Future Market Insights has announced the addition of the “Video Event Data Recorder Market: Global Industry Analysis and Opportunity Assessment, 2016-2026"report to their offering
Valley Cottage, NY -- (SBWIRE) -- 02/12/2019 -- Future Market Insights analyses the global video event data recorder market for a 10-year forecast period, 2016-2026. According to a recent market outlook report, "Video Event Data Recorder (VEDR) Market: Global Industry Analysis & Opportunity Assessment, 2016-2026," the US$ 1.64 Bn market is likely to reach beyond US$ 3.2 Bn by the end of 2026.
In the global VEDR market report, Future Market Insights provides detailed information on market definition and segmentation analysis, market dynamics and key insights, and competition assessment and key company profiles. The overall market outlook remains positive and the compound annual growth rate is estimated at 6.9% over the decade. Although market growth will be healthy by 2021 end, it will experience a slight decline in terms of CAGR in the second half of the assessed period.
"Massive automobile sales will remain the most prominent driver to VEDR market over the next decade."
– Market Research Analyst (Electronic, Semiconductors, & ICT), Future Market Insights
Key research findings:
Motor vehicle safety standards will continue to fuel the sales of technologies pertaining to vehicle safety
In addition to growing cognisance and adoption of vehicle safety measures, burgeoning automotive investments are also anticipated to favour VEDR market growth
Growing inclination of OEMs and drivers toward digitisation will push the market further
With technological advancements, various cost-effective products are being developed. Several manufacturers are also emphasising integration of smart software
An increasing number of VEDR manufacturers are strategically investing in order to capitalise on opportunities offered by commercial fleets such as cabs/rental fleets/taxis globally
Vehicle type segmentation:
Light Commercial Vehicles (LCVs)
Heavy Commercial Vehicles (HCVs)
Among these, LCVs segment will retain dominance throughout the period of forecast, however, with a decline of around 190 BPS. This segment will capture over 48% share of the market value in 2026. Passenger cars, the second largest and fastest growing segment, will witness a boost by 420 BPS, accounting for nearly 29% share in 2026.
Segmentation based on the type of data storage:
Flash card segment, despite a heavy drop of 780 BPS over the assessment period, will continue to dominate. On the other hand, growing popularity and adoption of cloud technology will contribute to an amplified market share for cloud data storage segment in 2026 i.e. more than 42%. This segment will possibly witness the fastest growth at an estimated CAGR of over 9%.
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Law & enforcement agencies (LEAs)
Commercial fleet segment is anticipated to record a relatively high CAGR of 8.7% during the assessment period. However, LEAs segment will remain dominant, accounting for over 73% revenue share in 2026.
Segmentation on the basis of sales channel:
While auto OEM will remain the leading segment, aftermarket segment is likely to witness faster growth over the assessed period. The latter will bag around 45% share of the total market value in 2026.
Asia Pacific excluding Japan (APEJ)
Middle East and Africa (MEA)
North America is expected to remain dominant over the forecasted period, despite a loss of around 450 BPS. On the other hand, Eastern Europe will gain around 420 BPS and exhibit substantial growth during the 10-year period. This region, primarily driven by the Russian VEDR market, will be the fastest growing region globally. The by the collective revenue share of North America and Eastern Europe is likely to be more than 81% by the end of 2026. APEJ is also expected to exhibit significant growth, accounting for over 10% share of the total 2026 revenues.
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Key player insights:
The global market for video event data recorder is predominantly governed by the top five players in the competitive landscape. Digital Ally Inc., WatchGuard Video, Omnitracs LLC, Rosco Inc., and Safety Vision LLC collectively account for roughly 85% market revenues. A few other notable players include Convoy Technologies, OCTOCAM Srl, and L-3 Mobile-Vision, Inc.
While Digital Ally is in the news for its recent launches of advanced technology video event recording systems, the company is also focusing on cloud-based video evidence solution. Digital Ally's current plans of operation expansion in South America are likely to contribute to its growth in near future. WatchGuard is focusing more on development of integrated evidence management solutions and workforce expansion, whereas Omnitracs is strategising tailor-made services and solutions to gain a competitive edge.