Global Drive Recorder Market growing at a CAGR of 11.9% from 2023 to 2030
Category : Automotive Services | Published Date : Jun 2023 | Type : Press Release
Key Market Overview
The drive recorder market is poised for strong expansion and is projected to reach USD 11,765.58 Million by 2030. The market was sized at USD 4,874.53 Million in 2022 and is predicted to grow at a compound annual growth rate of 11.9% during the period 2023-2030.
The report highlights the increasing adoption of drive recorders owing to the advancements in technology including high-resolution 4K UHD cameras and 4G LTE connectivity that enables real-time monitoring of the system. Consegic Business Intelligence provides an inclusive research report on the drive recorder market that evaluates multiple factors, such as market size, value, supply chain, regulatory environment, and trends.
Global Drive Recorder Market By Overview
The report analyses significant segments such as type, vehicle type, application, and region, to identify emerging trends and potential opportunities. The triple-channel dashcam segment is expected to grow during the forecast period owing to 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.
Get Free SampleMarket Dynamics
Driver:
- The rising number of road accidents serves as the major factor for the growth of the market owing to the ability of drive recorders to provide visual evidence of road accidents.
- Advancements in technology including high-resolution cameras and LTE connectivity are bolstering the market growth.
- The increasing adoption of drive recorders equipped with parking modes to continuously monitor the surroundings of a parked vehicle is driving the market growth.
Restraints:
- Privacy concerns associated with drive recorder is restraining the market growth.
- Presence of alternatives including smartphone-based dashcams for recording high-resolution videos in a cost-effective manner is hampering the growth of the drive recorder market.
Market Segmentation:
| Report Attributes | Report Details |
| By Type | Single Channel Dashcam, Double Channel Dashcam, and Triple-channel Dashcam |
| By Vehicle Type | Passenger Cars and Commercial Vehicles |
| By Application | Travel Monitoring, Parking Monitoring, Photography Entertainment, and Other |
| By Region | North America, Europe, Asia-Pacific, Latin America, and Middle East & Africa |
Competitive Landscape :
The landscape for drive recorder market is highly competitive with major players including Gatekeeper Systems, IMAGO Technologies GmbH, Garmin International, Inc., and Samsung Group that have a strong market position in current market circumstances. Further, the drive recorder market is expected to witness significant growth in coming years owing to the increasing adoption of dashcams to improve the safety and security of vehicles. The market players compete for a firm market position through mergers and acquisitions, product innovations, and business strategies. Thus, evolving research and developments in the drive recorder market are expected to help market players adopt innovative ways of product creation to cater to the growing needs of various end-use industries.
- Gatekeeper Systems
- IMAGO Technologies GmbH
- Garmin International, Inc.
- Samsung Group
- HP Inc.
- Garmin Ltd.
- LIMTECH Industries
- Koninklijke Philips N.V.
- 70mai
- Motive
