Global Under Vehicle Surveillance Market Expected to Garner a CAGR of 13% | COVID-19 Analysis, Share, Statistics, Growth, Revenue, Future Scope, Challenges, Demand, Outlook And Regional Forecast


Global Under Vehicle

iCrowdNewswire   Jan 15, 2021  10:00 AM ET

An under vehicle surveillance system helps in detecting threats that hidden beneath vehicles. The system consists of a camera that captures images of the vehicle undercarriage for automated or manual inspection by systems or security personnel. The global under vehicle surveillance market was assessed by Market Research Future (MRFR). It was ascertained through the assessment that the global under vehicle surveillance market will garner a projected CAGR of 13% during the forecast period between 2017 and 2023.

The rising need for precise and appropriate security measures is one of the primal drivers affecting the growth of the global under vehicle surveillance market. Another key factor contributing to the overall growth of the market is the favorable regulations imposed by the government for enhanced security measures in the automotive industries. Moreover, the increasing demand for premium priced cars is another driving factor behind the growth of the market. Under vehicle surveillance systems enable users to scan invisible threats that might be existing under the vehicle. The technology is a superior alternative for archaic hand-held mirrors that offer limiting view in comparison. Under vehicle surveillance systems offer a host of advantages like real-time image scanning, systems integration, and vehicle scan that provides high-resolution images. These factors, coupled with the versatility of the technology, is expected to push the demand of the global under vehicle surveillance market in the coming years.

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Regional Analysis

The global under vehicle surveillance market is regionally segmented across the following geographical territories: North America, Europe, Asia Pacific, and the Rest of the World (RoW).

The North American regional market holds the highest share in the global landscape and is expected to retain its positioning in the coming years. The growth and standing of the region can be attributed to the strong presence of the automotive sector herein. Additionally, the military and defense sector of this region is considered to be among the finest across the world and the integration of these systems is considerably pushing the North America’s market share potential. The preference among consumers for high security measures in their vehicles is anticipated to facilitate the growth of the region during the forecast period. The vast pool of security providers in this region and a host of recognized players in the regional market is expected to drive added growth in the forthcoming years.

The Asia Pacific regional market is reported to grow during the forecast period at a significant pace. This is due to the presence of a massive population base, especially in major developing regions like India, China, and Japan. The booming economic conditions, surging disposable income of consumers, and the massive economic potential herein are some of the major driving factors that are contributing to the growth of the regional market.

Market Segmentation

The global under vehicle surveillance market is segmented as per the following components: type and end-users.

By type, the market is divided into fixed and portable. Among these, the portable segment leads the market with the highest share. This is majorly due to the booming demand for inspecting the undersides of road vehicles. On the other hand, the fixed segment is projected to grow during the forecast period at a steady pace.

By end-users, the market segments into energy plant entrances, government, military & defense, commercial, and others. Herein, the military & defense sector is the key segment with the highest share in the market. This is due to the need for added security measures in military vehicles.

Competitive Landscape

The global under vehicle surveillance market includes a number of key players, including COMM-PORT Technologie, Denso Corporation, Robert Bosch GmbH, Delphi Automotive PLC, Law Enforcement Associates, Continental AG, SecuScan, Hangzhou Hikvision Digital Technology Co. Ltd., Honeywell Security Group, and others.

On June 5th, 2019, two US-based satellite companies announced a deal to ensure better surveillance across land, sea, and air. The New York State’s Ursa Space System and Virginia’s HawkEye 360 joined in a strategic collaboration.

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