The global under vehicle surveillance market is poised to grow to an estimated evaluation of USD 10 Bn by the end of 2023 and witness a substantial CAGR of 13% during the forecast period of 2017 to 2023. An under-vehicle surveillance system is used to detect threats that are hidden underneath vehicles. The cameras capture images of the undercarriage of the vehicle for manual or automated visual inspection by security personnel or systems. The growing need for appropriate security measures is a principal driver affecting positive growth for the global under vehicle surveillance market.
Other factors which contribute to the robust growth of this market include the encouraging government regulations for security measures in automotive and the increasing demand for premium cars which require surveillance equipment in order to offer consumers with security for risk management. Under vehicle surveillance systems allow users to scan invisible threats under the automotive vehicle, the technology replaces archaic hand-held mirrors which provide a restricted view in comparison, thus driving growth. Under vehicle surveillance systems offer various advantages such as systems integration, vehicle scan provides high-resolution images of any under-vehicle scanning system, while also providing image scanning in real time, this coupled with the versatility of the technology is expected to drive market growth.
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The technology, however, is complex and systems regulations carry high costs thus hindering market growth. Moreover, the development and advent of autonomous vehicles are expected to slow the growth of the market down. However, a highly competitive landscape drives the market with various reputable market leaders, local & international brands, and new entrants. Research and development of innovative solutions are expected to offer new avenues for growth.
Analysis of the competitive landscape includes several prominent players including Denso Corporation, Law Enforcement Associates, Robert Bosch GmbH, Honeywell Security Group, Delphi Automotive PLC, Continental AG, SecuScan, COMM-PORT Technologies, and Hangzhou Hikvision Digital Technology Co. Ltd.
The global Under Vehicle Surveillance Market has been segmented broadly on the basis of type, end-users, and region.
By type, the market has been segmented into fixed and portable. By end-users, the market has been segmented into government, commercial, energy plant entrances, military & defense and others. Among these, the military & defense is a key market segment due to the need for added vehicle security in military vehicles. By region, the global market has been divided into North America, Europe, the Asia-Pacific (APAC) and the Rest of the World (RoW).
North America accounts for the most significant regional market segment due to the strong presence of the automotive industry in this region. Moreover, the military and defense of the region are touted to be one of the best across the world, and implementations of under vehicle surveillance technology in this sector have boosted North America’s position in the market. There is a strong trend which is witnessing consumer’s preference for high security in their vehicles which is expected to facilitate growth for the region during the forecast period. Additionally, there are many security providers in the region, and some of the most reputable market players are situated in this region.
The Asia Pacific is expected to grow significantly over the forecast period due to the presence of a vast population, particularly in developing economies such as India, China, and Japan. The growing economic conditions, rising disposable incomes and the economic potential in this region are prime factors which have contributed toward the growth of the market.
Latest Industry News:
The Jammu and Kashmir Police are set to procure various current surveillance equipment such as under-vehicle surveillance systems, deep search metal detectors, and explosive detectors to meet needs of their security-related operations in the face of growing threats.
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- Device manufacturers
- Network Operators
- Research firms
- Software Developers
- Commercial Banks
- Government Agencies
- End-user sectors
- Technology Investors
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