LONDON--(BUSINESS WIRE)--The global automotive event data recorder (EDR) market is expected to post a CAGR of close to 6% during the period 2019-2023, according to the latest market research report by Technavio.
A key factor driving the growth of the global automotive event data recorder (EDR) market size is the insurance premium discounts for vehicles with EDR. The global automotive insurance market is witnessing an increase in the installation of telematics systems that are used to track driving behavior. However, it becomes difficult for telematics systems to track or record accidents as these systems cannot differentiate between the usual driving behavior, and the behavior that arises out of impulse in case of accidents. Automotive EDRs can continuously record critical information of vehicles, which can be used to monitor the driving behavior and produce evidence in case of accidents. As a result, vehicle insurance providers offer discounts on premiums for vehicles that are installed with EDRs such as dashboard cameras. This is expected to propel the demand for automotive EDR during the forecast period.
As per Technavio, the development of autonomous vehicles will have a positive impact on the market and contribute to its growth significantly over the forecast period. This global automotive event data recorder (EDR) market 2019-2023 research report also analyzes other important trends and market drivers that will affect market growth over 2019-2023.
Global Automotive event data recorder (EDR) market: Development of autonomous vehicles
Automotive manufacturers and technology providers are increasingly pooling their research and development resources to design and develop fully functioning autonomous vehicles. The funding to develop autonomous technologies is expected to increase during the forecast period. This increase in efforts by automotive OEMs to test autonomous vehicles across different localities will increase the demand for automotive EDR during the forecast period.
“Apart from the development of autonomous vehicles, other factors such as the growing popularity of dashboard cameras for event recording, and the implementation of 5G technology and integration of eCall systems with other onboard systems will have a significant impact on the automotive event data recorder (EDR) market growth during the forecast period,” says a senior analyst at Technavio.
Global Automotive event data recorder (EDR) market: Segmentation analysis
This market research report segments the global automotive event data recorder (EDR) market by application (passenger cars, and commercial vehicles) and geographic regions (APAC, Europe, North America, South America, and MEA).
The North American region led the automotive event data recorder (EDR) market in 2018, followed by Europe, APAC, South America, and MEA respectively. The rising number of road crashes in the US and Canada is increasing the number of insurance claims. As the absence of valid evidence extends the timeline of the insurance claim process, insurance companies in North America are increasingly promoting the installation of EDRs that monitor events and driving behavior. This is expected to propel the demand for automotive EDRs in North America during the forecast period.
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Five Forces Analysis
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