Pune, India, May 2021, MRFR Press Release/Market Research Future has published a Cooked Research Report on the Global Automotive Biometric Market.
Press Release Content:
Market Research Future (MRFR) Announces the Publication of its Cooked Research Report — Global Automotive Biometric Market 2020–2026.
The automotive biometric market,in terms of value, is projected to reach USD 958.4 million by 2026, registering a 16.28% CAGR during the forecast period.
The report covers segmentation and drivers for a better glimpse of the market in the coming years. The global automotive biometric market has registered significant growth in adoption rates over the past few years in developing nations, owing to the increase in the sale of EV and luxury vehicles. A biometric system is an essential system utilized in automobiles for the purpose of biometric identification and authentication in vehicles.
The global automotive biometric market is characterized by the presence of many local, regional, and global vendors. The automotive biometric market is highly competitive, with all the players continually competing to gain a larger market share. High competition, rapid technological advancements, frequent changes in government policies, and stringent environmental regulations are some of the critical factors that could restrain the market growth. The vendors compete in terms of cost, product quality, reliability, and aftermarket services. Vendors must provide cost-effective and efficient products to survive and succeed in a competitive market environment.
The growth of the vendors is dependent on market conditions, government support, and industrial development. Thus, the vendors should focus on expanding their presence and improving their services. Hitachi Ltd., Synaptics Incorporated, Fujitsu, Nuance Communications, Inc., HID Global Corporation, and Fingerprint Cards AB are some of the key players operating in the global market. These companies compete in terms of availability, quality, price, and technology and consider product development, acquisition, and partnership as their key strategies in the global automotive biometric market. Although the international players dominate the market, regional and local players with small market shares also have a significant presence. The international players may strengthen their global market presence by heavily investing in product development during the forecast period.
The increasing sale of EV & luxury vehicles and rising concerns regarding safety & securitywill spur market growth. The global market for automotive biometric has been segmented based on type, vehicle type, and application.Based on type, the global automotive biometric market has been segmented into fingerprint scan, voice recognition, face recognition, and others. In 2019, the fingerprint scan segment accounted for the largest market share of 47.28%, with a market value of USD 350.6 million. It is projected to register a 16.93% CAGR during the projected timeframe.
Based on vehicle type, the global market has been segmented into passenger car and commercial vehicle. In 2019, the passenger car segment accounted for a considerable market share of 88.13%, with a market value of USD 653.5 million. It is projected to register a 16.45% CAGR over the forecast period.
Based on application, the global automotive biometric market has been segmented into vehicle security system, driver safety system, advanced steering & infotainment, and others. In 2019, the vehicle security system segment accounted for the largest market share of 37.55%, with a market value of USD 278.5 million. It is projected to register a 16.75% CAGR during the projected timeframe.
Access full report @ https://www.marketresearchfuture.com/reports/automotive-biometric-market-8527
Based on region, the global automotive biometric market report has been segmented into North America, Europe, Asia-Pacific, and the rest of the world.
The authorities in Japan are also focusing on introducing several policies and regulations to improve vehicle safety and reduce the number of road accidents. For instance, the Japan Transport Ministry is planning to introduce safety standards for self-driven vehicles, including an alarm system that sounds alerts 15 seconds after a driver takes their hands off the steering wheel while traveling on a highway, setting speed limits to avoid the risk of accidents. Thus, biometric systems are widely used in providing safety systems in vehicles. In India, as per the Government of India, the automotive sector is projected to reach USD 300 billion by 2026. Additionally, the EV market in the country is estimated to reach USD$ 7.09 billion by 2025. Many automobile companies such as MG Motors, Hyundai, Mercedes, and Tata Motors are focusing on increasing the adoption of EVs in India. This is likely to increase the adoption of biometric systems in vehicles.
North America comprises the countries of the US, Canada, and Mexico. The rising demand for safety & security features in the automotive industry drives the regional automotive biometric market. The government regulations regarding vehicle safety in this region push the manufacturers to offer advanced automotive biometric systems, which leads to a rise in demand for automotive biometric systems in vehicles. The National Highway Traffic Safety Administration (NHTSA) focuses on adopting laws and regulations regarding the safety of vehicles. Many automakers are shifting towards electronic keyless entry systems such as fingerprint scan and voice recognition from the conventional key-based vehicle access systems in vehicles.
Furthermore, automotive biometric manufacturing companies in North America are focusing on offering advanced and cost-effective biometric systems. In January 2018, BYTON Limited (China) unveiled its drivable concept SUV car equipped with advanced human-vehicle interaction such as voice recognition, biometric identification, hand gesture control technology, and touch control features in Las Vegas, US. Therefore, the high demand for automotive safety and control systems and consumer awareness regarding advanced automotive systems are expected to support the use of automotive biometric systems in the US.