance policies and programs for vehicles is expected to drive the global video event data recorder (VEDR) market growth over the forecast period. Since the demand for video event data recorder has increased significantly, several customized services and products are being introduced by insurance companies according to consumer requirements. Insurance companies are working with OEMs to provide robust solutions for insurance, which saves time and optimizes the claim processes. This, in turn, has encouraged vehicle owners to install video data event recorder to better understand the specifics of the accident.
Global Video Event Data Recorder (VEDR) Market: Opportunity
Enhanced customer awareness is expected to pose lucrative growth opportunities for market players in the near future. For growth of any market, consumer awareness acts as the first stepping stone. Educating these consumer and convincing them about advantages of vehicle safety devices is a key part of accelerating the market growth. OEMs and dealers can take sustained efforts to educate consumers regarding safety devices such as VEDRs, which could be a factor during the purchase of a vehicle. This, in turn, is expected to offer lucrative growth opportunities for market players in the near future. Moreover, OEMs can take initiative by providing these devices and free after-sale service that can adequately educate consumers regarding benefits of these devices.
Global Video Event Data Recorder (VEDR) Market: Recent Developments
Global Video Event Data Recorder (VEDR) Market: Restraint
Unfamiliarity with benefits of safety products is expected to restrain the global video event data (VEDR) recorder market growth during the forecast period. Market for VEDRs is still in nascent stage, which is why there is low awareness regarding benefits of these safety devices among populace. Despite warning given on car’s instruction manual, vehicle owners are not aware of the vehicle’s capability to record. This, in turn, is expected to restrain the market growth of the forecast period. Moreover, lack of infrastructure in terms of traffic data collection and telecommunication in emerging economies has hindered the adoption of VEDRs.
Global Video Event Data Recorder (VEDR) Market - Impact of Coronavirus (Covid-19) Pandemic
Similar to the majority of the markets, the COVID-19 pandemic impacted the global video event data recorder (VEDR) market. With stringent regulations physical distancing and many countries adopting lockdown policies, major economic sectors were significantly hampered. Furthermore, supply chain industry also witnessed major negative impact with lack of working personnel. However, the market is expected to regain its lost traction with many countries easing the COVID-19 restrictions.
Intense competition among OEMs and highly fragmented market. Although established market players hold dominant positions in the market, emergence of new entrance with novel products has created intense competition in the market. Moreover, the market is still in nascent stage and is highly fragmented where there are uncertain requirement from consumers. Furthermore, increasing R&D activities by market players are expected to introduce new technologies in the market. This can lead to cost-effective products for consumers in the near future.
Significant growth of automotive industry is expected to boost adoption of VEDRs. The global automatable industry was valued at US$ 5.1 trillion in 2015 and is expected to register a CAGR of 5.5% during 2010-2015. Moreover, in 2013, around US$ 85 billion were invested in research and development activities, which is expected to boost the adoption of VEDRs in the near future.
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.
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