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Biometric Vehicle Access Market Size, COVID-19 Impact Analysis, Regional Outlook, Application Development Potential, Price Trend, Competitive Market Share & Forecast, 2023 – 2032
- Report ID: GMI2337
Biometric Vehicle Access Market size is anticipated to expand at a considerable growth rate from 2023 to 2032 on account of the rising demand for automated safety and protection features in vehicles. Surging occurrences of car theft leading to increased safety & security concerns are driving the industry trends. Automobile manufacturers are installing fingerprint sensors, hand geometry, and voice recognition system to improve anti-theft systems in automobiles.
Notably, improvements in vehicle technology for rapid authentication as well as comprehensible high-end security system is escalating the industry demand. Design standards specified by International Electrotechnical Commission (IEC) and International Organization for Standardization (ISO) ensure the operationality of the system resulting in enhanced performance. However, concerns associated with owner data security and threats arising out of increasing electronic components in automobiles are restricting the market growth. System dysfunctionality resulting in system failure and false authentication is likely to limit the technology adoption by 2032.
Design standards such as Bio API enable the system to perform enrollment and verification of the owner’s identity efficiently. Continuous technical upgradation paves growth opportunities for manufacturers to provide reliable & efficient authentication systems. Reducing the manufacturing and installation cost of the system is a major challenge for biometric vehicle access market participants. Electronic components and design complexity increase the cost of the overall system, which leads to less requirement among cost-sensitive consumers.
Recently, the Russian-Ukrainian conflict posed a threat to the security and safety of vehicles and increased the demand for security technologies in Ukraine and other impacted countries due to potential threats including theft, sabotage, and espionage. However, economic sanctions and political tensions between countries resulted in substantial uncertainties in businesses impacting the development of new technologies in these regions. Moreover, the global rise in inflation influenced the cost of system components, elevating product prices.
Based on authentication, the biometric vehicle access market is categorized into face recognition system, fingerprint recognition, iris recognition and hand geometry. Fingerprint technology holds the maximum share owing to its simplified operation. However, major automobile OEMs including Mercedes-Benz and Volkswagen deploying fingerprint authentication in their premium and luxury automobiles is foreseen to complement segment expansion.
Based on vehicle, the industry is categorized into PCV, LCV, and HCV. Escalating demand for sedans, hatchbacks, SUVs, and electric cars is supporting the revenue growth of PCVs. The commercial automobile segment progression is driven by increasing safety concerns regarding the goods and freight transported.
Based on application, the biometric vehicle access market is divided into door, steering wheel, car mirror, and onboard. Door biometric access is expected to dominate the overall industry during the forecast period as it is crucial for safety and provides first access to vehicles. Favorable efforts to boost driver control in automobiles are projected to foster the demand for steering wheel biometric access by 2032.
Asia Pacific is also estimated to exhibit a significant growth rate backed by escalating premium passenger car demand. China leads the global electric vehicle industry and is expected to continue its dominance for EVs during 2023-2032. A positive outlook for hybrid and electric passenger cars in Japan and China is also poised to increase the revenue share. Frequent theft instances demanding enhanced security are further supporting the APAC biometric vehicle access market outlook.
Major manufacturing companies in the biometric vehicle access industry landscape are Techshino, Synaptics, Miaxis (Xinguodu), BIODIT, Olea Sensor Networks, BioEnable, Denso, FPC, EyeLock, Nymi Sonavation (Innominds), IriTech, KeyLemon, Fujitsu, NEC, Safran, Nuance (Microsoft), HID Global, VOXX. These firms majorly engage in strategic acquisitions and portfolio expansion programs to attain a competitive edge.
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