Global Vehicle Occupancy Detection System Market: Introduction
Transparency Market Research delivers key insights on the global vehicle occupancy detection system market. In terms of revenue, the global vehicle occupancy detection system market is estimated to expand at a CAGR of ~12% during the forecast period, owing to numerous factors, regarding which, TMR offers thorough insights and forecasts in its report on the global vehicle occupancy detection system market.
Vehicle occupancy detection systems are used on HOV/HOT lanes to help roadway agencies keep the roadways safer and improve throughput. They also allow authorities to detect violators. These systems are mounted on the top of HOV lanes with the help of racks at specific distances throughout the HOV lanes or at HOV toll booths. Another form of these systems is mobile vehicle occupancy detection systems, wherein, system components are mounted on a rack arrangement, and the complete arrangement is mounted on a mobile trolley that can be transported from one point to another as per local traffic conditions.
Various countries are considering the implementation of HOV lanes as a more sustainable option, especially to tackle the increasing issue of traffic congestion and encourage ride-sharing and use of public transport. Furthermore, in the long run, this is expected to reduce the overall emission of harmful gases. The global vehicle occupancy detection system market is shifting toward the incorporation of AI into vehicle occupancy detection systems in order to attain advanced features and increase overall system accuracy.
A vehicle occupancy detection system relies on the video-based detection method. The video-based detection method faces several difficulties in distinguishing between subjects and objects, seated or placed over the seat, due to various factors. This factor is anticipated to hinder the demand for vehicle occupancy detection systems during the forecast period.
Global Vehicle Occupancy Detection System Market: Prominent Regions
North America accounted for a key share of the global vehicle occupancy detection system market in 2018. The region is expected to dominate the global market between 2019 and 2027, owing to the increasing demand for these systems in the region. The U.S. constituted a significant share of the vehicle occupancy detection system market in North America in 2018. The U.S. makes high investments in R&D activities aimed at the innovation of new technologies.
Asia Pacific is anticipated to be a highly lucrative market for vehicle occupancy detection systems throughout the forecast period, owing to the increasing adoption of these systems in developing economies in the region, such as China. The lucrativeness of the vehicle occupancy detection system market in Asia Pacific is anticipated to increase in the next few years, owing to extensive research & development activities by key market players, and various initiatives by governments for the construction of new HOV/HOT lanes in the region.
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Europe is likely to emerge as the third-largest market for vehicle occupancy detection systems across the world during the forecast period. The region is anticipated to hold a considerable share of the global vehicle occupancy detection system market during the forecast period. Rising investments in the construction of HOV/HOT lanes are expected to augment the adoption of vehicle occupancy detection systems in Europe in the next few years.
Global Vehicle Occupancy Detection System Market: Key Players
Key players operating in the global vehicle occupancy detection system market are displaying synergies through close cooperation and collaboration in the areas of sales, marketing, and production. Manufacturers are also expanding through organic methods, such as increasing the production capacity, in order to meet the rising demand for vehicle occupancy detection systems across the globe.
Key players operating in the global vehicle occupancy detection system market are Siemens AG, Indra Sistemas, S.A., NEC Corporation of America, TransCore, LP, Fortran Traffic Systems Limited, Vehicle Occupancy Detection Corporation, Invision AI, Inc., and Conduent Inc.
Global Vehicle Occupancy Detection System Market: Segmentation
Vehicle Occupancy Detection System Market by Installation
Vehicle Occupancy Detection System Market by Technology
Vehicle Occupancy Detection System Market by Region
- North America
- Asia Pacific
- Rest of World
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