About this market
The rapidly increasing government initiatives for developing intelligent transportation systems will trigger the vehicle scanner market growth in the forthcoming years. Some governments are encouraging PPPs for urban traffic control and vehicle monitoring. Furthermore, the EST strategy implemented by the government of Singapore will help in the reduction of carbon emission while improving vehicle monitoring and traffic management, thus, contributing significantly to the vehicle scanner market growth in the long run. analysts have predicted that the vehicle scanner market will register a CAGR of nearly 6% by 2023.
Market Overview
Expansion of toll roads
One of the growth drivers of the global vehicle scanner market is the expansion of toll roads. With the expansion of toll roads, the demand for vehicle scanners will increase as these scanners are used to scan toll passes and the number plates of vehicles to charge them automatically through their daily pass.
The high cost of the system
One of the challenges in the growth of the global vehicle scanner market is the high cost of the system. Advanced vehicle scanners should also undergo regular technological upgrades related to the operating system, software, and high-resolution screens. Such upgrades increase the operating cost of the end-users, which may affect product sales.
For the detailed list of factors that will drive and challenge the growth of the vehicle scanner market during 2019-2023, view our report.
Competitive Landscape
The market appears to be moderately fragmented with the presence of several market players. Developing economies are rigorously adopting electronic toll collection systems to reduce labor cost and traffic congestion. This market research report will help clients identify new growth opportunities and design unique growth strategies by providing a comprehensive analysis of the market’s competitive landscape and offering information on the products offered by companies.