Increased need for video evidence in case of accidents to avoid high insurance claims is expected to favorably impact market growth
San Francisco, California (PRWEB) October 06, 2014
The North America car DVR market is expected to reach USD 183.7 million by 2016, according to a new study by Grand View Research, Inc. Increased instances of accidents in the U.S. which has led to the need for generating video evidence to avoid high insurance claims and false accusations is a primary driver for market growth. Additionally, an upsurge in the number of car thefts and vandalism in the U.S. is driving market growth.
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North America car DVR market was valued at USD 128.3 million in 2013, and is expected to grow at a CAGR of 12.7% from 2012 to 2016. Car DVRs aid in documenting auto accidents such as hit-and-run cases, misconduct, road rage, etc. Declining camera prices, advancements in compression techniques, innovation in wireless technology and availability of enhanced HD displays are expected to keep market prospects upbeat. The passage of a bill in 2012 by the U.S. Senate directed at mandatory installation of black box data recorders in all new cars, followed by its subsequent implementation by the National Highway Traffic Safety Administration (NHTSA) in 2014 is further expected to boost demand for car DVRs. Privacy concerns among a majority of the people in the U.S. may pose a challenge to industry growth.
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Further key findings from the study suggest:
- Single channel car DVRs accounted for over 70% of the market in 2013. Marketing initiatives by car DVR manufacturers in North America are projected to increase over the forecast period, thereby increasing the level of awareness among people regarding their utility. This is expected to drive an inclination towards one-time installation of DVRs equipped with enhanced functionality, consequently boosting the market for dual channel car DVRs.
- The U.S. accounted for over 90% of the overall North America market revenue in 2013. The market in Canada is expected to grow at a CAGR of 14.8% from 2012 to 2016.
- Key industry participants include Garmin, Cobra, Fine Digital (FineVu), Qrontech Co., Ltd (Lukas), Pittasoft (BlackVue), and Itronics. Other manufacturers include ABEO Co. Ltd., Honeywell, and Panasonic.
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For the purpose of this study, Grand View Research has segmented the North America car DVR market on the basis of product and region:
- North America Car DVR Product Outlook (Revenue, USD Million, 2012 – 2016)
• Single Channel
• Dual Channel
- North America Car DVR Regional Outlook (Revenue, USD Million, 2012 – 2016)
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About Grand View Research
Grand View Research, Inc. is a U.S. based market research and consulting company, registered in the State of California and headquartered in San Francisco. The company provides syndicated research reports, customized research reports, and consulting services. To help clients make informed business decisions, the company offers market intelligence studies ensuring relevant and fact-based research across a range of industries including technology, chemicals, materials, healthcare and energy. For more information, visit http://www.grandviewresearch.com/
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