Vehicle Occupancy Detection System Market
Vehicle Occupancy Detection System Market (Installation: Fixed and Mobile; and Technology: Infrared, Ultrasonic, and Hybrid) - Global Industry Analysis, Size, Share, Growth, Trends, and Forecast, 2020-2030
Press Release :
Automatic Vehicle Inspection Limits Spread of COVID-19 by Omitting Physical Monitoring
Vehicle aftermarket services have been defined as an essential service by security and government authorities during the coronavirus crisis. There is an increased demand for working and functioning vehicles to take workers to hospitals and supply stores. This has led to the concept of automatic vehicle inspection to eliminate the need to physically inspect cars, which helps to limit the spread of COVID-19. Such opportunities are creating business avenues for companies in the vehicle occupancy detection system market.
Individuals in charge of a car fleet manufacturing business or a worker on a country’s border inspecting cars for threats, such applications have drawn increased emphasis on companies in the vehicle occupancy detection system market providing automatic inspection products.
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Smart City, Urban Planning Initiatives Fuel Demand for Vision-based Technology
A robust city infrastructure is vital for ensuring economic, social, and physical welfare of citizens. However, government authorities are facing considerable challenges in urban planning, especially pertaining to the finding of empty parking spaces on roadsides. Hence, companies in the vehicle occupancy detection system market are capitalizing on this opportunity to increase the availability of fixed and mobile installation products. As such, fixed installation products are estimated to dictate a higher revenue share compared to mobile installation products during the forecast period.
The vision-based technology is gaining prominence in urban planning and smart city concepts. Companies in the vehicle occupancy detection system market are developing devices that automatically maintain brightness during night conditions as soon as a car is detected on a street that requires parking.
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Microwave Sensing Technology Helps Manufacturers Gain Market Recognition
Stakeholders in the vehicle occupancy detection system market are innovating in the sensor technology to establish efficient ways in car counting applications. OPTEX— a manufacturer of high performance sensing technologies is gaining recognition for its vehicle sensor, which uses the microwave sensing technology to detect vehicles reliably. As such, the infrared technology is predicted to hold the lion’s share in terms of revenue in the vehicle occupancy detection system market.
Manufacturers are increasing the availability of devices that can be customized with various range settings. They are developing products that can be used at open retail parks and for monitoring traffic in high street applications.
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Radar-based Occupant Alert Systems Compel Governments to Modify Car Safety Regulations
Radar-based occupant alert systems are storming the vehicle occupancy detection system market. Hyundai Mobis— a public South Korean car parts company, has developed a new radar-based rear occupant alert system that prevents children from being stuck in back seats. Manufacturers are unlocking growth opportunities in the U.S. vehicle occupancy detection system market, as the U.S. child safety and accident prevention organization has become aware about children dying due to heart stroke in locked cars every year.
Since vehicle owners have become aware about various safety features in cars, the popularity of radar-based occupant alert systems is contributing toward market expansion. This has compelled many governments to make modifications in their regulations to ensure the safety of their citizens.
Camera-based Driver Monitoring Systems Facilitate Emotion Detection
As Elon Musk’s driverless car series Tesla is gaining importance for reducing fatal road accidents, similarly, vehicle occupancy detection systems are being deployed to ensure road and driver safety. The vehicle occupancy detection system market is estimated to surpass the revenue of US$ 180 Mn by the end of 2030, as driver monitoring systems are being highly publicized for their contribution toward road safety for both, passenger cars and commercial trucks. This has led to innovations in driver facing camera that detect a driver’s state of alertness.
The U.S. National Transportation Safety Board (NTSB) has recommended the use of camera-based driver monitoring systems to facilitate emotion detection and deliver the convergence of occupant and driver monitoring.
The coronavirus pandemic has facilitated safe car inspections for detection of foreign objects and anomalies to give alerts about possible threats with the help of vehicle occupancy detection systems. The vehicle occupancy detection system market is expected to register an astonishing CAGR of 18.5% during the forecast period. However, manufacturers need to overcome challenges in smart city and urban planning initiatives pertaining to parking space detection. Hence, companies should increase their R&D in the vision-based technology to increase the availability of energy efficient parking detection devices. Since North America is projected to dominate the highest revenue share among all regions in the market, manufacturers should unlock revenue opportunities in the U.S., since government organizations are taking cognizance of road accidents.
Vehicle Occupancy Detection System Market: Overview
- According to Transparency Market Research’s latest research report on the global vehicle occupancy detection system market for the historical period 2018–2019 and the forecast period 2020–2030, usage of AI technology in vehicle occupancy detection systems in automobiles and increase in application of vehicle occupancy detection systems in the automotive sector are factors expected to boost the global vehicle occupancy detection system market during the forecast period
- In terms of revenue, the global vehicle occupancy detection system market is estimated to exceed the value of US$ 180 Mn by 2030, expanding at a CAGR of 18.5% during the forecast period
Implementation of New Models of Advanced Mobility: A Key Driver of Vehicle Occupancy Detection System Market
- Globally, traffic congestion is rising and becoming an issue of serious concern in almost every city. Traffic congestion is a condition caused by the increasing number of vehicles on the road, resulting in congestion, slower speed, road blockage, and longer route time, further leading to sheer waste of productive time, affecting the overall economy.
- Currently, efforts are continually ongoing to tackle the rising vehicle traffic, and improve the mobility of both current and future roadway networks. Public policies are promoting high-occupancy-vehicle (HOV) lanes as new ways to improve mobility on roads.
- The construction of HOV lanes will help to reduce the overall congestion, as this encourages ridesharing, public transport, and transit use
- In summary, implementation of HOV lanes is a less costly alternative to find ways to make existing freeways more efficient in handling the demand for movement of people
- Thus, demand for vehicle occupancy detection systems is estimated to increase over the next few years and major players in the vehicle occupancy detection system market are utilizing the economies of scale to meet the rising demand
- However, video-based vehicle passenger occupancy detection method has several drawbacks in distinguishing between subjects and objects seated or placed over the seat due to various factors such as tinted glass, obstruction of occupants, pose variation of occupants, vehicle speed, size, shape, imaging geometry variation, and bad weather conditions, which are expected to reduce the accuracy of the system. This is expected to restrain the growth of the global vehicle occupancy detection system market.
Adoption of AI Technology in Vehicle Occupancy Detection Systems
- Use of vehicle occupancy detection systems is rising in North America, Europe, and Asia Pacific, owing to its advantages such as reduction of traffic congestion, time saving, and lessening of environmental pollution
- Additionally, artificial intelligence (AI) technology is being introduced in vehicle occupancy detection systems to make the system function accurately in all environmental conditions
- For instance, in November 2019, Indra Sistemas, S.A. was awarded a US$ 83.7 Mn contract to implement toll technology in Virginia’s new I-66 express lanes. Indra’s tolling system is one of the most advanced that currently exists incorporating artificial intelligence (AI) deep learning capabilities.
- Thus, increasing demand for AI enabled high-occupancy toll (HOT) lanes in North America and Europe is projected to have a positive impact on the global vehicle occupancy detection system market during the forecast period
Vehicle Occupancy Detection System Market: Competition Landscape
- Detailed profiles of providers of vehicle occupancy detection systems have been provided in the report to evaluate their financials, key product offerings, recent developments, and strategies
- Key players operating in the global vehicle occupancy detection system market are
- Conduent Inc.
- Fortran Traffic System Limited
- Indra Sistemas
- Invision AI
- NEC Corporation of America
- Xerox Corporation
Vehicle Occupancy Detection System Market: Key Developments
- Key providers of vehicle occupancy detection systems such as Conduent Inc., Invision AI, Fortran Traffic Systems Limited, and Siemens are focusing on designing cost-effective vehicle occupancy detection systems to attract more customers.
- Some other key developments in the global vehicle occupancy detection system market are highlighted below:
- In October 2019, Siemens introduced the latest technology in intelligent traffic systems at ITS World Congress in Singapore. The company claims that traffic can be regulated in an efficient manner through artificial intelligence, data analysis, and prediction.
- In 2019, Conduent Inc. updated its vehicle passenger detection system. As per the update, the vehicle passenger detection system identifies the number of occupants in a vehicle with 99% accuracy for the front seat and 96% accuracy for the back seat at speeds ranging from stop-and-go to 100 mph.
- In 2017, Invision AI developed autonomous vehicle technology for smartphones. The company brings its affordable, machine-learning, and motion-sensing technology to any camera, from cars to smartphones.
- In September 2016, Fortran Traffic Systems Limited launched a next generation advanced transportation management system that represents the next generation of hybrid central systems
- In the global vehicle occupancy detection system market report, we have discussed individual strategies, followed by company profiles of providers of vehicle occupancy detection systems. The ‘Competition Landscape’ section has been included in the report to provide readers with a dashboard view and company market share analysis of key players operating in the global vehicle occupancy detection system market.
Vehicle Occupancy Detection System Market – Scope of the Report
A new study on the global vehicle occupancy detection system market is published by Transparency Market Research (TMR). It presents detailed information on key market dynamics, including drivers, trends, and challenges for the global vehicle occupancy detection system market as well as its structure. TMR’s study offers valuable information on the global vehicle occupancy detection system market in order to illustrate how the market is expected to expand during the forecast period i.e. 2020–2030.
Key indicators of market growth, which include value chain analysis and compound annual growth rate (CAGR), are elucidated in TMR’s study in a comprehensive manner. This data can help readers interpret the quantitative growth aspects of the global vehicle occupancy detection system market.
An extensive analysis of business strategies adopted by leading market players is also featured in TMR’s study on the global vehicle occupancy detection system market. This can help readers understand key factors responsible for growth of the global vehicle occupancy detection system market. In this study, readers can also find specific data on avenues for qualitative and quantitative growth of the global vehicle occupancy detection system market. This data would guide market players in making apt decisions in the near future.
Key Questions Answered in TMR’s Study of Vehicle Occupancy Detection System Market
- What would be the Y-o-Y growth trend of the global vehicle occupancy detection system market between 2020 and 2030?
- What is the influence of changing trends in the installation segment on the global vehicle occupancy detection system market?
- Would North America continue to be the most dominant regional market for providers of vehicle occupancy detection systems over the next few years?
- Which factors would hinder the global vehicle occupancy detection system market during the forecast period?
- Which are the leading companies operating in the global vehicle occupancy detection system market?
A unique research methodology is utilized by TMR to conduct comprehensive research on the global vehicle occupancy detection system market and arrive at conclusions on future growth prospects for the market. This research methodology is a combination of primary and secondary research, which helps analysts warrant the accuracy and reliability of the conclusions drawn.
Secondary research sources referred to by analysts during production of the report on the global vehicle occupancy detection system market include statistics from company annual reports, SEC filings, company websites, World Bank database, investor presentations, regulatory databases, government publications, and market white papers. Analysts have also interviewed senior managers, product portfolio managers, CEOs, VPs, and market intelligence managers, who have contributed to production of TMR’s study on the global vehicle occupancy detection system market as a primary research source.
These primary and secondary sources provided exclusive information during interviews, which served as a validation from leading players operating in the global vehicle occupancy detection system market. Access to an extensive internal repository as well as external proprietary databases allowed this report to address specific details and questions about the global vehicle occupancy detection system market with accuracy. The study also uses a top-down approach to assess the numbers for each segment and a bottom-up approach to counter-validate them. This has helped in making TMR’s estimates on future prospects for the global vehicle occupancy detection system market more reliable and accurate.
Vehicle Occupancy Detection System Market – Segmentation
TMR’s study of the global vehicle occupancy detection system market segments the market based on installation, technology, and region. Changing market trends and other crucial market dynamics associated with segments of the global vehicle occupancy detection system market have been discussed in detail in TMR’s study.