The recent in-vehicle video surveillance research report by Market Research Future (MRFR) asserts that the global in-vehicle surveillance market is slated to acquire a substantial market valuation of approximately $5.6 billion by 2023, at a healthy 26% CAGR over the review period (2017-2023).
Drivers and Restraints
Growing demand from the automotive industry, for both commercial and passenger vehicles with modern digital solutions and advanced safety and security systems, is expected to accelerate growth of the global in-vehicle video surveillance industry. Moreover, the growing applications of in-vehicle video surveillance systems such as in-vehicle connectivity while driving has resulted in rapid deployment across the automotive industry.
Furthermore, the increasing adoption of vehicle safety regulations across the globe is also projected to encourage implementation of in-vehicle video surveillance systems. The growing incidence of road accidents is also estimated to drive the expansion of the global In-Vehicle Video Surveillance Market over the review period.
The segmentation of the global in-vehicle surveillance market is performed on the basis of solution, vehicle type, and application. The solution segment of the market comprises of a blind spot detection system, lane departure warning system, parking assist system, head-up display device, and GPS. The GPS sub-segment is poised to acquire the maximum market share and approximately 16.98% CAGR over the review period.
The vehicle-type segment of the market includes passenger and commercial vehicles. The commercial sub-segment of the market is expected to witness the highest growth at an estimated CAGR of 16.51% CAGR by 2023. The application segment of the global in-vehicle surveillance market consists of longstop object detection, traffic congestion, law enforcement, and others. The traffic congestion sub-segment is poised to account for the largest market share at approximately 17.68% CAGR by the end of the assessment period.
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The prominent market players identified by MRFR in the global In-Vehicle Video Surveillance Market are Delphi Automotive PLC (U.K.), Bosch Group (Germany), Advantech Co. Ltd. (Taiwan), Zhejiang Dahua Technology Co. Ltd. (China), Nexcom International Co. Ltd. (Taiwan), Hangzhou Hikvision Digital Technology Co. Ltd. (China) Seon (Canada), Amplicon Liveline Ltd. (UK) and FLIR System Inc. (U.S.).
Considered by the presence of major well-established players, the in-vehicle surveillance video Market appears to be highly competitive. Well established players incorporate collaboration, acquisition, expansion, partnership, and technology launch in order to gain a competitive advantage in this market and to sustain their market position. Strategic partnerships between Key players encourage the growth and development plans of the major players during the forecast period.
Geographic analysis of the global market has been directed in four major regions, specifically North America, the Asia Pacific, Europe, and the rest of the world (covering Latin America and the Middle East and Africa).
North America is expected to dominate the global In-Vehicle Video Surveillance Market over the review period with the most significant market share, followed by Europe and the Asia Pacific regions. The growing adoption of innovative technologies at a nascent stage is one of the significant factors responsible for the growth of the North American In-Vehicle Video Surveillance Market. The stable economic dynamics, the presence of notable market players in a higher concentration, and the established end-use industries are other factors influencing the In-Vehicle Video Surveillance Market growth in North America over the assessment period.
Europe is assessed to follow the North American market over the next few years. Rising implementation of favorable safety laws is poised to encourage expansion of the regional market in the foreseeable future. The Asia Pacific region is likely to witness substantial growth over the next few years and is expected to retain its position at the third spot across the evaluation period.
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