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.
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A list of all the renowned vehicle access control operating in the global market:
Continental AG
Robert Bosch GmbH
Denso Corporation
Valeo
Nuance Communications, Inc.
Lear Corporation
Mitsubishi Electric Corporation
NXP Semiconductors
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.
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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.
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