Biometric Vehicle Access Market Competitive And Growth Analysis 2024 | Continental AG, Hyundai Mobis Co. Ltd., 3M Company, Fujitsu Ltd., NEC Corporation

"The biometric vehicle access market size has grown rapidly in recent years. It will grow from $12.27 billion in 2023 to $14.17 billion in 2024 at a compound annual growth rate (CAGR) of 15.5%. The growth in the historic period can be attributed to security and anti-theft measures, luxury vehicle segment demand, consumer preference for convenience, corporate fleet management needs, integration with smart car features..

The biometric vehicle access market size is expected to see rapid growth in the next few years. It will grow to $24.08 billion in 2028 at a compound annual growth rate (CAGR) of 14.2%. The growth in the forecast period can be attributed to rise in autonomous and shared mobility, regulatory emphasis on vehicle security, advancements in multi-modal biometrics, influence of electric and connected vehicles, expansion into mainstream vehicle segments.. Major 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, research and development in behavioral biometrics..

Market Overview -
Biometric vehicle access refers to a security and authentication system that utilizes biometric technology to grant individuals access to a vehicle. It involves the measurement and analysis of a person's unique physical or behavioral characteristics to confirm their identity, ensuring that only authorized individuals can enter or operate a vehicle.

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Rising Car Theft Rates Fuel Growth In The Biometric Vehicle Access Market
The surging occurrences of car theft are expected to propel the growth of the biometric vehicle access market going forward. Car theft is the illegal acquisition of another person's car without that person's consent or legal authorization. Biometric vehicle access provides a highly secure and individualized method of vehicle entrance, making it an effective deterrent against vehicle theft. For instance, in March 2023, according to the National Insurance Crime Bureau, a US-based non-profit organization for combating insurance fraud and theft, monthly national vehicle theft consistently exceeded 75,000, with a total of over 1 million vehicles stolen in 2022, marking a 7% increase compared to 2021. Therefore, the surging occurrences of car theft drive the biometric vehicle access market.

Competitive Landscape -
Major companies operating in the biometric vehicle access market report are Continental AG, Hyundai Mobis Co. Ltd., 3M Company, Fujitsu Ltd., NEC Corporation, NXP Semiconductors NV, Hella KGaA Hueck & Co., Visteon Corporation, IDEMIA Group, Gentex Corporation, Synaptics Inc., HID Global Corporation, VOXX International Corporation, SRI International Inc., Shenzhen Goodix Technology Co. Ltd., ZKTeco Co. Ltd., Egis Technology Inc., Fingerprint Cards AB, Suprema Inc., Sonavation Inc., IriTech Inc., BIO-key International Inc., Green Bit S.p.A., SecuGen Corporation, IDEX Biometrics ASA

Key Players In Biometric Vehicle Access Focus On Barrier-Free Verification
Major companies operating in the biometric vehicle access market focus on developing innovative solutions, such as barrier-free biometric verification, to provide reliable services to their customers. Barrier-free biometric verification applies biometric authentication techniques to offer easy and secure access without physical barriers, tokens, or other devices. For instance, in March 2023, IDEMIA, a France-based software development company, launched OneLook Gen2 and MorphoWave TP, which provide accurate biometric matching and remote face and iris capture on a single device. OneLook Gen2 offers a variety of applications, including border control and smart boarding, to make traveling safer and more accessible for passengers. Additionally, the ten-fingerprint MorphoWave TP system allows contactless, on-the-go capture while moving, using four fingers and the thumb at once.

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Key Segments -
The biometric vehicle access market covered in this report is segmented -
1) By Technology: Iris Recognition, Face Recognition
2) By Authentication Technology: Fingerprint Recognition, Voice Recognition, Hand Geometry
3) By Vehicle Type: Passenger Car, Battery Electric Vehicle

Key highlights covered in the report -
1. Detailed market size forecast and historical data analysis
2. Key drivers influencing market growth
3. Identification of upcoming trends and potential opportunities in the market
4. Analysis of major players strategies, to understand competitive dynamics and market positioning
5. Evaluation of regional dynamics

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