Drive Recorder Market Size & Industry Share - Growth Trends & Forecasts (2023 - 2030)

By Type :

The type segment is trifurcated into single channel dashcam, double channel dashcam, and triple-channel dashcam. Single channel dashcam accounted for the largest market share of 47.61% in 2022 owing to the ability to accurately capture the front view, ensuring clear footage of the road and preventing incidents. Additionally, single channel dashcams are compact in size, hence are less obtrusive when mounted on the windshield. Moreover, single channel dashcams are more affordable compared to dual channel or triple-channel dashcams, further contributing to the market growth. In conclusion, the aforementioned factors including compact size, cost-effectiveness, and the ability to accurately capture the front view are responsible for accelerating the growth of the drive recorder market.

Triple channel dashcam are projected to witness the fastest CAGR during the forecast period in the drive recorder market. The growth is endorsed by the ability of the dashcams to record both the front and rear views simultaneously at high resolution. Moreover, the advancements in battery technology including the emergence of ECO mode that reduces power consumption, resulting in battery savings is further contributing to the growth of the market. For instance, in April 2022, Firstech, Inc. launched Momento M7, a 3-channel dash camera system with battery-saving technology and 2K QHD recording. The dashcam provides high quality video footage and reduces the power consumption by up to 90% while the vehicle is parked, hence contributing notably in fueling the market growth in upcoming years.

By Vehicle Type :

The vehicle type segment is bifurcated into passenger cars and commercial vehicles. Passenger cars accounted for the largest market share in 2022 and is also anticipated to witness the fastest CAGR during the forecast period. Passenger cars have a higher rate of ownership compared to other vehicle types including commercial vehicles or motorcycles, creating a larger consumer base, thus contributing significantly in driving the growth of the segment. Additionally, the advancements in technology including the Digital Overlap High Dynamic Range (DOL HDR) technology improve the dashcam sensitivity, delivering high-quality videos even in the dark environment is also boosting the market growth. For instance, in May 2023, VIOFO Ltd. introduced a 2K HDR dashcam A119 Mini 2 using Sony's STARVIS 2 IMX675 sensor to capture high-quality video in passenger cars. The dashcam consumes 30% less power and utilizes DOL HDR technology to capture images in extremely bright and dark environments, thus contributing significantly in spurring the growth of the drive recorder market.

By Application :

The application segment is categorized into travel monitoring, parking monitoring, photography entertainment, and others. The travel monitoring segment accounted for the largest market share in 2022 owing to the ability of drive recorders to capture the entire journey, providing recorded documentation of the travel experience. Additionally, the advancements in technology including the integration of 4G LTE in dashcams to enable real-time monitoring of the vehicle to prevent accidents is also contributing significantly to the growth of the drive recorder market. Moreover, the recorders are also employed to capture adventurous activities namely off-roading, mountain biking, and skiing, further accelerating the market growth. For instance, in April 2023, DDPAI launched an advanced monitoring function for dashcams with 4G connectivity. The system enables real-time monitoring of the vehicle and has 2GB of cloud storage for capturing adventurous activities.

The parking monitoring segment is anticipated to witness the fastest CAGR during the forecast period. The growth of the market is attributed to the increasing adoption of drive recorders equipped with parking mode to continuously monitor the surroundings of a parked vehicle. Additionally, parking monitoring mode in drive recorders is activated upon vehicle parking to detect collisions. Furthermore, in the event of a hit-and-run incident, the drive recorder captures the incident, including the license plate of the offending vehicle, providing evidence for insurance claims and legal purposes. Consequently, the increasing adoption of drive recorders to prevent theft or damage to the vehicle is expected to drive the market growth in the upcoming years.

By Region :

The regional segment includes North America, Europe, Asia Pacific, Middle East and Africa, and Latin America.

Europe accounted for the largest revenue share in the year 2022 valued at USD 1,775.30 Million owing to the advancements in drive recorder technology including advanced driver assistance systems (ADAS), GPS tracking, and cloud connectivity that promotes the growth in the European market. Additionally, the region has a strong emphasis on road safety and reducing road accidents, and drive recorders play a crucial role in capturing road accidents to further enhance road safety. Moreover, Europe has a high rate of electric vehicle ownership that raises the demand for drive recorders to enhance the user experience. Subsequently, the emergence of advanced technologies, strong emphasis on road safety, and increasing adoption of electric vehicles are the key factors responsible for driving the market growth in European countries. For instance, in January 2023, according to the International Council on Clean Transportation (ICCT), the European electric car market increased from 3% in 2019 to 19% in 2021. Additionally, Norway (65%), The Netherlands (20%), and Sweden (19%) are among the top countries in the battery-electric car segment in Europe.

Asia Pacific accounted for USD 1,185.48 Million in 2022 and is expected to register the fastest CAGR of 12.4% accounting to USD 2,964.93 Million in 2030 in the drive recorder market. In addition, in the region, China accounted for the maximum revenue share of 27.1% in the year 2022. The growth in the region is attributed to the rapid growth in vehicle sales in countries including China, India, and Japan. Additionally, Asia-Pacific countries are witnessing a rapid increase in road accidents that further increases the demand for advanced driver recorder systems. Moreover, the presence of key players in the region, including Koninklijke Philips N.V. and Samsung Group are investing heavily in research and development to innovate advanced drive recorders, thus contributing notably in accelerating the market growth.