Global Automotive Event Data Recorder (EDR) Market: About this market
An event data recorder (EDR) is a device which is installed in an automobile to record technical information about a vehicle’s performance in the event of a crash. Technavio’s automotive event data recorder market analysis considers the application of EDR in passenger cars and commercial vehicles. Our analysis also considers the use of EDR in APAC, Europe, MEA, North America, and South America. In 2018, the passenger vehicles segment had a significant market share, and this trend is expected to continue over the forecast period. Factors such as the free installation of EDRs from insurance companies will play a significant role in the passenger vehicles segment to maintain its market position. Also, our global automotive event data recorder market looks at factors such as the rising number of road accidents across the world, insurance premium discounts for vehicles with EDRs, and favorable regulatory environment supporting EDR adoption. However, high investments associated with the installation of EDRs and their supporting technologies, technological advancements in automotive safety features, and issues about data privacy may hamper the growth of the global automotive event data recorder market size.
Global Automotive Event Data Recorder Market: Overview
Insurance premium discounts for vehicles with EDRs
The automotive insurance industry is evolving significantly in proportion to the global vehicle market. Automotive insurance providers are leveraging on technologies such as telematics installed in vehicles to track the driving behavior and calculate discounts. Several insurance providers in the US are offering discounts to their customers who have installed EDRs in their vehicles. The insurance premium discounts offered by the insurance companies are encouraging vehicle owners to install EDRs in their vehicles. This is one of the key factors driving the growth of the global automotive event data recorder market size at a CAGR of nearly 6% during the forecast period.
Growing popularity of dashboard cameras for event recording
The adoption of dashboard cameras is helping fleet management companies to effectively track the movement of their vehicles and the driver’s behavior. The integration of connected technologies and cloud technologies with dashboard cameras will increase the demand for automotive dashboard cameras. This trend is expected to fuel the growth of the global automotive event data recorder market size.
For the detailed list of factors that will drive the global automotive event data recorder market size during the forecast period 2019-2023, click here.
With the presence of several players, the global automotive event data recorder market is moderately fragmented. Technavio’s robust vendor analysis is designed to help clients improve their market position, and in line with this, this report provides a detailed analysis of several automotive event data recorder companies, that include Aptiv Plc, Continental AG, DENSO Corp., Knorr-Bremse AG, Robert Bosch GmbH, and Veoneer Inc.
Also, the automotive event data recorder market analysis report includes information on upcoming trends and challenges that will influence market growth. This is to help companies strategize and leverage on all forthcoming growth opportunities.
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