Rockville, March 14, 2023 (GLOBE NEWSWIRE) -- Fact.MR, a market research and competitive intelligence provider, reveals that the global vehicle access control market is anticipated to reach US$ 25 billion by the end of 2033, expanding rapidly at 9.6% CAGR from 2023 to 2033.
Vehicle access control allows property managers to ensure that only authorized vehicles enter and exit a property while prohibiting unauthorized people from entering. It is commonly employed to provide safety and security in areas where automobiles are prevalent, such as gated communities and parking garages. Vehicle access control systems can be as simple as a guard gate with a manual gate arm or as elaborate as an automated system with a card reader. This system can regulate access utilizing a variety of technologies, including barcodes, magnetic stripes, biometric scanning, and RFID tags.
Increasing security requirements for both residential and commercial entry gates are raising the demand for vehicle access control systems. Apart from residential and commercial buildings, these systems are commonly employed on toll roads. This aids in tollway traffic management by decreasing congestion on the roads.
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The global vehicle access control market is expanding rapidly as a result of rising vehicle manufacturing and increasing electric vehicle sales. Furthermore, increasing car theft incidents is a major factor driving market expansion. The use of advanced vehicle access control systems to assure vehicle security and deter vehicle theft is moving the global vehicle access control industry forward. Moreover, technological progress allows users to access these systems via biometric and non-biometric technologies.
Biometric systems allow for easy access and aid in the elimination of car theft attempts. A biometric system can be set up to deliver a personalized user experience. As a result, biometric systems are widely employed in both passenger and luxury vehicles, which is projected to fuel the market expansion in the coming years.
Major automotive companies' increased investments to minimize the cost of installation of such systems, expanding demand for greater security and safety features, and growing preference for premium automobile models are estimated to contribute considerably to market growth.
Key Takeaways from Market Study
- The global vehicle access control market is valued at US$ 10 billion in 2023.
- Worldwide demand for vehicle access control systems is projected to increase at a CAGR of 9.6% during the forecast period (2023 to 2033).
- Global sales of vehicle access control systems are forecasted to reach US$ 25 billion by 2033.
- The United States market accounted for a valuation of US$ 3 billion in 2022.
- The biometric segment is projected to grow substantially over the next ten years.
“Increasing concern about vehicle theft in both developed and emerging countries is projected to drive global vehicle access control market expansion. Customers are looking for innovative vehicle access control solutions as technology advances. Furthermore, automotive businesses, both high-end and low-end, are investing in the development of advanced control systems, which is expected to boost market growth,” says a Fact.MR analyst.
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Regional Analysis
North America is leading the global vehicle access control market. The United States is a major market in North America due to an increase in car thefts. Moreover, Europe and Asia Pacific are following North America in terms of growth.
The market in Asia Pacific is witnessing growth due to increasing vehicle production, growing demand for high-end autos, and heightened awareness of the security advantages of vehicle access control solutions.
Competitive Landscape
The global market is highly competitive. Key players in the vehicle access control market are focusing on strategic collaborations and expanding R&D initiatives targeted at developing cost-efficient but highly secure vehicle access solutions. Furthermore, various start-ups are emerging in the global market.
- StradVision collaborated with System-on-Chip (SoC) solution provider, Socionext, to make its deep learning-based camera perception product, SVNet, available worldwide in September 2021. Under this collaboration, the companies will provide object identification technology to the Advanced Driver Assistance Systems (ADAS) and autonomous driving markets, as well as hardware and software specialized for deep learning. Vehicles will be able to identify and distinguish various objects on the road in any weather conditions.
- Continental AG received production orders for its CoSmA smartphone-centered vehicle access control system from three prominent automotive makers in June 2020, with the makers intending to incorporate the technology into their forthcoming vehicle lines.
- Tesla released a new vehicle access option in June 2020, allowing four individuals other than the owner to unlock and enter the vehicle via Tesla's smartphone application.
Key Companies Profiled
- Denso Corporation
- dormakaba International Holding AG
- Continental AG
- Axis Communications AB
- CalAmp Corporation
- Alps Alpine Co., Ltd
- Automatic Systems S.A
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More Valuable Insights on Offer
Fact.MR, in its new offering, presents an unbiased analysis of the global vehicle access control market, presenting historical demand data (2018 to 2022) and forecast statistics for the period (2023 to 2033).
The study divulges essential insights on the market based on system (non-biometric systems, biometric systems), technology (NFC, Bluetooth, RFID, Wi-Fi), and vehicle type (passenger cars, light commercial vehicles, heavy commercial vehicles, electric vehicles), across five major regions of the world (North America, Europe, Asia Pacific, Latin America, and the Middle East & Africa).
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