Exclusive Report Expects Rapid Growth for the Vehicle Access Control Market

Exclusive Report Expects Rapid Growth for the Vehicle Access Control Market

MarketsandMarkets says the worth of the vehicle access control market could reach $22.6 billion by 2027.

Due to a high demand for vehicle security and safety features, MarketsandMarketsTM predicted large growth for the vehicle access control market in the next eight years. The passenger car, biometric systems, and Asia Pacific market are predicted to be where the largest growth will lie in the following years.

MarketsandMarketsTM said security in passenger cars has become increasingly popular over the past few years, as consumers are beginning to use advanced features such as keyless entry, immobilizer, stolen vehicle assist, and alarm. This increase in demand for these security features stems from the rise in vehicle theft throughout the past few years.

“According to the Insurance Information Institute (III), there were 773,139 vehicles stolen in 2017, up by 0.8% from 767,290 vehicles in 2016,” the report stated. “One motor vehicle theft was reported every 40.9 seconds in the United States in 2017.”

Biometrics systems such as fingerprint access look like they will soon be coming to the market. These systems offer convenience and security to the consumer, and they also allow for multiple authentications. The first car to get fingerprint access will be Hyundai Santa Fe in the China market, according to MarketsandMarketsTM, and analysts have said that China will also be the first country to test face recognition.

There is an increasing demand for luxury vehicles in the Asia Pacific market, and because of this, it is predicted as the fastest growing market for vehicle access control. As stated above, China will be the first country to test biometrics systems on vehicles, and moreover, major players such as KIA, Aptiv, Nissan, and Hyundai are present in the Asia Pacific region.

About the Author

Kaitlyn DeHaven is the Associate Content Editor for the Infrastructure Solutions Group at 1105 Media.

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