The vehicle access control market is projected to grow from USD 10.8 billion in 2020 to reach USD 22.6 billion by 2027, at a CAGR of 11.2%
NEW YORK, June 6, 2019 /PRNewswire/ -- The rising demand for safety & security features and technological advancements in the automotive industry are significant factors for growth the of vehicle access control market globally.
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The vehicle access control market is projected to grow from USD 10.8 billion in 2020 to reach USD 22.6 billion by 2027, at a CAGR of 11.2%. Increasing demand for connected vehicles, need for a multi-factor authentication system, rising demand for mid-sized cars, and convenience are factors expected to boost the market. However, changes in technology require high innovation cost, and the threat of cybersecurity for the biometric system will be a challenge for the growth of the market.
Increasing emphasis on safety and security features are likely to propel the growth of the market during the forecast period.
There has been a rapid increase in technological advancements in the automotive industry related to vehicle theft systems.The growing demand for advanced safety and security features that increase the convenience and safety of passengers is now an attractive opportunity for suppliers as consumer preferences are shifting.
Several companies have developed application-based features that enable smartphone integration in the vehicle, eliminating the need for multiple devices, keys, and systems installations.OEMs are focusing on features such as enhanced biometric systems to improve the appearance of interiors and personalization.
Fingerprint and face recognition are the major upcoming biometric vehicle access controls that will significantly drive the market.
Asia Pacific is expected to register the fastest growth during the forecast period.
Majority of OEMs are planning to launch cars that have biometric feature pre-installed, over the next few years.With rapid urbanization, increased disposable income, and endeavor to implement advanced technology, OEMs are investing heavily to develop vehicle access control with better and reliable authentication.
The stolen vehicle assist has been the primary focus by premium cars to reduce the theft and insurance in automotive.Moreover, China, Japan, and South Korea in the region are highly focusing on the development, testing, and deployment of biometric system authentication.
China is all set to deploy fingerprint recognition by 2020 in the Hyundai Sante Fe model.
Europe is expected to have the second largest market during the forecast period.
Europe accounted for second largest market in 2020.It is a major hub for several renowned OEMs including Volkswagen, Daimler, Renault, Volvo, and others.
Germany is the largest market in the region.The country is likely hold largest share of in the global market by 2027.
The country has sufficient investment in technology and production of premium car segments for the testing of vehicle access control. As per industry experts, Germany OEMs would soon deploy vehicle access control systems, especially biometric authentications for PCs and LCVs, on a large scale.
In-depth interviews were conducted with CEOs, marketing directors, other innovation and technology directors, and executives from various key organizations operating in the vehicle access control market.
-- By Company Type: Tier I - 49%, Tier II - 41%, and Tier III - 10%,
-- By Designation: C Level - 47%, D Level - 39%, and Others - 14%
-- By Region: North America - 33%, Europe - 42%, Asia Pacific - 21%, and Rest of the World- 4%
The vehicle access control market comprises major manufacturers like Continental AG (Germany), Robert Bosch (Germany), Voxx International (US), Lear Corporation (US), Fingerprint AB (Sweden), Nuance Communication (US), Synaptics (US), and others.
Research Coverage:
The study covers the vehicle access control market across various segments.It aims at estimating the market size and future growth potential of this market across different segments such as type, biometric, non-biometric, technology, vehicle type, electric vehicle, and region.
The study also includes an in-depth competitive analysis of key players in the market, along with their company profiles, key observations related to product and business offerings, recent developments, and acquisitions.
Key Benefits of Buying the Report:
The report will help leaders/new entrants in this market with information on the closest approximations of the revenue numbers for the overall vehicle access control market.This report will help stakeholders understand the competitive landscape and gain more insights to better position their businesses and plan suitable go-to-market strategies.
The report also helps stakeholders understand the pulse of the market and provides them with information on key market drivers, restraints, challenges, and opportunities.
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