New York, June 16, 2023 (GLOBE NEWSWIRE) -- A drive recorder also referred to as a dashcam is a device, mounted on the dashboard or windshield of a vehicle to record video footage of the road while driving. A dash cam is designed to capture real-time footage and audio, providing a visual and audio record of events that occur during the vehicle's operation. Additionally, various drive recorders include additional features namely GPS logging and G-sensors for detecting sudden movements and in-built microphones for recording audio of the event.
The increasing adoption of drive recorders in vehicles to improve the safety and security of passengers is a key factor responsible for driving the growth of the market. In addition, advancements in technology including voice controls, loop recording, and smart alerts to prevent road accidents by warning the driver is also boosting the market growth. Moreover, the integration of HDR technology to capture clearer and sharper images with wider viewing angles, eliminating the blind spots is propelling the market growth. For instance, in May 2022, 70mai launched M500 dashcam to allow real-time monitoring and video recording of the vehicle. The drive recorder is equipped with the advanced HDR technology featuring 5-megapixel camera that is approximately 2.5x clearer and sharper than Full HD camera and a view angle of 170°.
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Moreover, the integration of drive recorders with Advanced Driver Assistance Systems (ADAS) is projected to create potential opportunities for the growth of the market in the upcoming years. ADAS technologies, including lane departure warning, forward collision warning, and adaptive cruise control work in conjunction with driver recorders to enhance safety features. However, privacy concerns associated with drive recorder is restraining the growth of the global market.
Drive Recorder Market Growth Drivers:
- The rising number of road accidents is 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.
Opportunities
- The integration of drive recorders with Advanced Driver Assistance Systems (ADAS) is projected to create potential opportunities for market growth in the upcoming years.
Drive Recorder Market Report Covarages:-
| Report Attributes | Report Details |
| Market Size By 2030 | USD 11,765.58 Million |
| Forecast Period | 2023-2030 |
| CAGR (2023-2030) | 11.9% |
| Base Year | 2022 |
| Study Timeline | 2017-2030 |
| Key Players | Gatekeeper Systems, IMAGO Technologies GmbH, Garmin International, Inc., Samsung Group, HP Inc., Garmin Ltd., LIMTECH Industries, Koninklijke Philips N.V., 70mai, Motive |
| 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 |
| Report Coverage | Company Ranking and Market Share, Growth Factors, Total Revenue Forecast, Regional Competitive Landscape, Business Strategies, and more |
| By Region | North America, Europe, Asia-Pacific, Latin America, Middle East & Africa |
Global Drive Recorder Market Segmentation Details:
Based on Type, the single channel dashcam segment contributed the largest shares to the market growth in 2022. The growth is attributed to the ability of single channel dashcam ability to accurately capture the front view, ensuring clear footage of the road and preventing incidents. Additionally, single channel dashcams are more compact and 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.
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Based on Vehicle Type, the passenger cars segment offered substantial shares to the global drive recorder market in the year 2022. The growth is attributed to the increasing adoption of passenger cars, creating a large 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 improves the dashcam sensitivity, delivering high-quality videos even in the dark environment is also boosting the market growth.
Based on Application, the travel monitoring segment holds the maximum share to the market growth in the year 2022. The growth is attributed to the ability of drive recorders to capture the entire journey, providing recorded video 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.
Based on region, Europe has been a major contributor to the growth of the drive recorder market. The growth is attributed to the advancements in drive recorder technology including advanced driver assistance systems (ADAS), GPS tracking, and cloud connectivity promote 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.
Recent Developments
- In April 2023, Vantrue, introduced N5 4-channel dashcam with 1.5 TOPS dual-core CPU to offer a safer and stable driving experience to the user by consuming low power.
- In May 2022, Sensata Technologies launched driver-facing dashcams with ADAS (Automatic Driver Assistance System) to avoid collision and enhance the user experience.
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List of Major Global Drive Recorder Market Players
The market research report examines various market factors to determine the key drivers, limitations, and opportunities affecting market players. The report includes a SWOT analysis, regional analysis, and segment analysis to give a complete view of the market situation. This evaluation helps to identify possible growth opportunities through the implementation of technology, product utilization, business strategies, and the launch of new machines. The following are major market players operating in the market environment —
- Gatekeeper Systems
- IMAGO Technologies GmbH
- Garmin International, Inc.
- Samsung Group
- HP Inc.
- Garmin Ltd.
- LIMTECH Industries
- Koninklijke Philips N.V.
- 70mai
- Motive
Global Drive Recorder Market Segmentation:
- By Type
- Single Channel Dashcam
- Double Channel Dashcam
- Triple-channel Dashcam
- By Vehicle Type
- Passenger Cars
- Commercial Vehicles
- By Application
- Travel Monitoring
- Parking Monitoring
- Photography Entertainment,
- Other
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Key Questions Covered in the Drive Recorder Market Report
- What will be the potential market valuation for the drive recorder industry by 2030?
- The market valuation for the drive recorder is expected to be approximately USD 11,765.58 Million by 2030 driven by the increasing adoption of drive recorders in vehicles.
- Based on current market trends and future predictions, which geographical region will have the largest impact on the Drive recorder Market's growth in the coming years?
- Asia Pacific is anticipated to witness the fastest CAGR during the forecast period due to the growing number of road accidents and increasing investments by key companies to innovate new products.
- What specific segmentation details are covered in the Drive Recorder Market report, and how is the dominating segment impacting the market growth?
- The report consists of segments including type, vehicle type, application, and region. Each segment has a key dominating sub-segment being driven by industry trends and market dynamics. For instance, the type segment has witnessed single channel dashcam as the dominating segment in the year 2022, owing to the ability to accurately capture the front view, ensuring clear footage of the road and preventing incidents
- What specific segmentation details are covered in the drive recorder market report, and how is the fastest segment anticipated to impact market growth?
- The report consists of segments including type, vehicle type, application, and region. Each segment is projected to have the fastest-growing sub-segment driven by industry trends and drivers. For instance, in the application, the parking monitoring sub-segment is anticipated to witness the fastest CAGR growth during the forecast period. The growth of the market is attributed to the increasing adoption of drive recorders equipped with parking modes to continuously monitor the surroundings of a parked vehicle.
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