Vehicle Access Control Market Size, 2020 Industry Share and Global Demand | 2027 Forecast by Fortune Business Insights™
The global vehicle access controlmarket is set to gain momentum from the increasing adoption of standardizedinterface technologies by reputed manufacturers, such as Hyundai, BMW, andHonda. These technologies surge the commercial viability of passive vehicleaccess control systems, as well as enable greater convenience for consumers.
This information is given by FortuneBusiness Insights™ in a new study, titled, “Vehicle Access Control Market Size, Share &Industry Analysis, By Type (Biometric System, Non-Biometric System), ByTechnology (RFID, NFC, Bluetooth, Others), By Vehicle Type (Passenger Car,Commercial Vehicle) and Regional Forecast, 2020-2027.” The study further mentions that the vehicle accesscontrol market size was USD 9.61 billion in 2019 and isprojected to reach USD 12.45 billion by 2027, exhibiting aCAGR of 6.6% during the forecast period.
COVID-19 Pandemic: Rising Focus onReducing Innovation Funding May Hamper Demand
The emergence of the COVID-19 pandemichas taken a toll on the automotive industry by declining global demand,disrupting supply chains, and closing of assembly plants. The elimination ofvarious passenger cars and commercial vehicles is set to affect the ability ofcar makers to invest in research and development activities. Besides, thepandemic has compelled manufacturers to focus on reducing innovation fundingand managing day-to-day cash flow. Our detailed research report will help youtake the right decision by gaining more insights into the current scenario ofthe vehicle access control industry.
This Report Answers the FollowingQuestions:
- 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 VehicleThefts will Favor Growth
Vehicle theft is a serious problem totackle with nowadays. The National Insurance Crime Bureau (NICB) published anin-depth report in March 2019 that showcases a 56 percent rise in vehiclethefts over the 147,434 vehicles stolen between the period of January 2013 andDecember 2015. Besides, in the U.S., the number of vehicle thefts by using fobsor keys increased to 229,339 between January 2016 and December 2018. Noveltechniques, such as fingerprint authorization and facial recognition, as wellas 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 thevehicle access control market growth in the coming years.
However, perfectly keyless systems andbiometric access would surge design complexities and component requirements.Hence, it would require high manufacturing and installation cost, which, inturn, is likely to obstruct the demand for vehicle access control systems.
Segment-
NFC Segment to Grow SignificantlyBacked by its Ability to Prevent Relay Attacks
Based on technology, the NFC segmentgenerated 3.97% in terms of the vehicle access control market share in 2019 andis expected to grow significantly throughout the forthcoming years. This growthis attributable to its cost-effectiveness that enables manufacturers to developcard-based vehicle access control or NFC-based smartphones for mainstreamvehicles. This technology can also prevent relay attacks.
Regional Analysis-
High Demand for Electronic Immobilizers& Keyless Entry to Spur Growth in North America
Geographically, in 2019, North Americaprocured USD 3.47 billion in terms of revenue. The region is characterized bythe rising popularity of unique solutions, such as remote ignition disablersand stolen vehicle assist. Also, the increasing cases of vehicle thefts issurging the demand for keyless entry and electronic immobilizers in thisregion.
Asia Pacific, on the other hand, isanticipated to exhibit a higher CAGR in the near future stoked by theincreasing awareness programs regarding the beneficial properties of vehicleaccess control solutions. In addition to that, the rising demand for high-endautomobiles and the increasing production of vehicles would enhance growth inthis region.
Competitive Landscape-
Key Players Focus on R&D Activitiesto Develop Secure Vehicle Access Control Solutions
The market for vehicle access controlis fragmented. Most of the companies are aiming to increase their research anddevelopment initiatives for creating novel and highly secure solutions. Apartfrom that, some of the others are focusing on strategic partnerships to gain acompetitive 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 vehicleaccess 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 ResearchReport:
https://www.fortunebusinessinsights.com/vehicle-access-control-market-103664
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