New York, USA, April 24, 2023 (GLOBE NEWSWIRE) -- According to a report published by Research Dive, the global vehicle scanner market is predicted to garner $5,812.3 million in revenue and grow at a healthy CAGR of 6.0% during the estimated timeframe from 2022 to 2031.
As per our analysts, with the increasing demand for vehicle scanners to prevent illegal operations such as smuggling, boundary trespass, and many others, the vehicle scanner market is expected to observe significant growth over the analysis timeframe. Besides, the increasing installation of full-body scanners at government offices, military bases, and high-security zones to improve security and safety is expected to bolster the growth of the market during the forecast period. Moreover, the growing use of vehicle scanners for security concerns and the rising infrastructure investments are expected to create immense growth opportunities for the vehicle scanner market over the analysis period. However, the high cost of vehicle scanners may hamper the growth of the market throughout the estimated period.
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Segments of the Vehicle Scanner Market
The report has divided the market into segments based on scanner type, structure type, application, component, and region.
Scanner Type: Portable Scanner Sub-Segment to be Most Productive
The portable scanner sub-segment is expected to grow at the fastest CAGR during the forecast period. The increasing use of portable vehicle inspection systems to rapidly determine any kind of threats, or weapons hidden in vehicles to improve vehicle safety and reduce human resource expenditure is expected to bolster the growth of the market sub-segment over the analysis period.
Structure Type: UVSS Sub-Segment to be Most Profitable
The UVSS sub-segment generated the highest market share in 2021. This is mainly because UVSS can scan and record clear movies and photos of the vehicle’s complete lower portion. Moreover, the increasing demand for UVSS for inspecting vehicles such as buses, cars, and vans due to its cost-effectiveness and convenience is expected to foster the growth of the vehicle scanner market sub-segment during the forecast period.
Application: Government Sub-Segment to be Most Lucrative
The government sub-segment registered the largest share in 2021. The increasing use of scanner tunnels at various checkpoints to check vehicles traveling from one state to another and detect illegal smuggling of domestic liquor, and other materials, inspect excise officers to arrest persons participating in unlawful trades, and many more are expected to amplify the growth of the market sub-segment over the estimated period.
Component: Camera Sub-Segment to be Most Gainful
The camera sub-segment accounted for the maximum share in 2021. The rising use of cameras in various special applications in the scanning process such as carrying examination of DVS or using it in downstream systems through intelligent interface options, and many more, are expected to fuel the growth of the market sub-segment over the analysis timeframe.
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North America Region to Hold the Biggest Market Share
The North America region of the vehicle scanner market is expected to hold the maximum share of the market over the estimated period. This is mainly due to the presence of significant distribution centers for various OEMS producing high-quality, and high-performance vehicles across the region. Moreover, the growing deployment of electronics-based driving safety and comfort features in the region is predicted to drive the regional growth of the market during the forecast period.
Covid-19 Impact on the Vehicle Scanner Market
The outbreak of the Covid-19 pandemic has devastated various industries, including the vehicle scanner market. This is mainly due to the government-imposed lockdowns across many countries which have stopped various companies’ operations and delayed vehicle manufacturing processes. In addition, the closure of all corporate operations to avoid the risk of infection and the limited availability of raw materials due to the import-export restrictions have further declined the growth of the market throughout the crisis.
Key Players of the Vehicle Scanner Market
The major players of the market include
- SCANLAB GmbH
- International Road Dynamics Inc.
- Omnitec Group
- Leidos
- Rapiscan Systems
- SecureOne International BV
- Advanced Detection Technology LLC
- Secuscan
- Chemring Technology Solutions
- Gatekeeper Security Inc.
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These players are broadly working on the development of new business strategies such as mergers and acquisitions, partnerships and collaborations, and product development to acquire a leading position in the global industry.
For instance, in January 2022, Innoviz Technologies, a leading manufacturer of solid-state LiDAR sensors and perception software announced its collaboration with Twinner, a leading German-based provider of vehicle scanners for remarketing and inspection purposes. With this collaboration, the companies aimed to enhance the capabilities of sophisticated car scanners for better assessing, inspecting, and evaluating a vehicle's condition.
Further, the report also presents other important aspects including SWOT analysis, the financial performance of the key players, the product portfolio, and the latest strategic development.
More about Vehicle Scanner Market:
- The Role of Vehicle Scanners in Border Security: A Case Study of the US-Mexico Border
- Global Vehicle Scanner Market to Generate $5,812.3 Million by 2031, Owing to the Increasing Applications of Vehicle Scanner in Industrial Sector
