Automotive Event Data Recorder (EDR) Market REPORT OVERVIEW
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The global automotive event data recorder (EDR) market size was USD 5318.6 million in 2022 and is projected to touch USD 7867 million by 2031, CAGR of 4.4% during the forecast period.
The global COVID-19 pandemic has been unprecedented and staggering, with the automotive event data recorder (EDR) market experiencing lower-than-anticipated demand across all regions compared to pre-pandemic levels. The sudden rise in CAGR is attributable to market’s growth and demand returning to pre-pandemic levels.
An event data recorder (EDR), also known as an automotive "black box," is a device placed in cars that records data related to collisions or accidents. Automotive EDRs continuously record vital vehicle data and monitor driving habits to create evidence in the event of an accident. Due to the continuous emphasis on vehicle safety, developments in data analytics, and the rising demand for connected car solutions, the market is anticipated to increase.
The market for automobiles is developing concurrently with the auto insurance sector. During the projection period, demand for the product would expand because to the increased efforts being made by automotive OEMs to develop and test autonomous vehicles across various countries. Thus, the market for automotive event data recorders (EDR) is growing along with the advancement of autonomous vehicles.
COVID-19 Impact: Imposed Restrictions in the Economy Resulted in Decline in the Market
The COVID-19 issue has had an effect on the global economy, resulting in a strict lockdown and a halt to day-to-day activities in all industries. Because of the government's restrictions, the panic scenario has had a serious impact on the industry. It's worth noting that the COVID-19 pandemic has had a tremendous influence on the cruise industry, particularly the giant cruise ship market. To protect passenger safety, many cruise lines ceased operations and enacted additional health and safety standards. The industry continues to adapt and adopt measures to restore passenger confidence and resume operations as the situation progresses.
LATEST TRENDS
"Government Regulations and Rising Insurance Industry Adoption to Soar Up Market Potentially"
Regulations governing the installation of automotive event data recorder (EDR) in automobiles have been adopted in numerous nations and areas. These rules are intended to increase traffic safety, support accident investigations, and simplify the evaluation of insurance claims. Event data recorders are being used more frequently by insurance firms to gather information about accident data and driving habits. This information aids insurers in risk assessment, establishing liability in collisions, and providing specialised insurance coverage. This industry is expanding as a result of the rise in accidents and fatalities related to traffic incidents. The expansion of this industry is also being fueled by consumers' growing awareness of vehicle safety features, particularly in developed nations like North America and Europe.
Automotive Event Data Recorder (EDR) Market SEGMENTATION
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- By Type
Based on type the automotive event data recorder (EDR) market is classified as Portable Event Data Recorder, Integrated DVD Event Data Recorder and others.
- By Application
Based on application the automotive event data recorder (EDR) market is classified as Automotive Manufacture Industry, After market industry and others.
DRIVING FACTORS
"Advanced Safety Features with Data Connectivity to Boost the Market Growth "
Increasingly, improved safety features and driver-assistance systems are being integrated with incident data recorders. Data from pre-crash events, airbag deployment, braking, and vehicle dynamics can be recorded by EDRs, allowing for greater analysis and safety system enhancement. Advancements in event data recorders are being driven by the expanding significance of networking and data analytics. Market traction is being gained by EDRs that provide real-time monitoring, remote data access, and cloud-based analysis. The development of new technologies like ADAS (advanced driver assistance systems) and driverless vehicles is also anticipated to fuel this market's expansion.
"Emergence of Autonomous Vehicles and Adoption of EVs to Witness Tremendous Market Growth"
Automotive event data recorder (EDR) now have more options as autonomous vehicles proliferate and electric vehicle adoption rises. In electric vehicles, EDRs can record vital information about the operation of the autonomous systems and battery-related events. Owners of cars who adopt EDRs can receive savings from certain insurance carriers. The market is being aided even more by the rising funding and investments in the development of autonomous technology.
RESTRAINING FACTORS
"Concerns Over the Data Privacy and Compliance to Certain Regulations to Obstruct the Market Growth"
Automotive event data recorder (EDR) gather and preserve sensitive data, raising privacy issues and necessitating data security measures. Manufacturers and other market participants must address these problems if they want to keep the trust of customers and follow the law. The U.S. Code of government Regulations outlines the government criteria that EDRs in the country must adhere to. As a result, the data privacy concerns and the compliance with several regulations and standards thus restraining the automotive event data recorder (EDR) market growth.
Automotive Event Data Recorder (EDR) Market REGIONAL INSIGHTS
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"The North American Region to Dominate the Market with Major Production and Multiplying Manufacturers"
The North American region is expected to retain its dominance in the automotive event data recorder (EDR) market share over the estimated period. The region produces the vast majority of the world's market, accounting for a sizable fraction of total output. The region is expected to increase consistently during the projected period due to technology advancements and product developments in the region. The North American corporation provides high-performance and high-quality services, with a significant emphasis on technology and research. Government agencies in diverse public and commercial settings are stimulating the installation and creating market demand. All these factors combined are significantly contributing in the regions automotive event data recorder (EDR) market growth.
KEY INDUSTRY PLAYERS
"Financial Players to Contribute Towards Expansion of Market"
The market is highly competitive and has both international and local participants. The introduction of new and improved products, collaborations, mergers and acquisitions, joint ventures, and other strategies include major actors.The report is a thorough investigation of a list of market participants who support market growth. The information is a synthesis of the most recent trends, mergers and acquisitions in the manufacturing industry, market research, and technological advancements. To comprehend the market share, product growth, revenue growth, and other elements during the anticipated term, further factors like regional and segmental analysis are also taken into consideration.
List of Market Players Profiled
- Continental (Germany)
- Papago (Repblic of Korea)
- Philips (The Netherlands)
- HP (U.S.A)
- Garmin (U.S.A)
- Cansonic (U.S.A)
- Auto-vox (U.S.A)
- Aptiv (Ireland)
- DENSO (Japan)
- Knorr-Bremse (Germany)
- Bosch (Germany)
- Veoneer (Sweden).
REPORT COVERAGE
The SWOT analysis and information on future developments are covered in the study. The research report includes a study of a number of factors that promote market growth. This section also covers the range of numerous market categories and applications that could potentially affect the market in the future. The specifics are based on current trends and historical turning points. The state of the market's components and its potential growth areas over the following years. The paper discusses market segmentation information, including subjective and quantitative research, as well as the impact of financial and strategy opinions. Additionally, the research disseminates data on national and regional assessments that take into account the dominant forces of supply and demand that are influencing market growth. The competitive environment, including market shares of significant competitors, is detailed in the report along with fresh research methodology and player strategies for the anticipated time.
| REPORT COVERAGE | DETAILS |
|---|---|
Market Size Value In |
US$ 5318.6 Million in 2022 |
Market Size Value By |
US$ 7867 Million by 2031 |
Growth Rate |
CAGR of 4.4% from 2022 to 2031 |
Forecast Period |
2024-2031 |
Base Year |
2023 |
Historical Data Available |
Yes |
Regional Scope |
Global |
Segments Covered |
Type and Application |
Frequently Asked Questions
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What value is the automotive event data recorder (EDR) market expected to touch by 2031?
The global automotive event data recorder (EDR) market is expected to reach USD 7867 million by 2031.
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What CAGR is the automotive event data recorder (EDR) market expected to exhibit by 2031?
The automotive event data recorder (EDR) market is expected to exhibit a CAGR of 4.4% by 2031.
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Which are the driving factors of the automotive event data recorder (EDR) market?
The advanced safety features with data connectivity and the emergence of autonomous vehicles and rising adoption of EVs witnessing significant growth are the driving factors of the automotive event data recorder (EDR) market.
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Which are the key players functioning in the automotive event data recorder (EDR) market?
Continental, Papago, Philips, HP, Garmin, Cansonic, Auto-vox, Samsung-anywhere, Incredisonic, Aptiv, DENSO, Knorr-Bremse, Bosch, Veoneer and others are the key players functioning in the automotive event data recorder (EDR) market.
