Press release
Global Biometric Vehicle Access Market Expansion at 13.7% CAGR, Valued at $26.91 Billion by 2029
Biometric Vehicle Access
What Are the Biometric Vehicle Access Market Size Forecast for 2025?
Over the last few years, there has been a substantial rapid expansion in the biometric vehicle access market. This market, valued at $14.17 billion in 2024, is projected to increase to $16.09 billion in 2025, indicating a compound annual growth rate (CAGR) of 13.5%. The growth witnessed in the historical period is largely due to factors like heightened security and anti-theft measures, increased demand in the luxury vehicle segment, consumer inclination towards convenience, corporate fleet management requirements, and the integration of smart car features.
What Is the Market Size Outlook for Biometric Vehicle Access Until 2029?
Anticipated to experience swift expansion in the upcoming years, the biometric vehicle access market is set to escalate to a worth of $26.91 billion by 2029, boasting a compound annual growth rate (CAGR) of 13.7%. The surge during the forecast timeframe is attributed to the emergence of autonomous and shared mobility, the regulatory focus on vehicle safety, advancements in multi-modal biometrics, the impact of electric and connected vehicles, and the proliferation into mainstream vehicle sectors. Looking ahead to the forecast period, key trends include improved security measures for anti-spoofing, personalization and driver profile recognition, the incorporation of biometrics into car-sharing and mobility services, a concentrated effort on privacy and data security correspondance, and innovation in behavioral biometrics.
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What Are the Major Factors Driving Demand in the Biometric Vehicle Access Market?
The rise in car theft incidents is projected to fuel the expansion of the biometric vehicle access market. Car theft involves the unauthorized or non-consensual acquisition of someone else's vehicle. Biometric vehicle access offers a secure and personalized way to gain access to a vehicle, making it an effective countermeasure to prevent vehicle theft. For example, in March 2023, the National Insurance Crime Bureau, a US-based non-profit organization that fights against insurance fraud and theft, reported that the monthly national vehicle theft surpassed 75,000 consistently, and the total number of vehicles stolen in 2022 exceeded 1 million. This represented a 7% increase compared to 2021. As a result, the escalation in car theft incidents is driving the growth of the biometric vehicle access market.
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How Are End-Use Segments Shaping the Biometric Vehicle Access Market Outlook?
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
Subsegments:
1) By Iris Recognition: Fixed Iris Scanners, Mobile Iris Scanners
2) By Face Recognition: 2D Face Recognition, 3D Face Recognition, Thermal Face Recognition
What Are the Strategic Trends Transforming the Biometric Vehicle Access Market Landscape?
Leading corporations in the biometric vehicle access industry are concentrating on creating novel solutions like barrier-free biometric verification, to deliver trustworthy services to their consumers. This verification method utilizes biometric authentication processes to ensure easy, secure access without the need for physical obstructions, tokens, or other gadgets. For example, IDEMIA, a software development company based in France, in March 2023, introduced OneLook Gen2 and MorphoWave TP. These offer precise biometric matching and remote face and iris capturing on a single gadget. OneLook Gen2 is adaptable to different applications, such as border control and smart boarding, enhancing travel safety and accessibility for passengers. Moreover, the MorphoWave TP system, which captures ten fingerprints contactlessly while moving, can capture four fingers and the thumb simultaneously.
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Who Are the Prominent Companies in the Biometric Vehicle Access Market by ?
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
Which Region Is Expected to See the Highest CAGR in the Biometric Vehicle Access Market?
Europe was the largest region in the biometric vehicle access market in 2024. Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in the biometric vehicle access market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa
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