Automotive Recorder Market Size, Share, Growth, and Industry Analysis, By Type (Single Channel, Multi-Channel), By Application (Passenger Car, Commercial Vehicle) and Regional Forecast to 2031

Updated On: 29 April 2024

Automotive Recorder Market REPORT OVERVIEW

The global automotive recorder market size was USD 2992.6 million in 2021. As per our research, the automotive recorder market is expected to reach USD 5795.4 million by 2031, exhibiting a CAGR of 6.8% during the forecast period.

The COVID-19 pandemic has been unprecedented and staggering, automotive recorder experiencing lower-than-anticipated demand across all regions compared to pre-pandemic levels. The sudden rise in CAGR is attributable to the market’s growth and demand returning to pre-pandemic levels.

Automotive recorder primarily cameras that can be found in all kinds of automobiles and are used to capture audio and video while the driver is on the road. The cameras are often positioned on the dashboard of the car to capture events as they happen, but they can also be installed to observe the back and the inside. Additionally, some driving recorders have sophisticated functions including night vision and a dedicated parking mode. The video footage from the cameras can be used as helpful proof in the case of accidents, fails, and insurance claims. It can also serve as an important record of traffic accidents or reckless driving and help ensure accuracy and fairness in legal prosecution.

The need to report reckless drivers who cause accidents and growing awareness of the value of placing automotive recorder are two major reasons propelling the global automotive recorder market growth.

COVID-19 Impact: Deteriorating Marketplace Conditions to Degrade Market Share  

The financial resources needed to support ongoing operations were diverted by the automotive industry, depriving of funding for research and development for cutting-edge technology efforts and other elective projects. As production capacity is streamlined and consolidated, strategic decisions to leave unproductive international markets and vehicle categories were accelerated, sharply reducing output. Due to rapidly deteriorating marketplace conditions, suppliers with liquidity problems failed, resulting in significant disruption and perhaps disastrous effects throughout the whole global car manufacturing and automotive recorder chain.

LATEST TRENDS 

"Availability of Different Dash Cameras to Stimulate Market Development  "

Global market expansion is being fueled by improvements in the automobile industry and digital technology, an increase in traffic accidents, and the use of advanced driver aid systems. The market is expanding due to the availability of different kinds of dash cameras plus strict government rules regarding the installation of driving recorders in automobiles in some nations. Rising spending on research and development along with the release of new, improved, and innovative goods are also contributing to the market's expansion.

Automotive Recorder Market SEGMENTATION

By Type

Based on type; the market is divided into single channel, multi-channel

Single channel is the leading part of the type segment.

By Application

Based on the application; the market is divided into passenger car, commercial vehicle

Passenger car is the leading part of the application segment.

DRIVING FACTORS

"Passenger Cars Category to Aid Market Expansion "

Depending on the kind of vehicle, the worldwide market can be separated into passenger automobiles and commercial vehicles. Throughout the forecast period, it is anticipated that the passenger cars category will account for the biggest revenue share. Growing numbers of traffic accidents, increased knowledge of the benefits of dashboard cameras, and the requirement to adhere to road safety standards in the majority of industrialized nations worldwide are all factors contributing to the high demand for driver recorders in passenger cars. 

"Single-Channel Dash Cameras to Foster Industry Progress "

The global market is divided into single-channel dash cameras and multi-channel dash cameras based on type. It is anticipated that between 2021 and 2028, the single-channel dash cameras category will account for a much higher revenue share. These cameras, which may capture front-view footage of the vehicle, are typically positioned upon the dashboard of cars. These are reasonably priced and come with different upgraded features including GPS, Wi-Fi, as well as night vision.

RESTRAINING FACTORS

"High Deployment Costs to Stop Market Evolution  "

However, significant issues such as high deployment costs for automotive recorders as well as elevated security concerns due to their ease of theft and tampering are anticipated to restrain worldwide market growth throughout the projection period.

Automotive Recorder Market REGIONAL INSIGHTS

"High Public Awareness in Europe to Support Market Advancement "

During the forecast period, it is expected that the European market will contribute considerably to sustained revenue growth. Key drivers of the automotive recorder market share include an increase in traffic accidents, high public awareness of the advantages of placing driving recorders, government security requirements, and the accessibility of a wide range of dashboard cameras.

Due to the rising use of ADAS, growing driver and vehicle person safety concerns, an increase in traffic accidents, and rising investments within research and development (R&D), the automotive recorder market is anticipated to experience the fastest revenue CAGR during the forecast period.

KEY INDUSTRY PLAYERS

"Key Players Focus on Partnerships to Gain a Competitive Advantage"

Prominent market players are making collaborative efforts by partnering with other companies to stay ahead of the competition. Many companies are also investing in new product launches to expand their product portfolio. Mergers and acquisitions are also among the key strategies used by players to expand their product portfolios.

The analyst provides a comprehensive picture of the market through the study, synthesis, and summarization of data from various sources, as well as an examination of important variables such as financial gain, sales prices, competition, and promotions. It identifies the key industry influencers and presents various market facets. The information provided is thorough, reliable, and the result of extensive primary and secondary research. The market report provides a comprehensive competitive landscape as well as an in-depth vendor evaluation methodology and analysis based on both qualitative and quantitative studies to accurately forecast market growth.

The reports cover important advances with in market, as well as inorganic and organic growth strategies. Various companies are concentrating on organic business expansion such as product announcements, product approvals, and other things like patents and events. Acquisitions, partnerships, and collaborations were among the inorganic growth strategies observed in the market. The above activities have paved the way for market participants to expand their business and customer base. With the growing demands for filter products in the international market, market participants in the market are expected to benefit from substantial growth opportunities in the near future.

List of Market Players Profiled 

• Kenwood (Japan)
• Beijing Qihu Keji Co. Ltd. (China)
• Thinkware (South Korea)
• Nextbase (U.K.)
• Blackview (China)
• Philips (Netherlands)
• Shenzhen Firstscene Technology Co.,Ltd (China)
• Garmin (U.S.)
• Comtec (U.S.)
• Yupiteru (Japan)
• Pittasoft (South Korea)
• HP Image Solution (U.S.)
• SAST (China)
• JADO (India)
• Cobra Electronics (U.S.)
• REXING (U.S.)
• DDPAI (China)
• DOD Tech (U.S.)
• Fine Digital (South Korea)
• Hunydon (South Korea)
• DAZA (China)
• Xiaoyi Technology co., LTD (China)
• PAPAGO (U.S.)
• Sunvalley (Japan)
• Qrontech (India)

REPORT COVERAGE

This research offers a thorough analysis of the global market, covering all relevant areas. This includes everything from a broad market overview to micro-level information about size of the market, degree of competition, evolution trend, opportunities in the market, important market drivers, and SWOT opportunities and threats. The reader can use the study to influence industry competitiveness and competitive environment strategies to increase potential profit. Additionally, it offers a straightforward framework for assessing and gaining access to the situation of the corporate organization.

In a nutshell, this study should be read by all market participants, traders, academics, analysts, business planners, and anyone else with an interest in the market. The market competitive landscape is another area that the report structure focuses on. This report presents in depth information the share of the market, macroeconomic indicators, product scenario, operation circumstances of the major players, which aids readers in the industry in recognizing the key rivals and better understanding the market's competitive landscape.