Market Scenario:
Regionally, North America accounted for the largest market share from countries such U.S. and Canada among others. The reason is attributed to growing demand for high-end technology solutions, increasing R&D happening in this region, changing in buying pattern, positive trends in the economy growth and growing awareness towards vehicle safety. However, Asia Pacific is expected to grow over the forecast period, 2017-2023. The reason is attributed to presence of large number of manufacturers and the increasing concerns regarding safety and security.
The global under vehicle surveillance market can be bifurcated as type, end-users and region. On the basis of type, the market can be segmented as fixed and portable. Out of these, portable segment accounted for the largest market share majorly due to growing demand for inspection of the undersides of road vehicles. However, fixed segment is expected to grow at a steady rate over the forecast period, 2017-2023.
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The factors contributing to the growth of the under vehicle surveillance market are growing due to favorable government regulations in several countries, increasing demand for premium cars equipped with vehicle surveillance systems and wide range of benefits of under vehicle surveillance systems. Furthermore, factors such as high penetration of vehicle surveillance in developing countries and various solutions offered by vehicle surveillance as a software are expected to boost the growth of the under vehicle surveillance market over the forecast period, 2017-2023.However, complexity, high cost of systems regulations and technological advancements in autonomous car are the factors hampering the growth of the overall market.
The global under vehicle surveillance market is highly competitive. Various established international brands, domestic brands and as well as new entrants form a competitive landscape. The key players are nonstop increasingly seeking market expansion through various strategic mergers and acquisitions, innovation, increasing investments in research and development and cost-effective product portfolio. The under vehicle surveillance market is highly competitive due to the presence of several large vendors.
The global Under Vehicle Surveillance Marketis expected to reach approximately USD 10 billion by the end of 2023 with 13% CAGR during forecast period 2017-2023.
Major Key Players:
- Delphi Automotive PLC (U.K.)
- Robert Bosch GmbH (Germany)
- Continental AG (Germany)
- DENSO Corporation (Japan)
- Honeywell Security Group (U.S.)
- COMM-PORT Technologies (U.S.)
- Law Enforcement Associates (U.S.)
- SecuScan (Germany)
- Hangzhou Hikvision Digital Technology Co. Ltd. (China).
Segments
For the purpose of this study, Market Research Future has segmented the market of under vehicle surveillance into type, end-users and region.
Type
- Fixed
- Portable
End-users
- Government
- Commercial
- Energy plant entrances
- Military & Defense
- Others
Region
- North America
- Europe
- Asia Pacific
- Rest of the World
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Regional Analysis
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 consumers 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.
Intended Audience
- Device manufacturers
- Network Operators
- Distributors
- Suppliers
- Research firms
- Software Developers
- Commercial Banks
- Vendors
- Government Agencies
- Vendors
- End-user sectors
- Technology Investors
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