The global vehicle access control market is set to gain momentum from the increasing adoption of standardized interface technologies by reputed manufacturers, such as Hyundai, BMW, and Honda. These technologies surge the commercial viability of passive vehicle access control systems, as well as enable greater convenience for consumers. This information is given by Fortune Business Insights™ in a new study, titled, “Vehicle Access Control Market Size, Share & Industry Analysis, By Type (Biometric System, Non-Biometric System), By Technology (RFID, NFC, Bluetooth, Others), By Vehicle Type (Passenger Car, Commercial Vehicle) and Regional Forecast, 2020-2027.” The study further mentions that the vehicle access control market size was USD 9.61 billion in 2019 and is projected to reach USD 12.45 billion by 2027, exhibiting a CAGR of 6.6% during the forecast period.
COVID-19 Pandemic: Rising Focus on Reducing Innovation Funding May Hamper Demand
The emergence of the COVID-19 pandemic has taken a toll on the automotive industry by declining global demand, disrupting supply chains, and closing of assembly plants. The elimination of various passenger cars and commercial vehicles is set to affect the ability of car makers to invest in research and development activities. Besides, the pandemic has compelled manufacturers to focus on reducing innovation funding and managing day-to-day cash flow. Our detailed research report will help you take the right decision by gaining more insights into the current scenario of the vehicle access control industry.
This Report Answers the Following Questions:
- What are the key strategies adopted by prominent firms to surge revenue?
- Which are the upcoming trends in vehicle access control technology?
- How will the facial recognition technology cope up with the challenge of high cost?
- Which segment and region are set to dominate the market in terms of share?
Drivers & Restraints-
Increasing Need to Reduce Vehicle Thefts will Favor Growth
Vehicle theft is a serious problem to tackle with nowadays. The National Insurance Crime Bureau (NICB) published an in-depth report in March 2019 that showcases a 56 percent rise in vehicle thefts over the 147,434 vehicles stolen between the period of January 2013 and December 2015. Besides, in the U.S., the number of vehicle thefts by using fobs or keys increased to 229,339 between January 2016 and December 2018. Novel techniques, such as fingerprint authorization and facial recognition, as well as keyless car entries would be able to boost vehicle security. This, in turn, can lessen the number of vehicle thefts. These factors are set to propel the vehicle access control market growth in the coming years.
However, perfectly keyless systems and biometric access would surge design complexities and component requirements. Hence, it would require high manufacturing and installation cost, which, in turn, is likely to obstruct the demand for vehicle access control systems.
NFC Segment to Grow Significantly Backed by its Ability to Prevent Relay Attacks
Based on technology, the NFC segment generated 3.97% in terms of the vehicle access control market share in 2019 and is expected to grow significantly throughout the forthcoming years. This growth is attributable to its cost-effectiveness that enables manufacturers to develop card-based vehicle access control or NFC-based smartphones for mainstream vehicles. This technology can also prevent relay attacks.
High Demand for Electronic Immobilizers & Keyless Entry to Spur Growth in North America
Geographically, in 2019, North America procured USD 3.47 billion in terms of revenue. The region is characterized by the rising popularity of unique solutions, such as remote ignition disablers and stolen vehicle assist. Also, the increasing cases of vehicle thefts is surging the demand for keyless entry and electronic immobilizers in this region.
Asia Pacific, on the other hand, is anticipated to exhibit a higher CAGR in the near future stoked by the increasing awareness programs regarding the beneficial properties of vehicle access control solutions. In addition to that, the rising demand for high-end automobiles and the increasing production of vehicles would enhance growth in this region.
Key Players Focus on R&D Activities to Develop Secure Vehicle Access Control Solutions
The market for vehicle access control is fragmented. Most of the companies are aiming to increase their research and development initiatives for creating novel and highly secure solutions. Apart from that, some of the others are focusing on strategic partnerships to gain a competitive edge in the market. Below are the two latest industry developments:
June 2020: Continental bagged new orders from three vehicle manufacturers based in Asia & Europe for CoSmA, its smartphone-based vehicle access system. This system will be blended into the architecture of their upcoming vehicles. The production is expected to begin in 2021.
January 2019: Bosch introduced its Perfectly Keyless digital access service that can easily recognize the owner’s smartphone just like a digital fingerprint. Only then it can open the vehicle.
A list of all the renowned vehicle access control operating in the global market:
- Continental AG (Hanover, Germany)
- Robert Bosch GmbH (Gerlingen, Germany)
- Denso Corporation (Aichi, Japan)
- Valeo (Paris, France)
- Nuance Communications, Inc. (Massachusetts, US)
- Lear Corporation (Michigan, US)
- Mitsubishi Electric Corporation (Tokyo, Japan)
- NXP Semiconductors (Eindhoven, Netherlands)
Browse Detailed Summary of Research Report:
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