Selbyville, Delaware, Feb. 20, 2024 (GLOBE NEWSWIRE) --
The biometric vehicle access systems market valuation is projected to be worth USD 2.5 billion by 2032, as reported in a research study by Global Market Insights Inc.
The increasing adoption of electric vehicles (EVs) is expected to propel the industry growth. With the global automotive landscape shifting towards sustainable transportation, the integration of advanced technologies, including biometric access systems is significantly rising. EV manufacturers prioritize cutting-edge features and biometric systems to offer secure and convenient access to vehicles. Furthermore, for advancing the automobile sector, several market players are creating novel solutions by integrating state-of-the-art technology with aesthetically pleasing designs, propelling the market growth. For instance, in January 2024, Continental launched the Face Authentication Display for setting a new benchmark for vehicle access management using enhanced biometric user recognition.
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The biometric vehicle access systems market from the facial recognition segment is anticipated to witness high demand from 2024 to 2032, due to its accuracy and high speed. The integration of facial recognition technology in vehicle access systems helps enhance security and convenience for users. Automakers are prioritizing advanced and contactless access solutions, further contributing to the growing acceptance of facial recognition owing to its seamless authentication process for unlocking doors and starting vehicles. Additionally, the increasing consumer demand for sophisticated and secure features will boost the segment growth.
The biometric vehicle access systems market from the keyless entry systems segment will likely to depict notable growth through 2032. The integration of biometrics into keyless entry systems offers improved vehicle security and convenience. Biometric verification methods, such as fingerprint and facial recognition provide seamless and secure access, in replacing traditional key fobs. The rising demand for advanced and user-friendly access solutions in modern vehicles coupled with the increasing adoption of smart and connected technologies will foster the industry expansion.
Asia Pacific biometric vehicle access systems market recorded USD 255 million in 2023, attributed to the technological advancements, rising automotive sales, and an increasing focus on security. The growing awareness among consumers about advanced vehicle security solutions and the surge in affordability are fueling the adoption of biometric access systems. Additionally, the increasing government emphasis on stringent security measures coupled with the growing concerns about vehicle theft and the greater need for seamless and convenient access will further accelerate the regional market expansion.
Some of the major firms operating in the biometric vehicle access systems market are BioKey International, Inc., VOXX International Corporation, Fujitsu Ltd, NEC Corporation, Antolin, Hitachi Ltd, Thales Group, Synaptics Incorporated, Fingerprints AB, and Biometric Vox. These companies are focusing on continuous advancements in fingerprint recognition, facial recognition, and other biometric technologies to offer more accurate and reliable vehicle access systems. For instance, in March 2022, EyeLock LLC, a subsidiary of VOXX International Corporation, introduced the NanoAccess™ access control system, featuring several biometric features.
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Partial chapters of report table of contents (TOC):
Chapter 1 Methodology & Scope
1.1 Market scope & definition
1.2 Base estimates & calculations
1.3 Forecast calculation
1.4 Data sources
1.4.1 Primary
1.4.2 Secondary
1.4.2.1 Paid sources
1.4.2.2 Public sources
Chapter 2 Executive Summary
2.1 Biometric vehicle access systems market 3600 synopsis, 2018 - 2032
2.2 Business trends
2.2.1 Total Addressable Market (TAM), 2024 - 2032
2.3 Regional trends
2.4 Type trends
2.5 Vehicle type trends
2.6 Application trends
Chapter 3 Biometric Vehicle Access Systems Market Insights
3.1 Industry ecosystem analysis
3.2 Suppliers landscape
3.2.1 Component providers
3.2.2 Manufacturers
3.2.3 Technology providers
3.2.4 Distributors
3.2.5 End-user
3.3 Profit margin
3.4 Technology & innovation landscape
3.5 Construction statistics
3.6 Patent analysis
3.7 Key news and initiatives
3.7.1 Partnership/Collaboration
3.7.2 Merger/Acquisition
3.7.3 Investment
3.7.4 Product launch & innovation
3.8 Regulatory landscape
3.9 Impact forces
3.9.1 Growth drivers
3.9.1.1 Growing concerns for vehicle security
3.9.1.2 Advancements in biometric technology
3.9.1.3 Rise in adoption of autonomous vehicles
3.9.1.4 Prevalence of car-sharing and ride-hailing services
3.9.1.5 Introduction of government regulations and standards
3.9.2 Industry pitfalls & challenges
3.9.2.1 Concerns related to security
3.10 Growth potential analysis
3.11 Porter’s analysis
3.12 PESTEL analysis
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About Global Market Insights Inc.
Global Market Insights Inc., headquartered in Delaware, U.S., is a global market research and consulting service provider, offering syndicated and custom research reports along with growth consulting services. Our business intelligence and industry research reports offer clients with penetrative insights and actionable market data specially designed and presented to aid strategic decision making. These exhaustive reports are designed via a proprietary research methodology and are available for key industries such as chemicals, advanced materials, technology, renewable energy, and biotechnology.
