The global vehicle scanner market is expected to post a CAGR of over 6% during the period 2019-2023, according to the latest market research report by Technavio
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The global vehicle scanner market is expected to post a CAGR of over 6% during the period 2019-2023 (Graphic: Business Wire)
A key factor driving the growth of the market is the expansion of toll roads. Toll roads are public or private roads, which require users to pay a fee for passage. The fee is charged to recover the cost of road construction and maintenance. Tolls are collected at toll booths, which are equipped with vehicle scanners and other safety devices to monitor the passage of vehicles. Apart from the security aspect, these scanners are used to scan toll passes and the number plates of vehicles to charge them automatically through their daily pass. Thus, with the expansion of toll roads, the demand for vehicle scanners will increase during the forecast period.
As per Technavio, the increasing adoption of IoT by end-users will have a positive impact on the market and contribute to its growth significantly over the forecast period. This global vehicle scanner market 2019-2023research report also analyzes other important trends and market drivers that will affect market growth over 2019-2023.
Global vehicle scanner market: Increasing adoption of IoT by end-users
The process of scanning is becoming automated with the adoption of Internet of Things (loT) because of the need to store the large volume of generated data in a database. End-users such as toll booth operators can use this data to forecast the number of passing vehicles during peak and off-time. The adoption of a loT in vehicle scanning helps end-users capture and store accurate data with minimal human errors and operating costs. The growing demand for electronic toll collection systems in several countries is also expected to increase the need for loT-enabled vehicle scanners to reduce the cost of labor.
"Apart from the increasing adoption of IoT by end-users, government initiatives to develop intelligent transportation systems is another factor that will drive the growth of the market. Rapid urbanization has made vehicle monitoring and traffic control challenging in urban areas. To overcome these issues, the central and regional governments of many countries are coming up with several initiatives to support the growth of intelligent transportation systems, which are equipped with vehicle scanners. Some governments are encouraging PPPs for urban traffic control and vehicle monitoring as well," says a senior analyst at Technavio.
Global vehicle scanner market: Segmentation analysis
This market research report segments the global vehicle scanner market by product (portable and fixed scanner), and geographical regions (North America, Europe, APAC, MEA, and South America).
The North American region led the market in 2018, followed by Europe, APAC, MEA, and South America respectively. During the forecast period, the North American region is expected to register the highest incremental growth due to the rising demand from private organizations such as supermarkets which require portable vehicle scanners at parking checkpoints.
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Some of the key topics covered in the report include:
Market Landscape
- Market ecosystem
- Market characteristics
- Market segmentation analysis
Market Sizing
- Market definition
- Market size and forecast
Five Forces Analysis
Market Segmentation
Geographical Segmentation
- Regional comparison
- Key leading countries
Market Drivers
Market Challenges
Market Trends
Vendor Landscape
- Vendors covered
- Vendor classification
- Market positioning of vendors
- Competitive scenario
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