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Vehicle Access Control Market Outlook 2021 Latest Research offered in New Report Forecast Through 2028

Reports And Data

Reports And Data

The Global Vehicle Access Control Market is forecast to reach USD 29.16 Billion by 2028, according to a new report by Reports and Data

NEW YORK, NY, UNITED STATES, December 1, 2021 / -- The Global Vehicle Access Control Market is forecast to reach USD 29.16 Billion by 2028, according to a new report by Reports and Data. Vehicle access control system is an electronic system that is developed to administer the movement of vehicles over an area. Growing crime rate accredited to vehicle theft has increased the demand for safe and secure procedures for the protection of automobiles. Change in lifestyle has led automotive to become a crucial component of today’s world. It has become a vital part of day-to-day activities. These systems are integrated with entrance automation equipment such as CCTV, barriers, license plate recognition (LPR)/automatic number plate (ANPR), RFID long range readers, RFID controllers, video management, smart cards, biometrics, and specialized windshield long-range tags, to provide hassle-free vehicle management. It also helps in enrollment, mapping & authentication of vehicles, owners, drivers & helpers. It helps in optimizing space & inculcating security.

The first car to implement fingerprint lock is Hyundai. Its latest SUV model allows the customer to not only open locked doors but also start the car. This feature will most likely stream and trickle down to another model as well. EyeLock LLC, in January 2019, collaborated with 360fly Inc., and developed an iris authentication technology that can be integrated into smart rear view mirror with artificial intelligence and camera, for public safety sectors.

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Key participants include Johnson Electric, Valeo, Synaptics Incorporated, Voxx International, Denso Corporation, Robert Bosch, Methode Electronics, Mitsubishi Electronic, Fingerprint Cards Ab, and Continental AG among others.

Further key findings from the report suggest

• Passenger cars held a market share of 35% in the year 2020 owing to the adoption of several advanced features such as immobilizers, keyless entry, alarm, and stolen vehicle assist.
• Increase in vehicle theft is one of the major reasons for the original equipment manufacturer to pre-install vehicle access control systems
• Fast growing middle-class group and burgeoning consumption will fuel the growth of the commercial vehicles in emerging nations. Increase in urbanization and shift in consumption will lead to shifts in market segments.
• Traffic management is forecasted to hold a market share of 18% in the year 2028, and tollways have a CAGR of 12.3% during the forecast period.
• Biometric held the largest market share of 27% in the year 2020. Vehicles are equipped with non-biometric like alarms, keyless entry, and other security measures; premium cars are utilizing the latest technology for the protection of the vehicles.
• These cars have biometrics security measures such as fingerprint lock, face, and iris scanners. These features are demanded to provide multiple authentications and make access more convenient for drivers.
• The non-biometric system has the highest CAGR of 12.9% during the forecast period and is forecasted to hold a market share of 25% in the year 2028.
• Bluetooth, Radio Frequency Identification (RFID), and Wi-Fi are all technologies that can be connected via smartphones and used to control the movement of vehicles.
• Bluetooth held a market share of 15% in the year 2020, and Wi-Fi is forecasted to hold a market share of 12% in the year 2028.
• China, Japan, and South Korean regions are focusing on developing, testing, and deploying biometric system authentication. Hyundai in South Korea has already been successful in launching fingerprint biometric in cars.
• These research and development in automotive in the APAC region are encouraging the growth of the market in this region. Asia Pacific is forecasted to have the highest CAGR of 13.0% during the forecast period.

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For the purpose of this report, Reports and Data have segmented into the global Vehicle Access Control market on the basis of Vehicle Type, Technology, Application, and Region:

Vehicle Type Outlook (Revenue, USD Billion; 2020-2028)
• Passenger Cars
• Light Commercial Vehicles
• Heavy Commercial Vehicles

Technology Outlook (Revenue, USD Billion; 2020-2028)
• Biometric
• Non-Biometric
• Near Field Communication (NFC)
• Bluetooth
• Radio Frequency Identification (RFID)
• Wi-Fi

Application Outlook (Revenue, USD Billion; 2020-2028)
• Traffic management
• Sensitive sites/Facilities/Zones
• Toll Ways
• Commercial Buildings
• Residential Buildings
• Others

Regional Outlook (Revenue, USD Billion; 2020-2028)
• North America
• U.S.
• Europe
• UK
• France
• Asia Pacific
• China
• India
• Japan
• Latin America
• Brazil

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Reason to Buy

• Save and reduce time carrying out entry-level research by identifying the growth, size, leading players and segments in the global Vehicle Access Control market.
• Highlights key business priorities in order to guide the companies to reform their business strategies and establish themselves in the wide geography.
• The key findings and recommendations highlight crucial progressive industry trends in the Vehicle Access Control market, thereby allowing players to develop effective long term strategies in order to garner their market revenue.
• Develop/modify business expansion plans by using substantial growth offering developed and emerging markets.
• Scrutinize in-depth global market trends and outlook coupled with the factors driving the market, as well as those restraining the growth at a certain extent.
• Enhance the decision-making process by understanding the strategies that underpin commercial interest with respect to products, segmentation and industry verticals.

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