Market Size of Vehicle Access Control Industry
| Study Period | 2019 - 2029 |
| Market Size (2024) | USD 13.31 Billion |
| Market Size (2029) | USD 20.5 Billion |
| CAGR (2024 - 2029) | 9.54 % |
| Fastest Growing Market | Asia Pacific |
| Largest Market | Asia Pacific |
Major Players
*Disclaimer: Major Players sorted in no particular order |
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Vehicle Access Control Market Analysis
The Vehicle Access Control Market size is estimated at USD 13.31 billion in 2024, and is expected to reach USD 20.5 billion by 2029, growing at a CAGR of 9.54% during the forecast period (2024-2029).
- Over the medium term, There is a rise in smartphone functions to be built into in-vehicle infotainment systems. As cell phone use has risen, the usage of smartphones for the same purposes in their cars has also increased.
- Car manufacturers are themselves opting for modular hardware design. This helps them reduce the purchase price of infotainment systems. They are working on technology to let smartphone functions be built into in-vehicle infotainment systems at a low cost, which is likely to witness major growth for the market during the forecast period.
- Several leading car manufacturers in this region, such as BMW, Mercedes-Benz, Volvo, and Volkswagen, are developing compact and attractive smart keys, which shall provide growth opportunities for the market in the years to come. Additionally, features that are likely in high-end luxury cars are also being implemented in budget cars. Companies such as Honda, Hyundai, and KIA are engaged in developing vehicle access control systems even for budget cars.
- The sales of passenger vehicles and light commercial vehicles will be a driver for growth in the vehicle access control market. The sales of vehicles during the forecast period are expected to grow at a considerable rate. The growth in the use of technologically advanced systems in automobiles to provide convenience and safety to the user are also a factor responsible for market growth.
- The initiation of artificial intelligence (AI) and cloud services is expected to drive technological advancements in automotive systems. Most companies are using the existing Google and Apple ecosystems for their infotainment system. However, players are also opting for in-house development of their infotainment system operating system (OS), which in turn is likely to witness major growth for the market during the forecast period.
