Under Vehicle Surveillance Market Overview:

The global under vehicle surveillance market is garnering substantial traction. The market growth attributes to favorable government regulations in several countries across the world. Besides, the increasing demand for premium cars equipped with vehicle surveillance systems and a wide range of benefits of under vehicle surveillance systems drive the market growth.

Moreover, high penetration of advanced software such as vehicle inspection and vehicle monitoring escalates market growth. According to Market Research Future (MRFR), the global under vehicle surveillance market size valuation is projected to reach USD 10 BN by 2023, growing at 13% CAGR throughout the review period (2018 – 2023). Rising uptake of advanced software solutions for vehicle presence detection and automatic vehicle presence monitoring positively impacts market growth.

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Additionally, the increasing demand for electronic displays in developing countries for vehicle inspection and vehicle monitoring substantiates the market size. Also, advances in-vehicle surveillance and various solutions offered by vehicle surveillance as software allow the market to witness a constant revenue increase. Rising defense budgets to control territorial conflicts and disputes worldwide allow the market to grow at a significant rate.

On the other hand, complexity and high cost associated with the development of these systems are the major factors projected to obstruct the market growth. Also, stringent regulations are other factors hampering the growth of the overall market. Nevertheless, the growing demand for inspection of the undersides of road vehicles would support market growth throughout the forecast period. Also, the growing uptake of unmanned vehicles for inspection & monitoring is expected to influence market growth.

Global Under Vehicle Surveillance Market - Competitive Landscape

The under vehicle surveillance market appears to be well-established and highly competitive with the presence of several well-established players. Mergers & acquisitions, brand reinforcement, and product launches remain the key trends of these players to drive their share in the market. 

Major Players: 

Players leading the global under vehicle surveillance market share  include Robert Bosch GmbH (Germany), Delphi Automotive PLC (UK), Continental AG (Germany), Honeywell Security Group (US), DENSO Corporation (Japan), COMM-PORT Technologies (US), SecuScan (Germany), Law Enforcement Associates (U.S.), and Hangzhou Hikvision Digital Technology Co. Ltd. (China), among others.

Global Under Vehicle Surveillance Market - Segmentation

The market is segmented into three dynamics;

By Type                    : Fixed and Portable.

By End-Users: Military & Defense, Government, Commercial, Energy Plant Entrances, and others.

By Regions              : Americas, Europe, APAC, and Rest-of-the-World.

Global Under Vehicle Surveillance Industry   - Regional Analysis

North America dominates the global under vehicle surveillance market growth. The largest market growth attributes to the growing demand for high-end technology solutions and increasing R&D initiatives in this region. Besides, positive trends in economic growth and growing awareness of vehicle safety drive the growth of the market. Moreover, the increasing demand for these systems for defense applications and high R&D investments by industry players fosters the regional market's growth.

The US and Canada lead the regional market due to the significant demand for new and advanced under vehicle surveillance systems. Also, growing product launches and growing awareness about the benefits of under vehicle surveillance push the regional market's growth. The presence of several major players and state-of-the-art development centers acts as a key driving force for the market growth. The North American under vehicle surveillance market is poised to retain its dominance throughout the assessment period.

Europe stands second in the global under vehicle surveillance market. The market growth is driven by the presence of developed economies such as the UK, France, Russia, and Germany, with their huge investments. Additionally, the increasing government funding support for R&D required to develop under vehicle surveillance systems & equipment and rising defense budgets propel the regional market growth.

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Increasing new product launches and the availability of advanced technologies act as major tailwinds for the growth of the regional market. The European under vehicle surveillance market is estimated to grow at a significant CAGR throughout the analysis period.

The Asia Pacific under vehicle surveillance market is growing briskly. Factors such as the presence of many manufacturers and the increasing concerns regarding safety and security boost the regional market growth. Moreover, the increasing government expenses for obtaining advanced military equipment influence the market growth in the region. Large technological advances and rising awareness influence the growth of the regional market. 

Furthermore, huge developments in military technologies in emerging economies such as Japan, China, and India, act as major forces for the regional market growth. Besides, rising military expenses and R&D investments in developing & improving these systems drive market growth in the region. The APAC under vehicle surveillance market is expected to emerge as the fastest-growing regional market during the forecast period.

Industry/ Innovation/ Related News

December 4, 2020 ---- Dahua Technology Co., Ltd. (China), a leading global player in video surveillance products and services, launched new security solutions designed for all applications. These new security solutions include several new video security solutions, including hybrid thermal cameras, multisensory cameras, penta-brid recorders, panoramic fisheye cameras, as well as license plate recognition cameras. 

Dahua's new products are designed to offer additional flexibility and the ability to deliver powerful, customized solutions to meet end users' unique needs.

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