According to a recent report published by Allied Market Research, titled, Automotive Biometric Market by Technology and Vehicle Type: Global Opportunity Analysis and Industry Forecast, 2017-2024, 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.
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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 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.
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.
In 2017, Europe dominated the global automotive biometric market. In addition, the demand for luxury vehicle is high in this region enabling the need for biometric technology. Based on technology, the fingerprint scan segment dominated the global automotive biometric market, in terms of revenue in 2017. Further, based on vehicle type, the passenger car segment is projected to lead the global market in the same year.
The report includes a micro-level study of different regions adopting automotive biometric for various applications. In addition, it discusses the potential opportunities for market players to enter the market. Moreover, it provides an in-depth market analysis of automotive biometric, outlining current trends, key driving factors, and potential areas for product investments.
The global automotive biometric market is analyzed based on four regions-North America, Europe, Asia-Pacific, and LAMEA. In addition, it includes Porters Five Forces analysis to understand the competitive scenario of the industry and role of each stakeholder. The report further features the strategies adopted by the key market players to maintain their foothold in the market. 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. are some of the key players operating in the global automotive biometric market.
Key Findings of the Automotive Biometric Market:
- In 2017, based on technology, the fingerprint scan segment dominated the global automotive biometric market, in terms of revenue.
- Based on vehicle type, the passenger car segment led the global market in 2017.
- Europe held the largest market share in 2017.
- Asia-Pacific is anticipated to exhibit the highest CAGR during the forecast period 2018-2024.