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 18.5% 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.
The global vehicle occupancy detection system market is broadly affected by several factors, including usage of artificial intelligence (AI) technology in vehicle occupancy detection systems in the automotive sector. Thus, expanding application of vehicle occupancy detection systems in automotive sectors is propelling the global market for vehicle occupancy detection systems.
Vehicle Occupancy Detection System Market: Dynamics
Vehicle occupancy detection systems are electronic systems used for vehicle identification, detection, and for counting passengers inside a vehicle. The vehicle occupancy detection system plays a vital role in law enforcement to control and operate high occupancy vehicle (HOV) lanes and high occupancy toll (HOT) lanes. These systems are mounted on top of the 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 the mobile vehicle occupancy detection system wherein the system components are mounted on rack arrangement, and the complete arrangement is mounted on a mobile trolley, which can be moved from point to point as per local traffic conditions.
A standard vehicle occupancy detection system consists of vehicle detector, camera system, and video analytics systems. The system activates through the detection of vehicles. The camera system captures images (or video) of the vehicle passing through, and the image or video analytics software processes the image or video. If the number of passengers inside a vehicle is equal to the minimum passenger number defined for the lane, the vehicle is exempted from toll charges; if not, the data about the violator is forwarded to the appropriate law enforcement authority.
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In recent years, demand for more accurate, automated, and high tolerance to low visibility condition passenger occupancy detection system has increased. Leading manufacturers are focusing on development of passenger occupancy detection systems with technologically advanced functions and features in order to respond to changing market needs. In addition, some manufacturers are integrating artificial vision and deep learning technologies to ensure the highest overall system accuracy rate. This is expected to help companies meet the minimum level of accuracy criteria set by various metropolitan transportation commissions and authorities. Moreover, companies are focusing on highly reliable and non-intrusive passenger occupancy detection systems for automatic real-time detection of the front and rear occupants.
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.
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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.
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