01 April 2021
Visiongain has published a new report on Car DVR Market Report to 2031: Forecasts By DVR Type (Single Channel, Dual Channel), By Vehicle Type (Passenger Cars, Commercial Cars), By Sales Channel (OEM, Aftermarket). PLUS, Profiles of Car DVR Companies and Regional and Leading National Market Analysis. PLUS COVID-19 Recovery Scenarios.
Global car DVR market was valued at US$ XX billion in 2019 and is projected to reach a market value of US$ XX billion by 2031.
Car DVR or digital video recorder is a dashboard camera which continuously records the soung and view via vehicle's front windscreen or the rear screen. The rising number of road accidents and vehicle thefts and increase in car insurance frauds are the factors driving the growth of the car DVR market. The market seeks growth opportunities from the technological advancements in car DVR and favourable government initiatives supporting the adoption of car DVRs. However, data security and privacy concerns and low awareness among end-users are some of the factors hampering the market growth during the forecast period.
COVID-19 Impact on Car DVR Market
The outspread of coronavirus in the past few months has affected the businesses and livelihood of the people at an unprecedented rate. The nationwide lockdown initiatives resulted in shutting down of manufacturing facilities and business processes. The automobile market witnessed a significant dip during the pandemic, which is expected to impact the car DVR market. Moreover, the shut down of factories and disruptions in supply chain affected the supply of car DVRs. Thus the COVID-19 is expected to have a negative impact on the car DVR market. The market is expected to gain traction by the mid of 2021.
Rising Number of Road Accidents and Vehicle Thefts
The number of road accidents is increasing steadily across the globe, thereby creating a demand for car DVRs. The increasing road accidents have been concerning, which led to increasing adoption of car DVR to record the footage of car accidents which is used by the law personnel. The video footage captured by the DVRs is used to track down license plates of law offenders and is used for training new officers. Moreover, vehicle theft rates have also witnessed a rise. The incidents recorded from the DVRs also help to detect vandalism and theft, which further spurs the demand for car DVRs among the consumers.
Increase in Car Insurance Frauds
Insurance coverage frauds have been continually increasing over the years. The fraudsters are carrying out fraudulent activities to steal or get monetary compensation which impacts the genuine customers. Usually, five types of frauds occur in case of car insurance frauds such as vehicle dumping, false registration, high repair cost, faulty airbag replacement, and defective windshield replacement. Thus, the insurance companies usually demand for the footage from the cars DVRs, thereby driving the market growth. Moreover, many of the insurance companies offer a certain amount of discounts on monthly premiums for adopting car DVRs to prevent the fraudulent medical and insurance claims on car accidents, which is further expected to fuel the market growth.
Technological Advancements in Car DVR
The key market players are continually focused on advancing car DVR offerings to maintain a competitive position in the market. Integration of technologies such as sensors, Wi-Fi connectivity, and GPS, among others offers an enhanced user experience, thereby increasing the customer demand. Thus, the technological advancements in Car DVR is expected to create growth prospects for the car DVR market.
Favourable Government Initiatives Supporting Adoption of Car DVRs
Governments of various countries are increasingly supporting the adoption of car DVRs. Rising awareness campaigns across the globe such as the Teen Safe Driver Program offered by the American Family Insurance in the U.S. have is expected to offer growth opportunities for the Car DVR market during the forecast period.
The car DVR market is highly competitive. The key market players are focused on innovating their DVRs with advanced features to help them obtain a competitive position in the market. Some of the companies profiled in the report include Huvitech, Vintron, Techwell, Hikvision UK Ltd, DVS Ltd., Zhejiang Dahua Technology Co., Ltd, ABUS (UK) Ltd, Bosch Security Systems, Hunt Electronic Co Ltd, and Panasonic Corporation.
February 2019, Panasonic Corporation launched AS-1 camera, in-vehicle camera. The new AS-1 Arbitrator forward-facing, the in-car camera offers optimal video evidence capture capabilities: hi-resolution sensor, wide-angle lens, simple one-touch record and integrated impact sensor allowing the law enforcement agencies to meet critical needs on the road.
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