The vehicle access control market?is anticipated to register a CAGR of about 11%, during the forecast period (2020 – 2025).
- Some of the major factors driving the growth of the market are growing vehicle theft incidents in the developed economies of the world like USA and UK. The number of vehicle thefts in USA that were reported went up from 686,803 in 2014 to 748,841 in 2018 and in UK around 71 cars from every 1000 cars in 2014 to 115 cars every 1000 cars in 2018.
- The sales of passenger vehicles and light commercial vehicles will be a driver for growth in vehicles access control market. The sales of vehicles during the forecast period is expected to grow at a considerable rate starting from 2021 at least. The growth in use of technologically advanced systems in automobiles to provide convenience and safety to the user, are also factors responsible for market growth.
Key Market Trends
Biometric is Expected to be the Largest Segment
By System type, Biometric segment is expected to attain significant market share during the forecast period. Passenger vehicles are generally equipped with locks that can be remotely operated. But this system has a threat of keys and the remote being stolen which can give an easy access to the vehicle. The advantage that biometric systems provide is that the credentials required for accessing the vehicle cannot be stolen from the user. But the biometric system increases the cost of the vehicle that is why as of now mostly premium car manufacturers are using this technology.
Furthermore, the high accuracy of biometric systems is a reason for their rapid growth. Also, OEMs are implementing this technology not only to lock and unlock the vehicle but also for starting the engine. For instance, in December 2019, Hyundai Motor Corp has developed a biometric system for cars that will help the drivers to unlock and start engine with a light touch.
Asia-Pacific is Expected to Grow with the Highest Rate
With the rise in production and demand for automobiles in the region which is because of the factors such as increasing population and rising income levels, the Asia Pacific region is expected to grow with the highest CAGR in the vehicle access control market. In January 2020, the per capita income of India grew at a rate of almost 7% and the easy availability of vehicle financing is enabling people in the region to buy more premium and high-end automobiles with little difficulty.
OEMs in the region are also investing heavily to innovate new features in vehicle access control and this is also expected to drive the market. OEMs are collaborating with biometric manufacturers to implement systems for car authentication. For example, in March 2019 Hyundai Mobis invested USD 5 million in Deep Glint, a Chinese startup specializing in computer vision technology utilizing artificial intelligence.
The Vehicle Access Control market is fragmented, with several players competing for share in the market. Some of the prominent companies in the Vehicle access control market are Continental AG, Robert Bosch, Denso,Valeo, and others. Companies are investing heavily in research and development for the innovation of new and advanced products and technologies. In February 2020, Brose opened its manufacturing plant in Pune, India. In January 2019, Bosch announced its keyless digital access service, it uses the smartphone as a virtual key and Bluetooth as a transmission technology.
Reasons to Purchase this report:
- The market estimate (ME) sheet in Excel format
- 3 months of analyst support