According to a report by FMI, the vehicle surveillance market is expected to reach USD 22.4 billion in 2023 and USD 49 billion by 2033. Based on market forecasts, the market is expected to grow by 8.2% from 2023 to 2033.
As long as selected configurations are selected, surveillance and monitoring vehicles (SMVs) can detect suspicious objects over a 25-kilometer range regardless of adverse weather conditions. Surveillance vehicles provide flexible protection against intruders in areas that have a high demand for security, such as border lines, airports, coastal areas, and so on.
Vehicles equipped with surveillance equipment include EOS, radios, generators, and power sources. Customers’ requirements are taken into account when designing and manufacturing these vehicles, which eliminates the need to maintain a variety of vehicles that have different components.
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Depending on the vehicle type and available space, the vehicle systems can be installed in any vehicle design. Despite complete modifications, most vehicles still retain their basic outline, which keeps EOS well hidden. In addition to being modular and compact, the systems consume a relatively low amount of power due to their compact design.
Key Takeaways from the Market Study
- The vehicle surveillance market experienced an absolute dollar growth of USD 26.7 billion.
- The industry of vehicle surveillance in the United States is projected to generate USD 15.4 billion in revenues by the year 2033.
- The commercial vehicle market is predicted to grow by 8.1% CAGR by 2033.
- Asia Pacific is expected to generate a 24.6% market share of vehicle surveillance services by 2033.
- Vehicle surveillance in the United Kingdom is expected to generate a 7.3% CAGR by 2033.
- According to forecasts, the vehicle surveillance market in Japan will grow at a CAGR of 7.6% between 2023 and 2033.
- Military and defense sectors are projected to grow at 8% CAGR by 2033.
“The number of insurance claims is on the rise and accidents are increasing, so vehicle surveillance systems will gain in popularity in the coming years. Traffic growth and the emergence of automated vehicles will drive vehicle surveillance market demand,” says an analyst at Future Market Insights.
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Key Market Players
Among vehicle surveillance products, there exists a highly competitive market. Many prominent companies are improving their manufacturing capability. Key market developments are as follows:
- In June 2023, Navnaval specialist Delhi has begun offering connected products such as GPS trackers, infotainment systems with built-in maps, and remote vehicle monitoring systems based on vision, which are suitable for fleet vehicles as well as personal vehicles. The Mappls mobile application can be used to trigger CarEye’s Live Surveillance feature, as well as to view the vehicle’s location and speed in real-time. It enables remote monitoring of the vehicle’s surroundings with a 4G SIM card, which is especially useful when the vehicle is parked in an untrustworthy place. Live Surveillance is one of the unique features of the device, which separates it from other aftermarket dashboard cameras that are available.
- In July 2023, Solaris completed another contract in Poland for the delivery of Urbino electric buses. Thirteen 12-meter buses and seven articulated buses have been delivered. Almost €16 million was spent on the contract, which was awarded following a tender. Co-funding for the project is provided by the National Fund for Environmental Protection and Water Management.
Some of the leading companies operating in the market are:
- Magna International Inc.
- Continental AG
- Robert Bosch GmbH
- Advantech Co., Ltd
- IEI Integration Corp.
- Innotec Solutions Pte Ltd.
- Shyam Networks
- W.W. Grainger, Inc.
- Lanner Electronics Incorporated
- EyeRide
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More Valuable Insights Available
Future Market Insights offers an unbiased analysis of the global vehicle surveillance market, providing historical data for 2018 to 2022 and forecast statistics from 2023 to 2033. To understand opportunities in the vehicle surveillance market, the market is segmented on the basis of vehicle type, end-user industry, and region.
Key Segments in Vehicle Surveillance Market
By Vehicle Type:
- Passenger Vehicle
- Commercial Vehicle
By End-User Industry:
- Military and Defense
- Government
- Energy and Power
- Automobile
- Others
By Region:
- North America
- Latin America
- Europe
- Asia Pacific
- Middle East & Africa
About Future Market Insights (FMI)
Future Market Insights, Inc. (ESOMAR certified, recipient of the Stevie Award, and a member of the Greater New York Chamber of Commerce) offers profound insights into the driving factors that are boosting demand in the market. FMI stands as the leading global provider of market intelligence, advisory services, consulting, and events for the Packaging, Food and Beverage, Consumer Technology, Healthcare, Industrial, and Chemicals markets. With a vast team of over 400 analysts worldwide, FMI provides global, regional, and local expertise on diverse domains and industry trends across more than 110 countries.
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