Vehicle Access Control Market is worth US$ 9,317 million and anticipated to grow nearly at a CAGR of 11.6 % to reach US$ 21,928 Million by 2026.
Published | 03 March 2020
According to BlueWeave
Consulting, the Global Vehicle Access Control Market is expected to grow at a
significant rate during the forecast period. The Global Vehicle Access Control
Market is projected to reach the valuation of US$ 21,928 million by the year
2026 by growing at a CAGR of 11.6 % during the forecast period 2020- 2026. The
market is growing owing to various factors.
The key driver of the market
for vehicle access control systems is the increase in demand for robust
security and safety controls, which has driven companies around the world to
introduce innovative safety solutions based on technology. The growing concern
for vehicle safety, the rising production of PCs and LCVs, and the increasing
demand for electric vehicles have led to a rise in the market. Premium car
models would provide another viable and competitive revenue stream for vehicle
access based biometric systems in the automotive industry in the future.
Vehicles have become a critical and vulnerable part of the day-to-day
operations of any business, and it has become essential to track and track the
movement of cars in and out of locations. Besides, rising crime rates are
another factor that fuels the global market for vehicle access control systems.
The implementation of
advanced vehicle access control technologies, such as keyless entry,
monitoring, and fingerprint-enabled ignition switches, to enhance driver
experience is expected to drive market growth. However, the high maintenance
costs associated with these systems are expected to hinder the market growth of
Vehicle Access Control Market in the forthcoming years. Integrating biometric
access control systems into a vehicle may be a challenging task for car
companies, end-users may also find it challenging to get to know the latest and
creative vehicle access control systems, which may also deter the growth of
Vehicle Access Control Market.
The
non-biometric system segment in Type is expected to grow at the highest rate
during Forecast horizon
Based on Type, the
non-biometric system segment is projected to be the largest and fastest-growing
market since the system uses automotive sensors, which are a robust and less
costly technology. The demand for safety features and reliability is expected
to fuel the market, as the sensors used for VAC are relatively simple and can
be used in applications such as keyless entry, making it easy for OEMs to
incorporate such features in almost all premium models.
Advancement
in the Technology
The emergence of the cloud
and the Internet of Things (IoT) has had a huge impact on the entire security
industry as a whole, and this certainly involves the demand for access control.
In the past, these technical advances have opened up new possibilities for
traditional access control schemes, such as remote monitoring, less complex
scales, and central reporting / management.
Increasing
Threats due to rising crime rates
The rise in the instances of
vehicle thefts all over are compelling the consumers to install the vehicle
access control systems. The improved safety features provided by modern vehicle
access control systems to facilitate car owners to outfit their vehicles with
these devices. Both in the developing and developed countries, people are more
concerns about the safety and security of the vehicles, which is propelling the
demand for vehicle access control systems over the forecast period.
North
America accounts for the lion’s share of the global Vehicle Access Control
market during the anticipated period.
By geography, the global
Vehicle Access Control Market segregated into North America, Europe, Asia
Pacific, Middle East & Africa, and Latin America. Asia Pacific is projected
to expand at a significant CAGR during the forecast period due to the growing
industrialization, commercialization, and high demand for safety systems that
are boosting the market for vehicle access control systems in the region. North
America is expected to hold a majority share of the global market for vehicle
access administration systems and is expected to maintain its dominant position
during the forecast period due to the trend towards early adoption of
technology.
Vehicle
Access Control Market: Competitive Landscape
The major market players in
the Global Vehicle Access Control are • Denso
Corporation, Valeo, Continental AG, Robert Bosch, Nuance Communication,
Automatic Systems, T3 Security Integration Pte Ltd., Securax Tech Solutions
Pvt. Ltd., Kambar Technologies, Nedap N.V., Avon Barrier Corporation Ltd,
Guangzhou COMA Electronics Co.Ltd., Nasatka Security, Vehicle Access Systems Ltd.,
and other Prominent Players are expanding their presence in the market by
implementing various innovations and technologies.
Explore full report with
detailed Table of Contents (TOC), “Global
Vehicle Access Control Market Size, By Type (Biometric System, and
Non-Biometric System), By Vehicle Type (PC, LCV, and HCV), By Technology
(Bluetooth, NFC, RFID, and Wi-Fi), By Application (Traffic management,
Sensitive sites, Toll ways, Commercial buildings, Residential buildings, and
Others), and by Region (North America, Europe, Asia Pacific, Middle East &
Africa and Latin America); Trend Analysis, Competitive Market Share &
Forecast, 2016-26”
At
The in-depth analysis of the
report provides the growth potential, upcoming trends, and statistics of
Vehicle Access Control market size & forecast. The report promises to
provide state-of-the-art innovations of Vehicle Access Control production and
industry insights, which help decision-makers to make sound strategic
decisions. Furthermore, the report also analyzes the market drivers,
challenges, and competitive analysis of the market.
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Publish Date: March 2020
Global Vehicle Access Control Market is worth USD 9,317 million and anticipated to grow nearly at a CAGR of 11.6 % to reach US$ 21,928 Million by 2026. The key driver of the market for vehicle access control systems...
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