The global 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%. The increase in vehicle theft, the rising demand for security and safety features, the advanced technological investments in the automotive industry, the growing concern of insurance companies over vehicle theft, and the rising sales of electric vehicles are all factors influencing the growth of the vehicle access control market.
Passenger car is expected to be the largest market.
The adoption of cutting-edge technologies in passenger cars, such as keyless entry, immobilizers, stolen vehicle aids, and alarms, is likely to make the passenger car segment the largest market during the anticipated year. One of the main justifications given by OEMs for pre-installing vehicle access control systems is the rise in vehicle theft. The Insurance Information Institute (III) reports that there were 773,139 automobiles reported stolen in 2017, an increase of 0.8% from 767,290 vehicles reported stolen in 2016. In 2017, there was one motor vehicle theft recorded every 40.9 seconds in the US. Since all basic models of passenger cars in industrialized nations including the US, Germany, UK, France, Canada, Spain, and Japan offer non-biometric systems, the contribution of non-biometric systems to the automotive industry has greatly expanded.
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Biometric system is expected to lead the vehicle access control market
Even if PCs and LCVs come with basic security measures like anti-theft alarms and immobilizers, emerging advanced features, especially in luxury automobiles, call for biometric systems to allow multiple authentications and make access more comfortable for the driver. Future demands for safety and security will benefit from the personalisation provided by biometric technologies in cars. The PC feature that has undergone the greatest research and is ready for launch is fingerprint recognition. The Hyundai Santa Fe will be the first automobile to offer fingerprint entry (first for the Chinese market), and over the next few years, this feature is anticipated to spread and appear on a variety of automobiles.
Asia Pacific is expected to be the fastest growing market during the forecast period
The greatest market is in the Asia Pacific region as a result of expansion in China, Japan, and South Korea. The vehicle access control market in Asia Pacific is being driven by rising vehicle production, rising luxury vehicle demand, rising sales of electric automobiles, and strong technological development in the region. The main players in the area include businesses like KIA, Aptiv, Nissan, and Hyundai. Growth is also fueled by the region’s digitization. For instance, in the next years, China will be the first nation to test fingerprint and facial recognition. OEMs and biometric vendors are working together to implement these technologies for vehicle authentication.
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Key Market Players
The global vehicle access control market is dominated by major players such as Denso Corporation (Japan), Valeo (France), Continental AG (Germany), Robert Bosch (Germany), and Nuance Communication (US).
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