Technavio, a leading provider of market research reports, has released its latest study on Vehicle Access Control Market. This report offers a comprehensive analysis of the current market trends, emerging opportunities, and key challenges. In May 2020, the Car Connectivity Consortium (CCC) unveiled Digital Key Release 2.0, enabling members to develop standardized ecosystems for secure, privacy-preserving digital key storage and sharing between mobile devices and vehicles. Leveraging Near Field Communication technology, Digital Key Release 2.0 ensures contactless communication and a scalable architecture for mass adoption, reducing costs. Capabilities include security and privacy akin to physical keys, interoperability, user experience consistency, vehicle access, start, mobilization, and more. Digital Key Release 2.0 also supports key sharing with custom entitlement profiles and compatibility with mobile devices in Battery Low Mode. The standardized interfaces and public key infrastructure ensure interoperability and end-to-end security between mobile device and vehicle manufacturers.
The global vehicle access control market size is estimated to grow by USD 4470.1 mn from 2024-2028, according to Technavio. The market is estimated to grow at a CAGR of 8.51% during the forecast period. Rising vehicle theft is driving market growth, with a trend towards development of standard ecosystem for keyless vehicles access However, decreasing automotive production and sales poses a challenge.Key market players include Axis Communications AB, BIODIT AD, Continental AG, DENSO Corp., FEIG ELECTRONIC GmbH, Fingerprint Cards AB, HELLA GmbH and Co. KGaA, Johnson Electric Holdings Ltd., Lear Corp., MinebeaMitsumi Inc., Mitsubishi Electric Corp., Nortech Access Control Ltd., Nuance Communications Inc., NXP Semiconductors NV, Robert Bosch GmbH, STid, Synaptics Inc., Tokai Rika Co. Ltd., Valeo SA, and VOXX International Corp..
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The global automotive components and equipment market encompasses businesses producing parts and accessories for various vehicle types, including passenger cars (PCs), electric vehicles (EVs), commercial vehicles (CVs), heavy-duty vehicles, off-road vehicles, motorcycles, scooters, quad bikes, and three-wheelers. According to Technavio, the market size is determined by the consolidated revenue generated by automotive components and equipment manufacturers. Key growth drivers for this market include the escalating demand for electronic components in automobiles, such as electronic control units (ECUs) and other electrical components, due to the increasing sales of EVs, motorcycles, and PCs over the past decade.
The Vehicle Access Control Market is experiencing significant growth, fueled by the Rising vehicle theft. Businesses are leveraging the products belonging to the market for customer engagement, transactional notifications, and promotional offers.
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The Vehicle Access Control market encompasses innovative solutions that ensure secure and efficient entry and exit of vehicles in facilities. These systems utilize advanced technologies such as RFID, biometrics, and ANPR to grant or deny access based on pre-defined authorization levels. Companies in various industries, including logistics, transportation, and manufacturing, are increasingly adopting these systems to enhance security, streamline operations, and improve overall productivity.
The Vehicle Access Control Market is witnessing significant growth due to the increasing adoption of advanced technologies in the automotive industry. Maruti Suzuki, one of India's leading passenger car manufacturers, is investing in electric vehicles (EVs) and integrating smart key technology with ADAS (Advanced Driver-Assistance Systems) to enhance safety features. Commercial vehicle manufacturers are also following suit, integrating biometric systems and satellite technology with antennas for tollways and traffic congestion management. New product development is a key trend in the market, with automotive companies introducing smartphone functions for vehicle access and control. Mergers and collaborations, such as the partnership between cell phone manufacturers and automotive companies, are also driving growth. Moreover, the increasing focus on safety features and the need for vehicle theft prevention systems are expected to boost the market's growth. The use of vehicle access control in nuclear power zones and power plants for employee safety and security is another emerging application. The market is expected to continue its growth trajectory, driven by the increasing disposable income of consumers and the development of advanced technologies.
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