Sales of Car DVRs to be Highest for Passenger Cars, Capturing over 3/5th Revenue

NEW YORK, Feb. 10, 2022 /PRNewswire/ -- In 2022, the global Car DVR Market is predicted to reach US$ 1.5 Billion, rising to US$ US$ 2.49 Billion by 2032. During the forecast period of 2022-2032, the Car DVR Market is estimated to grow at a CAGR of 5.2%.

From 2017 to 2021, car DVR sales flourished at a CAGR of 7.3%. During the COVID-19 pandemic, prospects dipped significantly, particularly in 2020. Imposition of lockdowns across all countries stymied automotive industry output, leading to contracting sales. Eventually, this was offset as the restrictions lifted.

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As the world continues to progress, urbanization and establishment of public transportation infrastructure, including roadways, is leading to an increase in the number of automobile sales. This is also providing traction to automotive safety components, including car DVRs.

The market is divided into two categories: passenger cars and commercial vehicles. Over the forecast period, the passenger car segment is expected to accumulate 63% of total market revenue in 2022 and beyond.

Road safety regulations and standard laws in place in several countries, combined with increased consumer awareness of the benefits of car DVRs, have resulted in increased product demand in the passenger car segment. Furthermore, the integration of in-vehicle recorders with various driver assistance functions is likely to increase car DVR adoption among personal vehicle owners.

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Key Takeaways from the Car DVR Market Study

• By vehicle, passenger cars to accumulate 63% of car DVR market revenue
• China to be an opportunistic investment hub, expected to flourish at a CAGR of 7%
• Japan to account for a revenue share of US$ 125 Mn by the end of 2022
• Germany is forecast to emerge as the fastest growing market, registering a CAGR of 8%
• Global car DVR market is expected to be valued at US$ 1.5 Bn by the end of 2022

Increasing vehicle ownership amid rapid urbanization has heightened the need to install adequate safety features to avoid accidents, which has boded extremely well for car DVR sales, says a Fact.MR analyst.

Competitive landscape:

• In January 2020 – Garmin International Inc. introduced the Garmin Dash Cam Tandem, the company's first dual-lens dash cams, which provide drivers with complete video coverage of their surroundings by using two 180-degree field of view lenses that record in tandem day and night, as well as other features such as its exclusive NightGlo technology, which improves video capture in low light conditions.
• In February 2019 – Panasonic Corporation, as part of its expanding Public Safety Solutions portfolio in North America, introduced the AS-1 Arbitrator, a new compact in-vehicle camera designed to provide law enforcement agencies with enhanced video evidence capture capabilities.

Key Segments covered By Fact.MR:

• By Product Type
• Single Channel Car DVR
• Dual Channel Car DVR
• By Price Range
• Low-Priced Car DVR
• Mid-Priced Car DVR
• High-Priced Car DVR
• By Sales Channel
• Car DVR Sales via OEMs
• Car DVR Sales via Aftermarket

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SOURCE Fact.MR