Latest News- Automotive Event Data Recorder Market: Passenger cars is expected to lead the Application segment during 2024-2028

The Automotive Event Data Recorder Market is being driven by Rising number of road accidents across world

The Automotive Event Data Recorder Market is expected to grow at a CAGR of 4.5% during 2023 and 2028. During this period, the market is also expected to show a growth of USD 979.6 million. In the automotive industry, the integration of dashboard cameras in vehicles has gained significant traction among fleet management companies. These devices, installed on the windscreen or interior mirror, are powered via the cigarette lighter receptacle and continuously capture and save videos of the vehicle's surroundings. Advanced features include sensors that detect accidents or break-ins, automatically saving the footage for later analysis. By remotely accessing the audio and video data, fleet managers can effectively monitor vehicle usage and driver behavior, thereby enhancing operational efficiency and safety. This trend is projected to persist during the forecast period. 

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Which Factors Are Causing a Surge in Market Growth?

The market is segmented based on

• Application
  • Passenger cars
  • Commercial vehicles
• Geography
  • North America
    • US
  • Europe
    • Germany
  • APAC
    • China
    • Japan
    • South Korea
  • South America
  • Middle East and Africa

According to Technavio, There are several factors that are causing the market to flourish during the forecast period, which are as follows: 

• Rising number of road accidents across world
• Insurance premium discounts for vehicles with EDRs
• Favorable regulatory environment supporting EDR adoption

However, the market also witnesses some limitations, which are as follows:

• High investments needed to install EDRs and their supporting technologies
• Technological advances in automotive safety features
• Issues pertaining to data privacy

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Market Scope in Automotive Event Data Recorder Market Research Report

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Research Analysis Overview

The Event Data Recorder (EDR) market encompasses the production and installation of black boxes in automobiles, including ESP, ABS systems in diesel trucks and electric vehicles. General Safety Regulation mandates EDRs for personal safety during car crashes and accidents. The Commission utilizes EDR reports for accident investigation, while automotive insurance and OEMs benefit from real-time monitoring and accident reconstruction. EDR installation and maintenance cost are considerations for the market's growth, with autonomous vehicles also adopting this technology. Driving behavior data from EDRs contributes to vehicle safety and EMR reports aid in post-accident analysis.

Market Research Overview

The global automotive components and equipment market encompasses businesses producing parts and accessories for various vehicle types, including passenger cars (PCs), electric vehicles (EVs), commercial vehicles (CVs), heavy-duty vehicles, off-road vehicles, motorcycles, scooters, quad bikes, and three-wheelers. According to Technavio, market size is determined by the consolidated revenue generated by automotive components and equipment manufacturers. Key growth drivers for this market include the surge in electronic components in automobiles, fueled by the expanding sales of electric vehicles, motorcycles, and passenger cars, leading to substantial demand for electronic control units (ECUs) and other electrical components over the past decade.. Industries are leveraging the products belonging to the market for customer engagement, transactional notifications, and promotional offers.

Technavio Research
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