Dublin, April 07, 2023 (GLOBE NEWSWIRE) -- The "Global Vehicle Scanner Market Size, Share & Industry Trends Analysis Report By Scanner Type, By Structure Type, By Application, By Component, By Regional Outlook and Forecast, 2022 - 2028" report has been added to ResearchAndMarkets.com's offering.
The Global Vehicle Scanner Market size is expected to reach $4.1 billion by 2028, rising at a market growth of 6.2% CAGR during the forecast period.
Key Market Players
- Godrej & Boyce Mfg. Co. Ltd. (Godrej Security Solutions)
- International Road Dynamics, Inc. (WiLAN) (Quarterhill Inc.)
- Leidos Holdings, Inc.
- Gatekeeper Security, Inc. (OSI Systems, Inc.)
- Omnitec Group
- Tescon Sicherheitssysteme AG
- UVeye Ltd.
- Advanced Detection Technology, LLC (HWH Investments Ltd)
- VMI Security (Prime Holding Group)
- SCANLAB GmbH (TecInvest Holding AG)
A computer system fitted inside a vehicle that monitors and controls the operation of the vehicle is known as a vehicle scanner. As the network of sensors in the car can sense and transmit data from the vehicle, it is known as a smart vehicle.
A key factor driving this market's revenue expansion is the growing demand for sophisticated security systems that can conduct continuous inspections without irritating passengers. In addition, the demand for vehicles with improved safety systems and user-friendly functionality has grown in recent years.
As a result, manufacturers of vehicle scanners are also investing in developing new technology to enhance vehicle security and meet consumer needs.
The availability of advanced security options that can offer continuous inspection without disturbing passengers, as well as expanding services for car diagnostic tools to stop activities like human trafficking and border breaking & entering, are all significant aspects accelerating demand.
In addition, there will be increasing demand for entire car body scanning throughout the forecasted period, creating new opportunities. The solutions provided by vehicle scanners include scanning, processing, sensing, and imaging of a vehicle.
The technology significantly impacts a vehicle's overall safety, which explains why the demand for such scanners is gradually increasing. In addition, due to the rising number of hacking incidents as well as terrorist activities, among several other things, there is a significant demand for cars with extra security features.
Since toll booths nowadays are interconnected to integrated networks with the help of technologies like theInternet of Things (IoT) and employ car scanning to gather and store accurate data with minimal human inaccuracy, vehicle scanners are also highly helpful in toll booths. The cost of operation and scanning time are reduced when loT is used with vehicle scanning.
Market Growth Factors
Increasing demand for and production of automobiles worldwide
The purchase of vehicles with precise, improved, and speedy diagnosis equipment is increasingly popular in industrialized nations all over the world. Particularly, the demand for premium cars has been growing significantly worldwide due to a combination of factors, including a shift in customer preferences from sedans to SUVs and rising disposable incomes of consumers.
In addition, the increasing demand for vehicles is attributable to the rising purchasing power of developing economies. As a result, Germany, France, Italy, and Spain are leading the use of more recent and cutting-edge scan techniques.
Growing worries about the safety and security of the environment
Vehicle scanners are in significant demand to prevent illegal operations such as border trespassing, trafficking, smuggling, and others. A crucial element that is boosting the rise of revenue is the increasing demand for enhanced security solutions. These solutions must give continuous inspection without inflicting any inconvenience on the passengers.
Since a few years ago, the rise in the number of automobiles has necessitated an increased number of safety measures and functionalities that are easier to operate. Also, car manufacturers are increasing their investments in the research and development of cutting-edge technology to improve their products' safety and fulfill their consumers' requirements.
Market Restraining Factor
Advanced scanning tools have a high starting cost
Automotive diagnostics incorporates extremely advanced technologies, which raises the overall cost. This is needed as autos need to comply with strict safety regulations.
Therefore, every time new modifications to the regulations are introduced, the equipment also needs to be updated. Sophisticated vehicle scanners are pricey, and they frequently need an operating system, software, and other technological innovation upgrades, which could increase the overall cost of the equipment. Therefore, throughout the forecast period, development in the market will be constrained by the high installation as well as maintenance costs of the vehicle scanner.
Scope of the Study
By Scanner Type
- Fixed
- Portable
By Structure Type
- Under Vehicle Scanning Systems (UVSS)
- Drive-through
By Application
- Government
- Private
By Component
- Camera
- Software
- Barrier
- Lighting Unit
- Others
For more information about this report visit https://www.researchandmarkets.com/r/kjtspa
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