Vehicle Access Control industry to grow at CAGR of 11.6 %
Posted by aiden lowther95 on March 5th, 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.
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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”
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.
Also See: Vehicle Access, Control Market, Access Control, Control Systems, Vehicle, Systems, Market
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