Video Event Data Recorder Market Roughly to Reach US 3,834.6 MN by the End of 2028

 

Video Event Data Recorder Market

An Event Data Recorder, also known as an EDR, is a device that is installed in vehicles to record information about vehicle accidents or crashes. The video event data recorder (VEDR) is an updated version of the EDR that includes video recording of the vehicle's immediate surroundings. In the event of an accident, these devices save the video feed before and after. It also records the vehicle's speed, acceleration, and GPS location. VEDRs are typically installed on the windshield of a vehicle, along with a special feature camera and a GPS unit. VEDRs are installed in a variety of vehicles, including coaches and buses, commercial vehicles, emergency services vehicles, law enforcement vehicles, and hazardous goods transport vehicles.

Stringent motor safety regulations are expected to drive the global Video Event Data Recorder (VEDR) Market over the forecast period. VEDR has several advantages, including the ability to collect critical data during crashes and accidents to assist law enforcement agencies in accurately ascertaining the facts of the event. The proactive initiatives taken by governments around the world to reduce fatalities, injuries, and property loss during collisions and accidents is a major factor driving up demand for VEDR. Furthermore, VEDR allows government agencies to develop various safety standards, which has aided in the implementation of VEDR.

The global Video Event Data Recorder Market is estimated to be valued at US$ 2,309.7 million in 2021 and is expected to exhibit a CAGR of 7.5% over the forecast period (2021-2028).

For example, the National Highway Traffic Safety Administration (NHTSA) mandated the installation of EDRs while manufacturing light commercial vehicles in September 2012. During the forecast period, the global video event data recorder (VEDR) market is expected to be propelled by rising awareness and adoption of vehicle safety technologies. Rising disposable income in emerging economies, combined with expanding infrastructure, is encouraging consumers to invest in advanced vehicle safety solutions.

Key market players are investing in various technologies in order to capitalise on lucrative business opportunities in countries such as South Africa, India, and Brazil. For instance, in October 2016, National Instruments Corporations, a U.S. based provider of tests and solutions, collaborated with prominent automobile manufacturers in India, in order to offer enhanced visual data acquisition and measurement techniques focusing on automotive and electric cars.

Major Companies involved are Digital Ally Inc., L-3 Mobile-Vision, Octo Telematics Ltd, (OCTOCAM Srl), WatchGuard Video, COBAN Technologies, Inc., Safety Vision, LLC, Omnitracs, and Convoy Technologies.

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