Executive Summary

The global vehicle scanner market is expected to grow at a CAGR of 6.5% during the forecast period (2021-2026). The market growth can be attributed to the increasing need for security measures in the transportation industry and the growing adoption of advanced technologies in vehicle scanners.

Important Note: The companies listed in the image above are for reference only. The final study will cover 18–20 key players in this market, and the list can be adjusted based on our client’s requirements.

Key Market Insights

The global vehicle scanner market is expected to reach USD 2.8 billion by 2026, growing from USD 2.0 billion in 2021. The growth of the market can be attributed to the following key insights:

Market Drivers

1. Increasing Need for Security Measures: The rise in terrorist activities and other criminal acts has led to an increased need for security measures in the transportation industry. Vehicle scanners are an effective security measure that can be used to ensure the safety of individuals and goods.
2. Growing Adoption of Advanced Technologies: The adoption of advanced technologies, such as X-ray and gamma-ray, in vehicle scanners has improved the accuracy and efficiency of the scanners. This has led to an increase in the adoption of vehicle scanners in various industries.
3. Government Initiatives: Governments across the world are investing in the development of infrastructure and security measures. This has led to an increase in the adoption of vehicle scanners in the transportation industry.

Market Restraints

1. High Cost of Vehicle Scanners: Vehicle scanners are expensive, and their high cost can be a major restraint in the growth of the market. The cost of vehicle scanners can make them unaffordable for small and medium-sized enterprises.
2. Privacy Concerns: The use of vehicle scanners can raise privacy concerns among individuals. This can be a major restraint in the adoption of vehicle scanners.

Market Opportunities

1. Emerging Markets: The growing economies of emerging markets, such as China, India, and Brazil, provide a significant opportunity for the growth of the vehicle scanner market.
2. Advancements in Technology: Advancements in technology, such as the development of portable and handheld vehicle scanners, provide a significant opportunity for the growth of the market.

Market Dynamics

The global vehicle scanner market is highly competitive, with the presence of several large and small players. The market is characterized by intense competition, rapid technological advancements, and changing customer demands.

Regional Analysis

The global vehicle scanner market is segmented into North America, Europe, Asia Pacific, and the Rest of the World. Asia Pacific is expected to be the fastest-growing region during the forecast period, owing to the growing economies of emerging markets, such as China and India.

Competitive Landscape

Leading companies in the Vehicle Scanner Market:

1. Gatekeeper Security Inc.
2. UVeye Ltd.
3. Leidos Holdings, Inc.
4. Rapiscan Systems (OSI Systems, Inc.)
5. SecuScan
6. Mekra Lang GmbH & Co. KG
7. IRD Group
8. International Road Dynamics Inc.
9. MERIT LILIN ENT CO., LTD.
10. VOTI Detection Inc.

Please note: This is a preliminary list; the final study will feature 18–20 leading companies in this market. The selection of companies in the final report can be customized based on our client’s specific requirements.

Segmentation

The global vehicle scanner market is segmented based on the technology used, application, and region.

Based on technology, the market is segmented into:

1. X-ray
2. Gamma-ray
3. Electromagnetic Induction
4. Others

Based on application, the market is segmented into:

1. Transportation and Logistics
2. Defense
3. Other Applications

Category-wise Insights

1. X-ray Technology: The X-ray technology segment is expected to dominate the market during the forecast period, owing to its accuracy and efficiency in detecting contraband and other prohibited items in vehicles.
2. Transportation and Logistics: The transportation and logistics segment is expected to dominate the market during the forecast period, owing to the increasing need for security measures in the transportation industry.
3. Asia Pacific: Asia Pacific is expected to be the fastest-growing region during the forecast period, owing to the growing economies of emerging markets, such as China and India.

Key Benefits for Industry Participants and Stakeholders

1. Provides insights into the market trends and drivers
2. Provides a detailed analysis of the competitive landscape
3. Helps in understanding the market dynamics and opportunities
4. Provides a detailed analysis of the regional markets
5. Helps in making informed business decisions

SWOT Analysis

Strengths:

1. Increasing need for security measures
2. Growing adoption of advanced technologies
3. Government initiatives

Weaknesses:

1. High cost of vehicle scanners
2. Privacy concerns

Opportunities:

1. Emerging markets
2. Advancements in technology

Threats:

1. Intense competition
2. Rapid technological advancements
3. Changing customer demands

Market Key Trends

1. Increasing adoption of advanced technologies
2. Growing demand for portable and handheld vehicle scanners
3. Increasing investment in research and development

Covid-19 Impact

The Covid-19 pandemic has had a significant impact on the global vehicle scanner market. The pandemic has led to a decrease in the demand for vehicle scanners, owing to the decrease in transportation activities. However, as the world recovers from the pandemic, the demand for vehicle scanners is expected to increase.

Key Industry Developments

1. In February 2021, L3Harris Technologies announced the launch of its new vehicle scanner, the X-ray Inspection System (XIS)- Fleet, designed for high-throughput cargo and vehicle scanning.
2. In December 2020, Nuctech Company Limited announced the launch of its new vehicle scanner, the NV6550, designed for cargo and vehicle inspection at border checkpoints.

Analyst Suggestions

1. The market players should focus on developing advanced technologies to improve the accuracy and efficiency of vehicle scanners.
2. The market players should focus on developing portable and handheld vehicle scanners to cater to the growing demand for mobility and flexibility.

Future Outlook

The global vehicle scanner market is expected to grow at a CAGR of 6.5% during the forecast period (2021-2026). The market growth can be attributed to the increasing need for security measures in the transportation industry and the growing adoption of advanced technologies in vehicle scanners.

Conclusion

In conclusion, the global vehicle scanner market is expected to grow significantly during the forecast period. The increasing need for security measures in the transportation industry and the growing adoption of advanced technologies are expected to drive the market growth. However, the high cost of vehicle scanners and privacy concerns can be a major restraint in the growth of the market. The market players should focus on developing advanced technologies and portable and handheld vehicle scanners to cater to the growing demand for mobility and flexibility.