The global car DVR market size is projected to touch USD 1.84 billion by 2022 according to a new report by Million Insights, Growing focus on car safety and technological advancements in automotive manufacturing are driving the market growth. Further, the use of dash cam is gaining traction over recent years in both passenger and commercial cars.
Car DVRs cameras are attached to dashboard or windshield and they are used to record videos. The increasing number of road-rage and accidents are anticipated to positively affect market growth over the forecast duration. These devices collect shreds of evidence that can be produced before the court in case of any disputes.
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The rise in the number of car accidents are projected to drive the installation of safety cameras as dash cams can help in vehicles surveillance in parking mode, even when the driver is absent.
However, issues associated with privacy, especially in Europe and the U.S are expected to pose a challenge for industry growth. Hackers can manipulate with vehicle security by accessing wireless data of vehicles.
North America accounted for more than 35% of the market share in 2014 largely because of the increasing number of road accidents and growing focus on road safety. The region is further expected to maintain its dominance.
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Further key findings from the report suggest:
• Single channel DVR category dominated the car DVR market with over 70% of the market share in 2014.
• Manufacturers are offering a variety of cameras including single-channel video camera to advance dash cam that can record time, speed, location and G-force.
• North America held over 35% of the market share in 2014 on account of the increasing number of car accidents in the U.S.
• Asia Pacific is anticipated to grow at a CAGR of 9% over the forecast period. This growth is attributed to the presence of key manufacturers in Taiwan and China.
• Key players in the market are Cobra Electronics Corporation, ITronics Group, WatchGuard Video, Honeywell, Falcon Zero, Amcrest Technologies and Lukas among others.
Million Insights has segmented the global car DVR market on the basis of product and region:
Car DVR Product Outlook (Revenue, USD Million, 2012 – 2022)
• Single Channel
• Dual Channel
Car DVR Regional Outlook (Revenue, USD Million, 2012 – 2022)
• North America
• Asia Pacific
• Latin America
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