The global car dvr camera market size is projected to reach USD 3255.85 million by the end of 2027. Rising investments in technological integration have played a huge role in market growth. The presence of several large scale companies operating on the global stage will provide impetus to market growth. According to a report published by Fortune Business Insights, titled “Car Digital Video Recorder (DVR) Market Size, Share & Industry Analysis, By Type (Single Channel, Dual Channel), By Application (Passenger Car, Commercial Vehicle), and Regional Forecast, 2020-2027,” the market was worth USD 2616.00 million in 2019 and will exhibit a CAGR of 5.1% during the forecast period, 2020-2027.
A car digital video recorder (DVR) is a portable camera that is used in vehicles to record the journeys. These devices are used to document accidents and thefts. This system automatically records the captured image and video on a dedicated memory card that acts as a peripheral within the system. The technological advancements in cameras and the improvements in resolutions of cameras and decrease in physical sizes have emerged in favor of adoption of the device. Moreover, the availability of DVRs at low costs will encourage manufacturers to include DVRs at the time of production itself. The increasing number of automobile and tech company collaborations will have a huge impact on the growth of the overall car digital video recorder market in the foreseeable future.
Decreasing Product Demand in Coivd-19 Pandemic to Hamper Market Growth
The recent coronavirus outbreak has created a sense of panic across the world. As several businesses have been forced to shut down in an attempt to curb the spread of the disease, manufacturing and production units have taken a huge hit. The decreasing demand for car DVRs is consequential to the strict lockdowns imposed across the world as well as the hesitancy among people to leave their homes for reasons other than essential services. As a result, the car DVR market performance will decline considerably during the Covid-19 pandemic.