San Francisco, June 09, 2016 (GLOBE NEWSWIRE) -- The global car DVR industry is worth USD 965 million in 2014. It is expected to witness substantial growth from 2015 to 2020. Car DVRs (digital video recorders) record videos of vehicle mishaps including road rage, hit-and-run, misconduct, etc.
Worldwide awareness regarding in-car safety is on the rise. This coupled with proliferating technology and supportive governmental regulations are contributing to industry growth. There has been an increase in demand for DVRs in commercial as well as passenger vehicles. Moreover, technologies like Wi-Fi connectivity and GPS (Global Positioning Systems), among others are being integrated with the car DVR systems. This would fuel industry growth in the years ahead.
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Escalating occurrence of road accidents is also triggering adoption of such dash cams. The car DVR recordings are treated as legitimate evidence in cases of dispute. Rising incidences of auto thefts, vandalism, etc. are also boosting use of Car DVRs, owing to their ability to provide surveillance even when the car is parked and the driver absent.
However, these cameras are considered to invade personal privacy in certain markets like the U.S. and Europe. Furthermore, it is possible for hackers to break in to these systems by accessing wireless data exchange between vehicles.
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The car DVR industry is categorized on the basis of products and regions. Products include single channel and dual channel devices. Single channel systems led the market in 2014. Dual channel DVRs are equipped with two cameras. They provide a high-resolution video. However, they are more expensive than the single channel devices. Despite this drawback, dual channel systems are estimated to witness high growth in the forthcoming years.
Regions comprise North America, Europe, Latin America, Asia Pacific, and MEA (Middle East & Africa). North America has been an important market for car DVRs in the recent past. In 2014, it accounted for more than 35% of the global revenues. Future growth is likely to be furthered by widening application scope in police and patrol vehicles and supportive governmental initiatives.
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Asia Pacific is anticipated to grow at a lucrative rate over the next five years. China is an important market for car DVRs. Availability of cheap labor and large-scale manufacturing capacities have led several vendors to base their operations here. Leading players in the global and Chinese car DVR industry encompass Panasonic Corporation, Shenzhen Zhixinsheng Electronic, ABEO Technology and Amcrest Technologies.
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Source: Radiant Insights