A new market analysis released by India-based research management consultant Mordor Intelligence predicts that the global vehicle access control market will grow by an average compounded annual growth rate (CAGR) of 11 percent between the years 2020 and 2025.
The report, titled “Global Vehicle Access Control Market: Growth, Trends and Forecasts (2020-205)”, predicts that, over the course of the forecast period, biometrics-based systems are expected to grow into the largest segment of the vehicle access control market.
Noting that remote lock control systems are currently a popular vehicle access method, the report writes that these systems pose the risk “of keys and the remote being stolen which can give an easy access to the vehicle,” and that the advantage of biometric-based authentication solutions is that “the credentials required for accessing the vehicle cannot be stolen from the user.”
There is, however, acknowledgement by Mordor that biometric systems are currently limited to premium car manufacturers due to the increased cost to the vehicle price associated with their implementation.
The report also credits the high accuracy rate of biometric authentication systems as a reason for their growth within the market, and notes that such solutions are going beyond use cases for locking and unlocking vehicles to include remote starting as well, citing as an example a Hyundai Motor Corp development from December of 2019 that allows users to unlock their car and start the engine with a single touch.
In terms of the factors driving the overall growth of the vehicle access market, the reports points to the growth of vehicle theft rates in the key U.S. and U.K. markets, and the sale of passenger vehicles and light commercial vehicles.
Finally, the rising income rate in the APAC region — which is expected to lead globally in terms of CAGR — is highlighted as a key growth factor, as well as the region’s continued investment in new innovations in vehicle access control, including substantial collaboration between OEMs and biometric authentication solutions manufacturers.