PUBLISHER: Orion Market Research | PRODUCT CODE: 1159268
PUBLISHER: Orion Market Research | PRODUCT CODE: 1159268
Global In-Car DVR Market Size, Share & Trends Analysis Report by Type (Single Channel, and Dual Channel) By Application (Passenger Car, and Commercial Vehicle) Forecast Period (2022-2028)
The global In-Car DVR market is anticipated to grow at a substantial CAGR of around 5.2% during the forecast period. The rising numbers of vehicle thefts and road accidents will propel the market growth. In-car DVRs are becoming increasingly prevalent, owing to an increase in vehicle accidents and theft. DVRs footage is useful in judicial proceedings, compensation claims, and for defensive purposes. This technology enables drivers to efficiently manage their on-road security by documenting such incidents. Many major insurance companies have made it obligatory for policyholders to setup DVRs in their vehicles in order for insurance claims to be processed proficiently. For instance, in Japan, automotive insurance providers offer merchandise with special contracts to lease DVRs, as enforcement has tightened penalties for tailgating drivers. Therefore, these factors will drive the market growth in the forecast timeframe.
The global In-Car DVR market is segmented based on the type and application. Based on the type, the market is sub-segmented into single channel and dual channel. Based on the application, the market is sub-segmented into the passenger car and commercial vehicle. Among these, the commercial vehicle segment is likely to show considerable growth in the market owing to the adoption of In Car DVRs system by commercial fleet owners in order to improve fleet monitoring is the key factor driving the segment growth.
Geographically market is segmented into North America, Europe, Asia Pacific, and the Rest of the World. It is projected that the Europe region will have considerable growth in the market. Various governments have introduced legislative regulations to limit the number of road accidents by adopting car DVRs. . For instance, Germany had passed a legislation allowing DVR footage to be used as evidence in the country's highest court. Additionally, France has also legalized DVRs for private use. Therefore, Europe is expected to demonstrate fastest growth in the market. The increasing number of road accidents and thefts in the region and the growing use of camera clips for insurance policies are some of the major factors mainly driving the adoption of In Car DVRs market.
The major companies serving the global In-Car DVR market include Falcon Zero., ITronics Group, DOD Tech, Pittasoft Co., Ltd., Panasonic Corp., Garmin Ltd., Hunydon Co., Ltd., JADO China, PAPAGO Inc., Shenzhen Zhixingsheng Electronics Co. Ltd., and others. The market players are considerably contributing to the market growth by the adoption of various strategies including mergers & acquisitions, collaborations, funding, and new product launches, to stay competitive in the market. For instance, in January 2020, Garmin International, Inc. launched the Garmin dash cam tandem, the company's first dual-lens dash camera, which provides drivers with complete video coverage of their surroundings via two 180-degree field of view lenses which record in tandem day and night. The dash cam's high-definition 1440p front-facing camera lens with Garmin clarity HDR can capture crisp footage showing critical vehicle details, while the interior lens with night vision uses Garmin's exclusive nightglo technology to record all driver and passenger interaction, even in low-light conditions.
Research Methodology
The market study of the global in-car DVR market is incorporated by extensive primary and secondary research conducted by the research team at OMR. Secondary research has been conducted to refine the available data to breakdown the market into various segments, derive total market size, market forecast, and growth rate. Different approaches have been worked on to derive the market value and market growth rate. Our team collects facts and data related to the market from different geography to provide a better regional outlook. In the report, the country-level analysis is provided by analyzing various regional players, regional tax laws and policies, consumer behavior, and macro-economic factors. Numbers extracted from secondary research have been authenticated by conducting proper primary research. It includes tracking down key people from the industry and interviewing them to validate the data. This enables our analyst to derive the closest possible figures without any major deviations in the actual number. Our analysts try to contact as many executives, managers, key opinion leaders, and industry experts. Primary research brings authenticity to our reports.
Secondary Sources Include:
The report provides an in-depth analysis of market size, intended quality of the service preferred by consumers. The report will serve as a source for a 360-degree analysis of the market thoroughly integrating different models.
Market Segmentation
The Report Covers: