LOS ANGELES, May 23, 2019 (GLOBE NEWSWIRE) -- The global automotive drive recorder market size is expected to reach the market value of around $7.2 billion by 2025 and is anticipated to grow at a CAGR of around 11% in terms of revenue during the forecasting period 2018 – 2025.
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The significant components that sway the growth of the worldwide automotive drive recorder market include ascent in demand for traveler vehicles combined with safety and security concerns among purchasers, increment in number of street fatalities, high establishment cost, development in pattern of introducing advanced driver assistance system (ADAS), and authorities ordering establishment of cameras in vehicles. Each of these components are foreseen to defiantly affect the automotive drive recorder market amid the estimated time frame.
Consumer Preferences in Asia-Pacific Economies Such As China and India Help Drive Market Growth
The Asia-Pacific market is foreseen to observe the most noteworthy development as far as income is concerned over the estimated time frame, enrolling a CAGR of more than 13% from 2018 to 2025. Strong vehicle deals in Asia-Pacific economies, for example, South Korea and India have decidedly affected regional development. Demand for basic dash cams from developing economies, particularly China and India, is anticipated to observe a considerable increment contrasted with different nations. Europe emerged as the main territorial section in terms of automotive drive camera production in 2017; local stipulate was pegged at over 10 million units in 2017. Automotive drive camera has increased gigantic notoriety in Russia attributable to rising instances of insurance fraud in case of accidents. These gadgets can be utilized as proof against money for accident tricks.
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Increasing Number of Road Fatalities to Gain Market for Automotive Drive Recorder
As indicated by the fact sheet of the World Health Organization (WHO), street traffic injuries are the main source of death among individuals aged in the range of 15 and 29 years. Around 1.25 billion individuals die each year because of street mishaps. Also, 90% of the World's fatalities on the streets happen in low and middle economical nations; however such nations have roughly 54% of the world's vehicles. Besides, the street accidents in nation cost 3% of their GDP which highly impacts the nation’s economy. Such factors result in expanded demand for vehicles which are outfitted with cameras for safety and security of the vehicle, driver, and travelers. As the cameras joined in the vehicle can give vulnerable side identification, sluggishness in detection is anticipated to essentially limit street accidents. Besides, street mishaps cause significant monetary misfortunes to people, their families, and to countries in general. Such losses emerge from the expense of treatment just as lost profitability for individuals disabled by their wounds or killed, and for the rest of family members, which thusly fuel the interest for car drive recorder, subsequently enhancing the market growth.
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The market concentration rate in the automotive drive recorder market explains the overall concentration of key players operating across the world. The global automotive drive recorder market is fragmented as its top 5 players account for less than 40% of the overall revenue market share in 2017. However, in the coming years, the market is expected to witness slight consolidation owing to the presence of large companies who may acquire smaller, rapidly growing firms.
The top players cover Blackvue, Beijing Qihu Keji Co. Ltd. (Qihoo 360), Shenzhen First Scene Technology Co., Ltd (Alladin Group), Lukas Dashcam, Philips, PAPAGO, DOD Tech, Nextbase UK, and more, which are playing important role in global automotive drive recorders market.
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