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Vehicle Access Control Market Anticipated To Reach $17.3 Billion By 2025: Grand View Research, Inc.

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Vehicle Access Control Market Anticipated To Reach $17.3 Billion By 2025: Grand View Research, Inc.

November 26
16:10 2019
Vehicle Access Control Market Anticipated To Reach $17.3 Billion By 2025: Grand View Research, Inc.

Grand View Research, Inc. – Market Research And Consulting.
According to report published by Grand View Research, The increase in the rate of vehicle theft across developing and developed countries is emerging as one of the major factors that are anticipated to drive the vehicle access control market growth over the forecast period.

The global vehicle access control market size is expected to reach USD 17,257.9 million by 2025, registering a CAGR of 10.6% from 2019 to 2025, according to a new report by Grand View Research, Inc. Growing concerns over safety and security of vehicles in developing as well as developed nations are expected to drive the demand for access control systems for vehicles over the forecast period. Vehicle access control solutions can also contribute toward efficient traffic management as they can also be used to control vehicle access across tollways, bridges, and public buildings, thereby driving the market growth.

The rising instances of car thefts all over the world are particularly necessitating the installation of vehicle access control systems. For instance, a total of 773,139 vehicles were stolen in the U.S. in 2017, which was approximately 1% higher than the previous year. Improved security features offered by the modern vehicle access control systems is particularly encouraging car owners to equip their cars with these systems.

The biometric segment is expected to witness the fastest growth owing to the ability of biometric systems to ensure a high level of security for vehicles. Biometric solutions can be based on various technologies, such as fingerprint recognition, face recognition, and iris recognition. Given that biometrics, such as fingerprints and irises, are characteristic to every individual and are unique and unrepeatable, any solution based on biometrics can provide unmatched security.

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Key Takeaways from the report:

  • Implementation of innovative vehicle access control technologies, such as keyless entry, tracking, and fingerprint-enabled ignition switch, to enhance the driver’s experience is expected to drive the market growth

  • The tollways segment dominated the vehicle access control market in 2018 and is expected to witness healthy growth over the forecast period owing to the continued implementation of RFID systems across highways to improve the traffic management

  • The commercial buildings segment is expected to witness the fastest growth owing to the growing need to prevent unknown or unauthorized people from bringing their vehicles inside commercial buildings

  • The Asia Pacific regional market is expected to register the fastest growth over the forecast period as manufacturers in the region are trying aggressively to reduce the deployment costs so that these systems can also be featured in low- and mid-end cars

  • Key market players, such as Continental AG, Robert Bosch GmbH, Hella GmbH, Nuance Communication, Smartrac N.V., and Lear Corporation, are pursuing various strategies to strengthen their foothold in the market.

North America vehicle access control market size, by technology, 2014 - 2025 (USD Million)

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Grand View Research has segmented the global vehicle access control market based on technology, application, and region:

Vehicle Access Control Technology Outlook (Revenue, USD Million, 2014 – 2025)

  • Biometric

  • Non-Biometric

  • RFID

  • Others

Vehicle Access Control Application Outlook (Revenue, USD Million, 2014 – 2025)

  • Tollways

  • Commercial Buildings

  • Residential Buildings

  • Others

Vehicle Access Control Regional Outlook (Revenue, USD Million, 2014 – 2025)

  • North America

    • U.S.

    • Canada

  • Europe

    • U.K.

    • Germany

    • France

  • Asia Pacific

    • China

    • India

    • Japan

  • Latin America

    • Brazil

    • Mexico

  • Middle East & Africa

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About Grand View Research, Inc.

Grand View Research provides syndicated as well as customized research reports and consulting services on 46 industries across 25 major countries worldwide. This U.S.-based market research and consulting company is registered in California and headquartered in San Francisco. Comprising over 425 analysts and consultants, the company adds 1200+ market research reports to its extensive database each year. Supported by an interactive market intelligence platform, the team at Grand View Research guides Fortune 500 companies and prominent academic institutes in comprehending the global and regional business environment and carefully identifying future opportunities.

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