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The global vehicle access control market size is projected to reach USD 12.45 billion by 2027. The increasing cases of vehicle thefts worldwide are set to affect growth positively. As per a 2019 report by the National Insurance Crime Bureau (NICB), the number of vehicle thefts with fobs or keys surged to 229,339 between January 2016 and December 2018 in the U.S. Fortune Business Insights™ published this information in a new report, titled, “Vehicle Access Control Market Size, Share & COVID-19 Impact Analysis, By Type (Biometric System, Non-Biometric System), By Technology (RFID, NFC, Bluetooth, Others), By Vehicle Type (Passenger Car, Commercial Vehicle) and Regional Forecast, 2020-2027.” The report further states that the market stood at USD 9.61 billion in 2019. However, it is set to exhibit a CAGR of 6.6% during the forecast period between 2020 to 2027.
Tesla Introduces Brand New Feature to Provide Car Access to Another Driver
In June 2020, Tesla, an electric vehicle and clean energy company based in the U.S. rolled out a new feature called Car Access to enable Tesla car owners to provide access to their vehicles to another driver. This unique vehicle access control feature grants an additional person access to all Tesla app features and the vehicles, except purchasing upgrades and requesting roadside assistance. Users will have to log into their Tesla accounts and enter the driver’s name and email address under Car Access.
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Rapid Technological Developments in Biometric Authentication to Drive Growth
The false rejection rate (FRR) and false acceptance rate (FAR) of various biometric access control systems such as iris and fingerprint recognition have enhanced significantly since the past few years. The National Institute of Standards Technology (NIST) stated that facial recognition gained an FRR of 1.1% in the U.S. in 2019. The constant technological advancement to introduce novel biometric authentication features would spur the vehicle access control market growth in the near future. However, the COVID-19 pandemic has compelled manufacturers to focus more on reducing innovation funding and managing day-to-day cash flow. It has also disrupted the supply chain of numerous companies. This would hamper the demand for vehicle access control systems.
Key Companies Focus on New Product Development & Strategic Partnership to Intensify Competition
The market research report presents the profiles of various prominent vehicle access control system providers, such as Denso Corporation, Continental AG, Valeo, Nuance Communications, and Robert Bosch GmbH. They are mainly focusing on introducing cost-effective and highly secured vehicle access control systems that can be installed in light commercial vehicles, as well as premium cars through research and development activities. Some of the other key players in the competitive landscape are aiming to indulge in strategic partnerships to strengthen their positions in the market.
Fortune Business Insights™ lists out the names of all the reputed vehicle access control system manufacturers operating in the global market. They are as follows:
A Notable Industry Development-
Further Report Findings-
The global market report for vehicle access control can be segmented in the following way:
Value (USD Million) & Volume (Thousand Units)
By Vehicle Type