A Video Event Data Recorder (VEDR) is an electronic device similar to a conventional data recorder, which is installed in different vehicles to document events such as accidents and collisions. According to the U.S. Code of Federal Regulations, EDRs must meet the fleet standards. Modern VEDRs are triggered by electronically-sensed problems in the engine or sudden changes in the wheel speed. VEDRs also record car acceleration, speed of the vehicle, and GPS data. The collected data in the device is saved automatically to a Secure Digital (SD) card or now in modern devices on the cloud. Previously, it was used to monitor and enhance the performance and safety of the car. Later on, though, it was employed in accident reconstruction and police inquiry.
Global Video Event Data Recorder Market: Drivers
Robust insurance policies and programs
Robust insurance policies and programs for vehicles are expected to drive the global video event data recorder market growth over the forecast period. Since the demand for video event data recorders has increased significantly, several customized services and products are being introduced by insurance companies according to consumer requirements. Insurance companies are working with OEMs to provide robust solutions for insurance, which saves time and optimizes the claim process. This, in turn, has encouraged vehicle owners to install video data event recorders to better understand the specifics of the accident.
Global Video Event Data Recorder Market: Opportunities
Enhanced customer awareness
Enhanced customer awareness is expected to pose lucrative growth opportunities for market players in the near future. For the growth of any market, consumer awareness acts as the first stepping stone. Educating these consumers and convincing them about the advantages of vehicle safety devices is a key part of accelerating the market growth. OEMs and dealers can take sustained efforts to educate consumers regarding safety devices, such as VEDRs, which could be a factor during the purchase of a vehicle. This, in turn, is expected to offer lucrative growth opportunities for market players in the near future. Moreover, OEMs can take initiative by providing these devices and free aftersales service that can adequately educate consumers regarding the benefits of these devices.
Global Video Event Data Recorder Market: Restraints
Unfamiliarity with benefits of safety products
Unfamiliarity with benefits of safety products is expected to restrain the global video event data recorder market growth overs the forecast period. The market for VEDRs is still in the nascent stage, which is why there is low awareness regarding the benefits of these safety devices. Despite cautions in the owner's handbook, many automobile owners are unaware that their vehicle may record.. This, in turn, is expected to restrain the market growth over the forecast period. Moreover, the lack of infrastructure in terms of traffic data collection and telecommunication in emerging economies has hindered the adoption of VEDRs.
Global Video Event Data Recorder Market: COVID-19 Impact Analysis:
Similar to the majority of markets, the COVID-19 pandemic impacted the global video event data recorder market growth. With stringent regulations, physical distancing, and many countries adopting lockdown policies, major economic sectors were significantly hampered. Furthermore, the supply chain industry was hampered owing to the lack of working personnel. However, the market is expected to regain its lost traction with many countries easing the COVID-19 restrictions.
Key Takeaways:
- The global video event data recorder (VEDR) market was valued at US$ 2,527.5 Mn in 2022 and is forecast to reach US$ 4,193.2 Mn by 2030 at a CAGR of 6.5% between 2023 and 2030
- The flash card segment was valued at US$ 1,329.2 Mn in 2022 and is expected to witness a CAGR of 6.9% over the forecast period
To know the latest trends and insights prevalent in the global video entry data recorder market, click on the link below:
https://www.coherentmarketinsights.com/market-insight/video-event-data-recorder-market-3176
Global Video Event Data Recorder Market - Trends
Intense competition among OEMs and highly fragmented market
Although established market players hold dominant positions in the market, the emergence of new entrance with novel products has created intense competition in the market. Moreover, the market is still in the nascent stage and is highly fragmented where there are uncertain requirements from consumers. Furthermore, increasing research and development activities by market players are projected to introduce new technologies in the market. This can lead to cost-effective products for consumers in the near future.
Significant growth of the automotive industry
The significant growth of the automotive industry is expected to boost the adoption of VEDRs. The global automotive industry was valued at US$ 69 million in 2022 as per CMI analysis and is expected to register a CAGR of 5.5% during the forecast period (2023-2030). Moreover, in 2020, around US$ 85 billion were invested in research and development activities, which is expected to boost the adoption of VEDRs in the near future.
Global Video Event Data Recorder Market: Competitive Landscape
The key companies involved in the global video event data recorder market are Digital Ally Inc., L-3 Mobile-Vision, Octo Telematics Ltd, (OCTOCAM Srl), WatchGuard Video, COBAN Technologies, Inc., Safety Vision, LLC., Omnitracs, and Convoy Technologies.
