Market Trends of Vehicle Access Control Industry
Passenger Vehicle to Hold Largest Market Share
- Consumer interest in self-driving and connected vehicles is increasing, and these technologies are expected to gain traction. The advanced driver assistance systems (ADAS) presented are expected to close the penetration gap between today's cars and future cars.
- Additionally, as a result of the growing technological advancements in the automotive industry, end users are willing to spend more money on the newest technologies that improve driving experiences and increase driver and passenger safety. These features are also expected to improve vehicle performance by reducing vehicle downtime and alerting the owner of any vehicle problems, which in turn is likely to enhance the integration of vehicle access systems.
- Major vehicle manufacturers are introducing new models across the globe in which vehicle access control systems are introduced, such as smart key systems and others, which in turn is anticipated to witness major growth for the market during the forecast period.
- For instance, in September 2022, Audi India launched the Q7 model with a limited edition in India. The Audi Q7 Limited edition consists of a Comfort key for keyless entry. In March 2022, Tata Motors launched Altroz DCA (Dual-Clutch Transmission) in India. The vehicle has Auto Park Lock smart safety feature that automatically engages the vehicle to avoid unwanted movement.
- The advantage that biometric systems provide is that the credentials required for accessing the vehicle cannot be stolen from the user. But the biometric system increases the cost of the vehicle, which is why as of now, most premium car manufacturers are using this technology.
- Furthermore, the high accuracy of biometric systems is a reason for their rapid growth. Also, original equipment manufacturers (OEMs) are implementing this technology not only to lock and unlock the vehicle but also to start the engine.
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Asia Pacific is Expected to Grow with the Highest Rate
- With the rise in production and demand for automobiles in the region, which is because of the factors such as increasing population and rising income levels, the Asia Pacific region is expected to grow with the highest compound annual growth rate (CAGR) in the vehicle access control market.
- China is one of the largest automotive markets in the world, and more than 23.56 million passenger cars were sold in the country in 2022 followed by 3.3 million comercial vehicles. Despite the pandemic, China is still one of the largest sellers of automobiles, which is a great opportunity for predictive technology to make its place in the Chinese automobile market.
- OEMs in the region are also investing heavily to innovate new features in vehicle access control, and this is also expected to drive the market. OEMs are collaborating with biometric manufacturers to implement systems for car authentication.
- Rise in the sale of passenger cars across the region owing to an increase in disposable income, finance facilities for buying cars, and many others. The rise in demand for electric vehicles across the country is likely to increase the integration of vehicle access control systems in vehicles.
- Owing to the initiative, many carmakers are also investing in India under various schemes. For instance,
- Indian companies are also working on research and development activities to develop new products which would positively impact the target market growth during the forecast period. For instance,
- In August 2022, India's largest automaker Maruti Suzuki confirmed that it shall soon introduce its first electric vehicle latest by 2025 end. In addition, Its parent firm, Suzuki Motor Corporation, is looking forward to investing Rs 10,400 crore in Gujarat to build a manufacturing plant to produce electric vehicles.
- With the above mentioned development across the region is likely to witness major growth for the market during the forecast period.
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