by Market Overview
A radar speed gun is an instrument used by law enforcement agencies to measure the speed of moving vehicles. It utilizes radar technology to measure the speed of oncoming vehicles. Radar speed guns can detect vehicles day or night and in any weather condition from a long distance. They are portable, easy to operate, and provide accurate speed measurements. This has increased their adoption across police departments globally to monitor road speeds and enforce speed limits.
The global Radar Speed Gun Market is estimated to be valued at US$ 1421.5 Mn in 2023 and is expected to exhibit a CAGR of 8.5% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market key trends
One of the key trends in the global radar speed gun market is the increasing use of laser technology. Manufacturers are focusing on integrating laser technology with speed measurement devices to improve accuracy. Laser speed guns use infrared light beams instead of radar waves to measure vehicle speeds. They provide more precise readings even from longer distances as compared to traditional radar guns. Another trend is the integration of advanced connectivity features. Players are offering radar speed guns with Bluetooth and Wi-Fi connectivity that allows wireless data transfer of recorded measurements to mobile apps or laptops. This eases documentation and provides real-time tracking of speed violations. Integration of GPS is another trend witnessed to tag speed readings with location details.
Porter’s Analysis
Threat of new entrants: The global radar speed gun market requires high initial capital investments and has well-established distribution channels resulting in high entry barriers for new players.
Bargaining power of buyers: The global radar speed gun market has high buyer concentration with lucrative opportunities for suppliers. However, bargaining power of individual buyers is moderate.
Bargaining power of suppliers: The global radar speed gun market has a supply chain concentrated around a few major suppliers who enjoy bargaining power due to their technical expertise and economies of scale.
Threat of new substitutes: There are low threats of substitution in the global radar speed gun market as they serve important functions that cannot be easily replicated.
Competitive rivalry: The global radar speed gun market witnesses high competition amongst existing players due to their technological developments and new product launches.
Key Takeaways
The global Radar Speed Gun Market Share is expected to witness high growth, exhibiting CAGR of 8.5% over the forecast period, due to increasing demand for accurate traffic enforcement solutions.
Regional analysis
North America dominated the global radar speed gun market in 2023, accounting for around 35% of the total share, owing to strict traffic rules and growing concerns regarding road safety in the US and Canada. Asia Pacific is expected to grow at the fastest pace during the forecast period, supported by rising automobile production and sales in China, India, and South Korea.
Key players
Key players operating in the global Radar Speed Gun market are RCSpeeds, Stalker Radar, Geolux d.o.o, Escort Ltd, Mangal security products, Decatur Electronics Inc., Gvtel Communication System, M R Communications, Shenzhen Lutu Technology Co., LTD, rocky mountain radar, and Ultra Mind Technologies India Pvt. Ltd. RCSpeeds and Stalker Radar captured over 30% of the market share in 2023.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
