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.
This press release features multimedia. View the full release here:
https://www.businesswire.com/news/home/20190613005288/en/
Technavio has published a new market research report on the global automotive event data recorder (EDR) market from 2019-2023. (Graphic: Business Wire)
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.
Looking for more information on this market? Request
a free sample report
Technavio’s sample reports are free of charge and contain multiple
sections of the report such as the market size and forecast, drivers,
challenges, trends, and more.
Some of the key topics covered in the report include:
Market Landscape
- Market ecosystem
- Market characteristics
- Market segmentation analysis
Market Sizing
- Market definition
- Market size and forecast
Five Forces Analysis
Market Segmentation
Geographical Segmentation
- Regional comparison
- Key leading countries
Market Drivers
Market Challenges
Market Trends
Vendor Landscape
- Vendors covered
- Vendor classification
- Market positioning of vendors
- Competitive scenario
About Technavio
Technavio
is a leading global technology research and advisory company. Their
research and analysis focuses on emerging market trends and provides
actionable insights to help businesses identify market opportunities and
develop effective strategies to optimize their market positions.
With over 500 specialized analysts, Technavio’s report library consists
of more than 10,000 reports and counting, covering 800 technologies,
spanning across 50 countries. Their client base consists of enterprises
of all sizes, including more than 100 Fortune 500 companies. This
growing client base relies on Technavio’s comprehensive coverage,
extensive research, and actionable market insights to identify
opportunities in existing and potential markets and assess their
competitive positions within changing market scenarios.
If you are interested in more information, please contact our media team
at media@technavio.com.
View source version on businesswire.com: https://www.businesswire.com/news/home/20190613005288/en/