Video Event Data Recorder Market

Introduction

The global video event data recorder (VEDR) market was valued at nearly USD 1,500 Million in 2015 and is projected to reach approximately USD 3,500 Million by 2026. Sales revenue is expected to increase at a CAGR of 6.9% during the assessment period (2016 to 2026). This growth is attributed to rising awareness and adoption of vehicle safety technologies, government regulations and motor vehicle safety standards and benefits such as detailed data capture capabilities offered by VEDR devices.

Among the vehicle types, revenue contribution from the passenger cars segment is anticipated to expand 2.2X during the forecast period. In terms of market value share, light commercial vehicles was the dominant segment, accounting for more than 50% share of the global video event data recorder market revenue in 2015.

Global Video Event Data Recorder Market Analysis and Forecast - By Vehicle Type

• In terms of revenue, passenger cars segment is expected to register a relatively high CAGR of 8.6% during the forecast period. This is attributed to increasing adoption of VEDR solutions in passenger cars as a valuable research tool and to record impact speeds
• The global market for VEDR solutions is highly fragmented and intensely competitive and to sustain their position in the market, manufacturers of VEDR solutions are offering various incentives to private sector stakeholders – primarily auto OEMs and insurance companies – to deploy these solutions

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Total Incremental Opportunity (2016 to 2026)

• Passenger Cars - USD 521.9 Million
• Light Commercial Vehicles - USD 706.4 Million
• Heavy Commercial Vehicles - USD 328.4 Million
• In terms of revenue, light commercial vehicles is projected to be the most attractive segment in the global video event data recorder market during the forecast period
• Passenger cars segment is expected to register high Y-o-Y growth rates throughout the forecast period and is anticipated to record a CAGR of 8.6% in the coming decade
• Light commercial vehicles segment was valued at almost USD 800 Million in 2015 and is expected to remain dominant through 2026, accounting for a revenue share in excess of 45%

“Currently, adoption of video event data recorders is comparatively higher in light and heavy commercial vehicles owned by law and enforcement agencies (including military and defence). However, demand for video event data recorders is also expected to increase from the passenger cars segment. This rising demand is attributed to various factors such as transparent insurance procedures and improved monitoring of public transport and fleet operations.” - Analyst (Electronics and ICT), Future Market Insights

Global Video Event Data Recorder Market - Opportunities for Key Players

Innovative sales and marketing strategies

The global video event data recorder market is still in a nascent stage, but is witnessing a substantial growth. In order to leverage rising adoption of these products, companies could significantly invest in core sales and marketing functions. With Law & Enforcement Agencies (LEAs) being the largest application area for VEDRs, there is a potential revenue opportunity for manufacturers.

Players active in the global video event data recorder market can build a large pipeline of potential revenue streams through strategic planning and increasing investments with LEAs

Cost-effective products and software revenues

Pricing and features are the two main factors shaping decision-making of law enforcement agencies. This is attributed to limited financial resources of most agencies. In order to penetrate and gain a significant footprint in this highly fragmented market, manufacturers could strategically invest in R&D initiatives to develop VEDR tools with advanced features in the low-medium ASP range.

Additionally, integration of smart software could help drive margins up and flow through to the bottom line. Contingent upon proper implementation, these two efforts have the potential to drive revenues in the long term.

Enhanced customer awareness

Like any other market in the development stage, the global video event data recorder market is also characterised by low customer awareness regarding VEDR tools and the associated benefits. Educating customers about the convenience and advantages of advanced vehicle safety devices can play a vital role in triggering growth in adoption of these devices. Auto OEMs can play a crucial role in creating customer awareness as they are in close proximity to car buyers.

They can make sustained efforts to educate vehicle buyers about advanced safety systems such as VEDRs along with the inherent advantages so that provision of these devices becomes a default criteria influencing customer purchase decisions. This in turn offers potential revenue opportunities to auto OEMs.

Additionally, auto OEMs can take the lead by providing devices such as VEDRs and related services free of cost until customers are adequately educated about the benefits, convenience and necessity of using these systems. This is likely to lead to increased growth in demand for vehicle safety devices in future.

Market Segmentation

By Type of Data Storage:

• Flash Card
• Cloud Data Storage

By Vehicle Type:

• Passenger Cars
• Light Commercial Vehicles (LCVs)
• Heavy Commercial Vehicles (HCVs)

By End User:

• Law & Enforcement Agencies (LEAs)
• Commercial Fleet

By Sales Channel:

• Auto OEM
• Aftermarket

By Region:

• North America
• Latin America
• Western Europe
• Eastern Europe
• Asia Pacific excluding Japan (APEJ)
• Middle East and Africa (MEA)
• Japan

Frequently Asked Questions

What is the Demand Analysis for Video Event Data Recorder?

Demand for video event data recorder is likely to grow at a CAGR of 7% through 2032.

How much Sales of Video Event Data Recorder can be Anticipated by 2032?

Sales of video event data recorder is likely to exceed a valuation of USD 5252.55 million by 2032.

What is the Adoption Potential of Video Event Data Recorder?

Adoption of video event data recorder is likely to reach a valuation of USD 2670.13 million in 2022.

Which Region is the Key Video Event Data Recorder Market Contributor?

North America is the key video event data recorder market contributor.