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, November 16, 2021 /EINPresswire.com/ — 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 automotives 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 Reasons to Buy the Report:
The report analyzes the global consumption rate in terms of value and volume.
It comprehensively studies the key segments and sub-segments of the.
The report is presents a detailed study of the intensely competitive landscape of the.
The report offers vital information on the leading industry players, along with their values, sales volumes, and business growth strategies.
Furthermore, the report highlights the strategic developments taking place in the global during the forecast period, such as expansions, agreements, mergers & acquisitions, and new product launches.
Table of Content:
Chapter 1. Market Synopsis
1.1. Market Definition
1.2. Research Scope & Premise
1.4. Market Estimation Technique
Chapter 2. Executive Summary
2.1. Summary Snapshot, 2020-2028
Chapter 3. Indicative Metrics
Chapter 4. Vehicle Access Control Market Segmentation & Impact Analysis
4.1. Vehicle Access Control Market Material Segmentation Analysis
4.2. Industrial Outlook
4.2.1. Market indicators analysis
4.2.2. Market drivers analysis
22.214.171.124. Need for protection of vehicles against theft
126.96.36.199. Increase in electric cars
188.8.131.52. Rise in demand for smart connected cars
4.2.3. Market restraints analysis
184.108.40.206. Electronic failure in biometric system
220.127.116.11. High cost of vehicle access control systems
4.3. Technological Insights
4.4. Regulatory Framework
4.5. ETOP Analysis
4.6. Porter’s Five Forces Analysis
4.7. Competitive Metric Space Analysis
4.8. Price trend Analysis…
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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.
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.
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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)
Light Commercial Vehicles
Heavy Commercial Vehicles
Technology Outlook (Revenue, USD Billion; 2020-2028)
Near Field Communication (NFC)
Radio Frequency Identification (RFID)
Application Outlook (Revenue, USD Billion; 2020-2028)
Regional Outlook (Revenue, USD Billion; 2020-2028)
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Source: EIN Presswire