The global vehicle access control market is estimated to reach USD 17,257.9 million, by 2025, and is projected to grow at a CAGR of 10.6% from 2019 to 2025, according to a new report by Million Insights. The increasing concerns regarding security & safety measures in the vehicle from developing & developed countries are projected to foster the need for the access control systems in vehicles. These systems are widely used at bridges, tollways, and public buildings for traffic management, which is expected to boost the market growth.
Furthermore, increasing incidents of car theft attempts is growing consumer inclination towards the installation of an access control system in the vehicle. For example, in 2017, in the U.S, 773,139 vehicles have been stolen which was over 1% from the previous year. Enhanced security features provided by the access control system is influencing car owners to look after this system.
The Biometric system is anticipated to grow at the highest CAGR during the forecast period, owing to its efficient security features. Biometric system utilizes advanced technologies such as face recognition, iris recognition, and fingerprint recognition. Iris and fingerprints are characterized by unique access solutions. These technology solutions can offer unmatched security.
Key manufacturers in the market include Hella GmbH, Continental AG, Nuance Communication, Lear Corporation, Robert Bosch GmbH, and Smartrac N.V. These players in the market are focusing on acquisitions strategic, product innovations to increase their product portfolio.
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Further key findings from the report suggest:
• Growing trend of innovative technologies such as tracking, fingerprint ignition, and keyless entry are projected to proliferate the growth of vehicle access control market.
• In 2018, based on application, tollways type segment held the largest market share in the overall market. This segment is anticipated to grow at a healthy CAGR from 2019 to 2025 due to rising adoption of RFID systems.
• Commercial buildings application segment is estimated to register the fastest CAGR from 2019 to 2025.
• Asia Pacific is projected to expand at the highest CAGR during the forecasted period. This growth is contributed to rising adoptions of access control system in mid, and low-end cars.
Million Insights has segmented the global vehicle access control market based on technology, application, and region:
Vehicle Access Control Technology Outlook (Revenue, USD Million, 2014 - 2025)
Vehicle Access Control Application Outlook (Revenue, USD Million, 2014 - 2025)
• Commercial Buildings
• Residential Buildings
Vehicle Access Control Regional Outlook (Revenue, USD Million, 2014 - 2025)
• North America
• Asia Pacific
• Latin America
• Middle East & Africa