Automatic Number Plate Recognition System Market Regional Analysis:
APAC Market Insights
The Asia Pacific is projected to hold the largest market share by the end of 2035, owing to rapid economic growth in the region and increasing government initiatives towards adopting intelligent transportation systems, along with increasing usage of sophisticated security and surveillance technologies. In addition, with the escalating sale of vehicles along with the rising production of vehicles in the region and expansion of the ASEAN and India Automobile industry is estimated to expand the market size in the forecast period. For instance, in India, the auto industry produced around 22,933,000 vehicles from April 2021 to March 2022. In addition, to the presence of burgeoning electronic component manufacturing operations, nations such as Taiwan, Malaysia, South Korea, and Thailand have considerably contributed to the market expansion. Further, the presence of a strong automobile network in the region, and the rapidly growing penetration of vehicles, are also anticipated to contribute to the market growth in the region.
Europe Market Insights
Europe is projected to emerge as the lucrative region in the global market on the back of the increasing adoption of ANPR systems for law enforcement and traffic management applications . Furthermore, the sales volume of automobiles is also very high in Europe backed by the growing inclination of population toward the luxurious cars and escalated requirements for passenger vehicles.
