The “Global Video Event Data Recorder Market, by Type of Data Storage (Flash Card and Cloud Data Storage), by Vehicle Type (Passenger Cars, Light Commercial Vehicles, and Heavy Commercial Vehicles), by End User (Law & Enforcement Agencies and Commercial Fleet), by Sales Channel (Auto OEM and Aftermarket), and by Geography (North America, Latin America, Western Europe, Eastern Europe, APEJ, Japan, and Middle East & Africa) - Global Forecast to 2027”, is expected witness a CAGR of 6.8% during the forecast period (2019-2027), as highlighted in a report published by Coherent Market Insights.
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 market is estimated to account for US$ 2,004.2 Mn in terms of value by the end of 2019.
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. Therefore, these factors are expected to drive the market growth over the forecast period.
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. This, in turn, is expected to pose conducive business opportunities for market players over the forecast period.
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, which in turn, is expected to hamper the global video event data recorder (VEDR) market growth over the forecast period.
Type of Data Storage:
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. This growth is attributed to the increase in adoption of video event data recorder (VEDR) due to its several benefits such as it enables storage of video content on portable and mobile devices and it is favorable solutions for public safety.
Light commercial vehicles segment dominated the global video event data recorder (VEDR) market in 2018, accounting for 51.2% share in terms of volume, followed by passenger cars, heavy commercial vehicles, respectively. This growth is attributed to increase in usage of VEDR technology in light commercial vehicles that are used by military and defense sector.
Law & Enforcement agencies segment dominated the global video event data recorder (VEDR) market in 2018, accounting for 77.3% share in terms of value, followed by commercial fleet respectively. This growth is attributed to the increasing in adoption of VEDR technology by law enforcement agencies to collect crucial information during accident or crashes.
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.
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.