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LONDON, Feb. 01, 2024 (GLOBE NEWSWIRE) — The future of vehicular access is undergoing a transformative shift with the rapidly growing biometric vehicle access market. The Global Market Report for Biometric Vehicle Access 2024 by The Business Research Company unveils an impressive trajectory, predicting the market to ascend from $12.27 billion in 2023 to $14.17 billion in 2024, with a Compound Annual Growth Rate (CAGR) of 15.5%. The biometric vehicle access market’s remarkable growth in the historic period can be attributed to heightened security and anti-theft measures, increasing demand in the luxury vehicle segment, consumer preferences for convenience, corporate fleet management needs, and integration with smart car features.
Key Insights:
- Projected Growth: The biometric vehicle access market is poised for rapid growth, reaching $24.08 billion by 2028, with a CAGR of 14.2%. This surge is fueled by the rise in autonomous and shared mobility, regulatory emphasis on vehicle security, advancements in multi-modal biometrics, the influence of electric and connected vehicles, and expansion into mainstream vehicle segments.
- Trends in Forecast Period: Notable trends in the forecast period include enhanced security features for anti-spoofing, personalization and driver profile recognition, biometric integration in car-sharing and mobility services, focus on privacy and data security compliance, and research and development in behavioral biometrics.
- Luxury Vehicle Demand: Increasing demand for luxury vehicles is anticipated to propel the growth of the biometric vehicle access market, offering a seamless and personalized experience for vehicle owners.
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Stakeholder Utilization:
- Automakers and Technology Providers: Leverage insights from the market report to innovate and enhance security features, personalization options, and compliance with privacy and data security regulations.
- Fleet Management Companies: Implement biometric vehicle access systems to streamline corporate fleet management, ensuring secure and efficient vehicle access.
- Luxury Vehicle Manufacturers: Capitalize on the growing desire for luxury vehicles by incorporating advanced biometric access systems, offering a superior and personalized driving experience.
Major Companies: The biometric vehicle access market report highlights key players in the biometric vehicle access market, including Continental AG, Hyundai Mobis Co. Ltd., 3M Company, Fujitsu Ltd., NEC Corporation, NXP Semiconductors NV, and many more.
Strategic Acquisition: In September 2022, Harman International Industries, Inc. acquired Caaresys, expanding its automotive product offerings with consumer-centric digital cockpits, advanced driver assistance systems (ADAS) solutions, and in-cabin radar sensor technology.
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Regional Insights:
- Europe: Emerged as the largest region in the biometric vehicle access market in 2023.
- Asia-Pacific: Expected to be the fastest-growing region in the forecast period.
Market Segmentation: The biometric vehicle access market is segmented based on technology, authentication technology, and vehicle type, catering to diverse technological preferences and vehicle categories.
The Biometric Vehicle Access Global Market Report 2024 serves as an indispensable guide for stakeholders navigating the dynamic landscape of vehicular access technologies. As the biometric vehicle access market accelerates into the future, the report equips industry players, investors, and researchers with essential insights to make informed decisions and contribute to the evolution of automotive security and convenience.
Biometric Vehicle Access Global Market Report 2024 by The Business Research Company provides insights on the biometric vehicle access market size, biometric vehicle access market segments, biometric vehicle access market trends, drivers and restraints, major competitors’ market positioning, revenues and market shares.
The Business Research Company has published over 7,500+ industry reports, covering more than 2,500+ market segments and 60 geographies. The reports draw on 1,500,000 datasets, extensive secondary research, and exclusive insights from interviews with industry leaders.
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