Automotive Biometric Market Growth & Opportunity Analysis through Various Segments by 2024

Increase in theft in passenger cars propels the market growth of the automotive biometric market. As passenger cars do not have much of a security, except a central locking system, the inclusion of biometric segment is projected to be of vital importance. The installation of biometric technology in compact cars can help in the reduction of car thefts involved with the incorporation of technologies such as fingerprint scanner.

Since, fingerprints are not easily traceable, the chances of hacking the car is less. The authorized driver who are pre-registered with the biometric system will only be able to access the vehicle.

The global automotive biometric market was valued at $476 million in 2017, and is projected to reach at $1,128 million by 2024, growing at a CAGR of 12.0% from 2018 to 2024.

The need for better security management impacts both the developed and the developing economies to protect themselves from unknown entities such as theft or other disturbing activities. Major players in the biometric technology plan to establish themselves in emerging markets.

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The different technologies used in the automotive biometric access systems are fingerprint scanner, facial recognition, voice recognition, and others. However, as the installation cost of biometric devices is high, there is a possibility that only certain car manufacturer can afford this technology in the cars to full extent. This acts as a restraint for the growth of the automotive biometric systems market.

Key Benefits:

•This study comprises analytical depiction of the global automotive biometric market with current trends and future estimations to depict the imminent investment pockets.

•The overall market potential is determined to understand the profitable trends to gain a stronger foothold.

•The report presents information related to key drivers, restraints, and opportunities with a detailed impact analysis.

•The current market is quantitatively analyzed from 2018 to 2024 to benchmark the financial competency.

•Porter’s Five Forces analysis illustrates the potency of the buyers and suppliers in the industry.

Top Impacting Factors:

Increase in Need for Safety-
A major factor that drives the growth of the automotive biometric vehicle access system market is the high rate of accuracy as it asks for biological evidences such as fingerprint scan, face & others, hence, increasing the level of safety. Biometric access system does not ask for passwords, which makes it difficult to be hacked or stolen. Moreover, hackers cannot easily track down the passwords as the access is given on the owner’s recognition. In addition, biometric vehicle systems are easier and faster with respect to the operating pace. Some of the car manufacturers such as Ford, BMW, Mercedes-Benz, and Volkswagen plan to incorporate the biometric system in the cars for the safety and convenience of the customers.

Developments in the Emerging Markets-
The need for better security management impacts both the developed and the developing economies to protect themselves from unknown entities such as theft or other disturbing activities. Major players in the biometric technology try to establish themselves in the emerging markets.

High Installation Cost-
The different technologies used in the automotive biometric access systems are fingerprint scanner, facial recognition, voice recognition, and others. However, as the installation cost of biometric devices are high, there is a possibility that only certain car manufacturers can afford this technology in the cars. This acts as a restraint for the growth of the automotive biometric systems market.

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Key Segments:

By Technology
•Fingerprint Scan
•Voice Recognition
•Face Recognition
•Others

By Vehicle Type
•Passenger Car
•Commercial Vehicle

By Region
•North America
•Europe
•Asia-Pacific
•LAMEA

Key Market Players:
•Hitachi, Ltd.
•Fujitsu Limited
•Nuance Communications
•Voxx International Corporation
•Safran S.A.
•Synaptics Incorporated
•ASSA ABLOY AB (HID Global Corporation)
•BioEnable Technologies Pvt. Ltd.
•Fingerprint Cards AB (publ)
•Methode Electronics, Inc.

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