Under Vehicle Surveillance Systems Market Will Grow USD 12.8 Billion by 2026
According to the report, The global Under Vehicle Surveillance Systems market in 2019 was approximately USD 6.9 Billion. The market is expected to grow above a CAGR of 10.84% and is anticipated to reach over USD 12.8 Billion by 2026.
Under Vehicle Surveillance System (UVSS) is vehicle security and surveillance intended to provide fast and effective scrutiny of the undercarriage of a vehicle. The systems are handled by security professionals and helps in reducing disturbances to the traffic flow. It is usually deployed at important entry points of buildings or critical infrastructure. These systems find immense importance in strategic and highly sensitive areas. These systems ensure a reduction in the security breach thereby providing safety to human life and infrastructure.
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The demand for vehicle surveillance systems is rising globally. The major factors driving the market growth are the increasing importance of security and safety and a wide range of benefits of under-vehicle surveillance systems. Additionally, the rising penetration of vehicle surveillance especially in developing countries is anticipated to propel the market growth further. The manufacturers are investing in enhancing the security with additional and newly developed product features which are expected to catalyze the market demand. However, the complexity and hesitancy in the investment in the surveillance system are the factors hampering the growth of the overall market. The market opportunities exist in the developing countries undergoing infrastructural upgradation.
On the basis of product type, the global under vehicle surveillance market is bifurcated into fixed and portable. The portable segment is expected to dominate the global market share throughout the studied period. The segment is also expected to register the highest growth during the forecast period. The dominance of the portable segment is owing to its benefits in ease of usage and suitability in most the varying applications. The fixed segment is also expected to grow at a steady pace over the forecast period.
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Major Market Players
Major players operating in the global 4PL logistic market mentioned in this report include DENSO Corporation, Honeywell Security Group, Delphi Automotive PLC, Hangzhou Hikvision Digital Technology Co. Ltd., Robert Bosch GmbH, SecuScan, COMM-PORT TechnologiesandContinental AG.
Facts & Factors
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