PUBLISHER: AnalystView Market Insights | PRODUCT CODE: 1514971
PUBLISHER: AnalystView Market Insights | PRODUCT CODE: 1514971
Vehicle Access Control Market size was valued at USD 9,984.2 Million in 2023, expanding at a CAGR of 8.50% from 2024 to 2032.
The Global Vehicle Access Control Market is the industry that includes the technology, systems, and solutions used to manage and control access to cars. It entails the adoption of a variety of security measures and systems to ensure permitted entry and prevent unauthorized access to cars. Vehicle access control systems are intended to improve vehicle security, reduce theft, and safeguard important goods. These systems utilize a variety of technologies, including keyless entry systems, biometric authentication, RFID (Radio Frequency Identification) tags, smart cards, and vehicle immobilizers. They are often built into automobiles or installed in parking lots, apartment complexes, business buildings, and other locations where vehicle access must be controlled.
Vehicle Access Control Market- Market Dynamics
Increasing Penetration of Smartphones and Other Smart Devices will Drive the Market
The advancement of technology has led to an increase in the number of smartphone users around the world. According to the GSM Association's research 'The Mobile Economy 2020', there were roughly 5.2 billion smartphone users in 2019, accounting for 65% of the global population, and this figure is predicted to rise to 7.1 billion by 2025, accounting for 80% of the total. Furthermore, as mentioned in Ericsson's 'The Ericsson Mobility Report 2020', mobile network data traffic increased significantly every quarter in 2018. The growing reliance on smartphones and the internet for efficient connectivity has increased the use of vehicle access control.
Vehicle Access Control Market- Key Insights
As per the analysis shared by our research analyst, the global market is estimated to grow annually at a CAGR of around 8.50% over the forecast period (2024-2032)
Based on Type segmentation, non-biometric was predicted to show maximum market share in the year 2023
Based on Technology segmentation, the Radio frequency identification (RFID) segment is expected to register the highest revenue CAGR
On the basis of region, North America was the leading revenue generator in 2023
The Global Vehicle Access Control Market is segmented on the basis of Type, Technology, Application, and Region.
The market is divided into three categories based on Type: Biometric Systems, Non- Biometric Systems, and Others. The non-biometric segment held the greatest market share in 2023. Non-biometric vehicle access control systems include basic security and safety features including intrusion alarms, keyless entry, and stolen car assistance, among others, that allow owners to enter, secure, and monitor their vehicles conveniently. Because of their ease of deployment and usage, these systems are prevalent in low-end, mid-range, and luxury vehicles.
The market is divided into four categories based on Technology: Wi-Fi, RFID, NFC, and Bluetooth. The radio frequency identification (RFID) segment is predicted to have the greatest revenue CAGR over the projection period because to its low cost, ease of deployment in autos, and quick access permission for vehicle owners.
Vehicle Access Control Market- Geographical Insights
Geographically, this market is widespread into the regions of North America, Latin America, Europe, Asia Pacific, and the Middle East and Africa. These regions are further divided as per the nations bringing business. North America led the global market in 2023. Premium vehicles with built-in advanced access control systems are becoming increasingly popular in North America. As a result, automakers in the region are aggressively embracing the most advanced and creative car access control systems. Vehicle access control systems are also widely employed on tollways throughout North America to efficiently regulate highway traffic flow.
Asia Pacific is predicted to become the fastest-growing regional market, with a CAGR of more than 12% over the projection period. Automotive companies are investing heavily in research and development to minimize deployment costs so that these technologies are no longer limited to high-end vehicles and can be installed in low- and mid-end vehicles. In Asia Pacific's developing economies, low- and mid-range vehicles are especially popular.
In the competitive Vehicle Access Control market, numerous prominent companies have further positioned themselves to occupy leadership roles. Bosch Security Systems, Honeywell International Inc., Continental AG, and NXP Semiconductors are among the leading players in this market. These firms provide a wide range of access control products designed specifically for autos. They have provided secure access in an efficient manner using modern access management formats. Such innovative companies have maintained them one step ahead of the industry by providing the most recent technology and solutions to meet the growing demand for secure vehicle access control systems..
In December 2022, Continental's acquisition broadens the variety of belting services available in Sweden, resulting in a more comprehensive service offering.
GLOBAL VEHICLE ACCESS CONTROL MARKET KEY PLAYERS- DETAILED COMPETITIVE INSIGHTS
Denso Corporation
Valeo
Continental AG
Robert Bosch
Nuance Communication
Hella GmbH
Mitsubishi Electric
Lear Corporation
Synaptics Incorporated
Johnson Electric
Nuance Communication
Smartrac N.V.
Others