With the increasing concerns regarding security, the governments across different countries have brought about some favorable changes in regulations mandating in-vehicle surveillance products for the safety of passengers. The market for vehicle surveillance covers three major markets, namely, in-vehicle surveillance, under-vehicle surveillance, and out-vehicle surveillance. Increasing demand and sales of premium cars installed with vehicle surveillance systems that ensure greater traffic control and advantages of in-vehicle surveillance systems is triggering the growth of the vehicle surveillance market, globally.
Drivers & Restraints
The global vehicle surveillance market is growing at a significate rate, mainly due to the following factors:
- Favorable government regulations across different countries
- Increased demand and sales of premium cars equipped with vehicle surveillance systems
- Growing demand for out-vehicle surveillance in order to prevent traffic fatalities
- Array of benefits of in-vehicle surveillance systems
Apart from this, growing market for vehicle surveillance in developing countries and advanced VSaaS solutions offer great growth opportunities for the out-vehicle surveillance market as well as the global market. However, complexity and higher cost of the systems is likely to inhibit the market growth in the near future. Moreover, the need for further developments in autonomous car technology remains a key challenge in front of the market players.
Market Trends
Projected to grow at a CAGR of 11.1% during the forecast period, the worldwide vehicle surveillance market which was valued at USD 49.93 Billion in 2015 is expected to reach USD 103.21 Billion by the end of 2022. Among regions, North America and Europe are expected to dominate the market with majority of the market share, thanks to the presence of some of the major automotive players such as General Motors, Ford, and Chrysler. Moreover, the U.S. is one of the biggest end-users of passenger cars and commercial vehicles. However, Asia-Pacific is estimated to grow at the highest CAGR over the forecast period, owing to the increase in demand for premium cars with advanced safety features, growing population, and improved standard of living.
The in-vehicle surveillance segment of this market is expected to hold the largest market share between 2016 and 2022 due to the increased implementation of in-vehicle surveillance products, with parking assist system and navigation system dominating this market segment. The market for under-vehicle surveillance and out-vehicle surveillance is also projected to advance at significant rate during the forecast period.
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Research Scope
The global vehicle surveillance has been studied and analyzed by breaking it down into following sub-markets:
- In-Vehicle Surveillance Market:
- Product: Blind Spot Detection System (BSDS), Autonomous Cruise Control System (ACCS), Parking Assist System (PAS), Lane Departure Warning System (LDW), Heads-Up Display Device (HUDD), Global Positioning System (GPS)
- Vehicle Type: Passenger Vehicle, Commercial Vehicle
- Under-Vehicle Surveillance Market:
- Type: Fixed/Static Under-Vehicle Surveillance System, Portable/Mobile Under-Vehicle Surveillance System
- Out-Vehicle Surveillance Market:
- Type: Hardware (including camera, monitor, storage, and other accessories), Software, Services
- Geography: North America, Europe, Asia-Pacific, RoW
The major companies involved in the global market for vehicle surveillance include Robert Bosch GmbH (Germany), Delphi Automotive PLC (U.K.), DENSO Corporation (Japan), Continental AG (Germany), Magna International Inc. (Canada), Autoliv Inc. (Sweden), Valeo SA (France), Honeywell Security Group (U.S.), Hangzhou Hikvision Digital Technology Co., Ltd. (China), Bosch Security Systems(U.S.), Zhejiang Dahua Technology Co., Ltd. (China), FLIR Systems Inc. (U.S.), COMM-PORT technologies (U.S.), Law Enforcement Associates (U.S.), and SecuScan (Germany).
