According to Market Research Future (MRFR), the global in-vehicle surveillance market is estimated to grow at approx. USD 5.6 billion at CAGR of 26% from 2017 to 2023 (forecast period). The report offers a summary of the crucial factors that are likely to significantly accelerate or hinder the growth of the in-vehicle surveillance industry. The study also sheds light on the possible effect of Covid-19 on the growth of the in-vehicle surveillance industry.
The purpose of in-vehicle surveillance is to avoid dangerous situations in crowded public areas. Therefore, it is important to track people going through the public area. In-vehicle surveillance is an effective solution to the reduction of crime rates in public places, especially in public transport.
Significant factors driving the growth of the demand for in-vehicle surveillance are growing emphasis on vehicle connectivity and rising public safety concerns.
Technology giants such as Bosch Group, Delphi Automotive PLC, Zhejiang Dahua Technology Co. Ltd. & Advantech Co. Ltd. are the key players in the market for in-vehicle surveillance. The increase in security issues for digital business transactions is another main factor driving the growth of the in-vehicle surveillance sector. Increasing market acceptance of in-vehicle surveillance indicates that these companies give their customers a more advanced yet safe platform for monetary transactions. These factors are, therefore, expected to drive the demand for in-vehicle surveillance in the coming years.
Due to improved network infrastructure and increased technological expertise among people, the GPS system is becoming increasingly popular and dominates the market for vehicle surveillance. The increasing technological innovation in the automotive sector and the growing market for the Internet of Things, the demand for connectivity in vehicles, particularly in cars and trucks, is rising rapidly. The existence of connectivity in cars through digital technology will improve the vehicle’s internal functionality and increase the comfort of passengers in the vehicle. This also provides automakers with the advantage of linking all objects, including smartphones, tracking systems, traffic lights, and other motor vehicles. As a result, in-vehicle connectivity also boosts the in-vehicle surveillance system’s market growth, especially in passenger vehicles.
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The global in-vehicle surveillance market has been segmented by solution, vehicle type, and application.
Based on the solution, the global in-vehicle surveillance market has been segmented into blind spot detection system, parking assist system, lane departure warning system, head up display device, and global positioning system. Nonetheless, the sub-segment of the global positioning system is projected to have the largest market share of the in-vehicle surveillance market.
Based on vehicle type, the global in-vehicle surveillance market has been segmented into commercial and passenger.
Based on the application, the global in-vehicle surveillance market has been segmented into traffic congestion, longstop object detection, law enforcement, and others.
Based on region, the global in-vehicle surveillance market has been segmented into North America, Europe, Asia Pacific, and the Rest of the World.
North America dominates the global market for in-vehicle surveillance, followed by Europe, the second-largest market due to the growing m-commerce industry, while the Asia Pacific is the third largest.
The prominent participants identified by MRFR in the in-vehicle surveillance market are – Bosch Group (Germany), Delphi Automotive PLC (U.K.), Zhejiang Dahua Technology Co. Ltd. (China), Advantech Co. Ltd. (Taiwan), Nexcom International Co. Ltd. (Taiwan), Hangzhou Hikvision Digital Technology Co. Ltd. (China) Seon (Canada), Amplicon Liveline Ltd. (UK) and FLIR System Inc. (U.S.).
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