Global Accident Recorders Market 2020 (Includes Business Impact of COVID-19)

                                          
Global Accident Recorders Market is expected to be valued at nearly US$ XX Mn, and is projected to register significant growth rate of X.X% over the forecast period. The global accident recorders market report has been segmented on the basis of the type, application, and region.

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Product Overview

Accident recorders aid in capturing and saving detailed information of incident and events that happened before, during and after the crash, and provide information for investigation to regulatory authorities and vehicle owners to conclude main reason of crash. Old-tech information recorders did not have feature to record GPS data or video date and time, whereas accident recorders have ability to record video inside as well as outside the vehicle while following the area and time of the vehicle.

Driving and Restraining Factors

Increasing number of road accidents across the globe, coupled with increasing need for accident recorders by OEMs for insurance purpose is one of the major factors expected to drive growth of the target market. Rising number of incidence wherein the owner of the car damages the vehicle to gain insurance money have led to increasing need or accident recorders to check proof of accident before dispersing the money to owner. Certain insurance companies are offering discounts to the customers who install accident records in order to increase adoption of accident recorders, which in turn is expected to support target market growth.

In addition, increasing demand for installation of accident recorders from fleet service providers and drivers, taxi drivers, and other passenger vehicles in order to avoid false cases and to provide proofs for such cases is another factor projected to drive growth of the global accident recorders market.

Currently, OEMs are providing built-in accident records in both non-autonomous and autonomous cars is expected to result in higher adoption of accident recorders across the globe.

Rising adoption of vehicles with inbuilt accident recorders among drivers taking part in championships and authorities in order to record any accidents that take place during the vehicle championships is expected to drive growth of the target market.

In certain developing countries, the adoption of accident recorders is comparatively lower which may hamper growth of the global accident recorders market to a certain extent. Moreover, inclining trend of using cam-recorders by drivers for recording their life incidences minute by minute, may result in lower adoption of accident records as cam-recorders can serve the same purpose as accident recorders.

Opportunities

Moreover, rising technological advancements in development of high-tech accident recorders and stringent regulation for installation of accident recorders in self-driving car and in racing cars is expected to create potential growth opportunities for key players in the global market.

Inbuilt accident recorders in off-road vehicles, camper vans, and RVs is expected to create opportunities for players in the market as it is important for off-road vehicle owners to record incidences for providing evidence to obtain insurance in case of any accidents.

Segment Analysis

By Type: -

Among the type segments, the dual channel segment is expected to account for comparatively higher share in terms of revenue as compared to single channel segment.

By Application: -

Among the application segments, the heavy commercial vehicle (HCV) segment is expected to dominate in the market with major revenue share, and is projected to maintain a dominant position over the forecast period in the global accident records market.

Region Analysis

The North America market is expected to account for major share in terms of revenue over the forecast period. This can be attributable to increasing number of vehicles on the road and rising number of accidents, drink and drive cases, etc. Moreover, presence of large number of off-road vehicle manufacturers in countries in the region, coupled with need for in-built accident recorders in off-road vehicles is another important factor that may drive growth of the market in the near future.

The market in Asia Pacific is projected to register significant growth rate in in the next 10 years, owing to presence of large number of vehicles and fleet services especially in China and India. E-commerce services, online food delivery services, and shuttle services are also increasing in the Asia Pacific market which is expected to result in higher adoption of accident recorders.

The market in Europe is expected to account for moderate revenue share and register substantial growth rate in the years to come. The markets in Middle East & Africa and Latin America are projected to register moderate growth rate as it will take time for the technology to be adopted in countries in the region.

Global Accident Recorders Market Segmentation:

Segmentation by Type:

Single Channel
Dual Channel

Segmentation by Application:

Passenger Car (PC)
Light Commercial Vehicle (LCV)
Heavy Commercial Vehicle (HCV)