Press release
Global Vehicle Access Control Market to Reach $19.85 Billion by 2029, Growing at 11% CAGR
Vehicle Access Control Market
The growing popularity of electric vehicles is fueling advancements in the vehicle access control market. Electric vehicles (EVs), which employ one or more electric motors for propulsion, can be powered by a battery or a collective system that collects electricity from an external source. Various types of EVs exist, including road and rail vehicles, surface and underwater watercrafts, electric airplanes, and electric spaceships. As the demand for such cars rises, there is an escalating need for vehicle access control systems. The International Energy Agency (IEA), a France-based autonomous intergovernmental organization, reported in April 2023 that the electric car market experienced a significant boom, making over 10 million sales in 2022, which is 14% of new car sales and an increase from about 9% in 2021. As a result, this demand surge for electric vehicles is the key driving force in the two wheeler hub motor market growth. Hence, the increasing need for electric vehicles will continue to propel the expansion of the vehicle access control market.
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What is the projected compound annual growth rate (CAGR) of the vehicle access control market from 2025 to 2034, and what factors influence it?
In recent times, the vehicle access control market has experienced robust growth. It is projected to increase from a size of $12.13 billion in 2024 to $13.09 billion in 2025, boasting a compound annual growth rate (CAGR) of 7.9%. The historical growth of this market has been fueled by factors such as the need for security and theft prevention, improved user convenience, rising acceptance in residential areas, urbanization growth, and changing regulatory scenarios.
The market size of vehicle access control is predicted to experience swift expansion in the coming years, reaching a value of $19.84 billion by 2029 with an 11.0% compound annual growth rate (CAGR). This anticipated growth during the forecast period is largely due to factors like the introduction of smart access cards, the increasing demand for touch-free solutions, a greater emphasis on environmentally-friendly and sustainable solutions, concerns regarding data security and privacy, and worldwide initiatives towards smart transportation. Key trends for the forecast period involve the incorporation of advanced technologies, touch-free access options, integration with mobile access and smartphones, smart vehicle identification, and access control platforms based on cloud technology.
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How are the latest trends influencing the growth of the vehicle access control market?
The emergence of technological innovation is a prevailing trend observed in the vehicle access control industry. Firms in this sector are designing cutting-edge technologies to cater to market requirements and bolster their brand's visibility. This includes the integration of RFID technology in vehicle access control systems, providing users with enhanced ease and convenience. As an example, Nedap, a technology firm based in the Netherlands, announced the launch of uPASS Go, a new device for long-distance vehicle access control, in June 2024. This product incorporates long-distance vehicle identification using UHF RFID technology and allows secure, efficient access control from a distance of up to 10 meters. It also has a user-friendly design that facilitates easy installation via a fresh mounting bracket and service hatch. The key attribute of this product is its cost-effectiveness and scalability, making it easy to integrate with existing systems and bolstering security and traffic flow at vehicle access points.
What are the major segments of the vehicle access control market and their role in driving growth?
The vehicle access control market covered in this report is segmented -
1) By Type: Biometric System, Non-Biometric System
2) By Vehicle Type: PC, LCV, HCV
3) By Technology: Near Field Communication (NFC), Bluetooth, RFID, Wi-Fi
4) By Applications: Traffic Management, Sensitive Sites Or Facilities Or Zones, Toll Ways, Commercial Buildings, Residential Buildings
Subsegments:
1) By Biometric System: Fingerprint Recognition Systems, Facial Recognition Systems, Iris Recognition Systems, Voice Recognition Systems
2) By Non-Biometric System: Key Fob Systems, RFID Systems, Keypad Entry Systems, Mobile App-Based Access Control
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Which regions are key players in the growth of the vehicle access control market?
North America was the largest region in the vehicle access control market in 2024. Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in the vehicle access control market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa
Who are the key firms paving the way for growth in the vehicle access control market?
Major companies operating in the vehicle access control market include Denso Corporation, Valeo SA, Continental AG, Robert Bosch GmbH, Lear Corporation, HELLA GmbH & Co., ZF Friedrichshafen AG, Mitsubishi Electric Corporation, Panasonic Corporation, Omron Corporation,NXP Semiconductors N. V., Texas Instruments Incorporated,STMicroelectronics N. V., Infineon Technologies AG, Alps Alpine Co Ltd., Aptiv PLC., Autoliv Inc., Gentex Corporation, Harman International Industries Inc., Hitachi Ltd., Hyundai Mobis Co Ltd., Johnson Electric Holdings Limited, Magna International Inc., Murata Manufacturing Co Ltd., NEC Corporation, Nidec Corporation, Osram Licht AG, Panasonic Corporation, Samsung Electronics Co Ltd., Sony Corporation,
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What Is Covered In The Vehicle Access Control Global Market Report?
•Market Size Forecast: Examine the vehicle access control market size across key regions, countries, product categories, and applications.
•Segmentation Insights: Identify and classify subsegments within the vehicle access control market for a structured understanding.
•Key Players Overview: Analyze major players in the vehicle access control market, including their market value, share, and competitive positioning.
•Growth Trends Exploration: Assess individual growth patterns and future opportunities in the vehicle access control market.
•Segment Contributions: Evaluate how different segments drive overall growth in the vehicle access control market.
•Growth Factors: Highlight key drivers and opportunities influencing the expansion of the vehicle access control market.
•Industry Challenges: Identify potential risks and obstacles affecting the vehicle access control market.
•Competitive Landscape: Review strategic developments in the vehicle access control market, including expansions, agreements, and new product launches.
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