Market Research Report
Global Automotive Biometrics Market Size study, by Technology (Fingerprint Scan, Voice Recognition, Face Recognition, Others), by Vehicle Type (Passenger Cars, Commercial Vehicle) and Regional Forecasts 2020-2027
|Global Automotive Biometrics Market Size study, by Technology (Fingerprint Scan, Voice Recognition, Face Recognition, Others), by Vehicle Type (Passenger Cars, Commercial Vehicle) and Regional Forecasts 2020-2027|
Published: November 23, 2020
Bizwit Research & Consulting LLP
Delivery time: 2-3 business days
Global Automotive Biometrics Market Size study, by Technology (Fingerprint Scan, Voice Recognition, Face Recognition, Others), by Vehicle Type (Passenger Cars, Commercial Vehicle) and Regional Forecasts 2020-2027.
Global Automotive Biometrics Market is valued at approximately USD 597 million in 2019 and is anticipated to grow with a healthy growth rate of more than 12% over the forecast period 2020-2027. The recent technological developments in automotive industry has enabled the automotive manufacturers to utilize biometric technologies that helps to improve the overall vehicle security and other accessibility advantages. Automotive biometrics is a type of electronic device utilized for the authentication and identification in vehicle for a range of applications, including vehicular access, vehicle immobilizer, ignition switch, health monitoring, and rationalization. It a user-friendly, convenient, and consistent identification and monitoring method. Also, the use of automotive biometrics in vehicles can offer better safety and protection for driver assistance and accident prevention, which eventually strengthening the adoption for automotive biometrics across the globe. Moreover, the rise in production and sales of passenger cars and commercial vehicles, growing awareness among automobile manufacturers regarding vehicle safety, and increasing development of autonomous vehicles are the few factors responsible for the CAGR of the market during the forecast period. According to the International Organization of Motor Vehicle Manufacturers (OICA), in Asia, around 43.4 million passenger cars produced in the yar 2018, signifying a high upturn from 24.6 million units in 2008. Likewise, the OICA estimated that the commercial vehicle production in America was about 11 million units in 2017, which increased to nearly 12 million units in 2018. This, in turn, is likely to strengthen the demand for automotive biometrics, thereby contributing to the market growth around the world. However, the high installation cost and breach of personal information are the few factors limiting the market growth over the forecast period of 2020-2027.
The regional analysis of the global Automotive Biometrics market is considered for the key regions such as Asia Pacific, North America, Europe, Latin America, and Rest of the World. North America is the leading/significant region across the world in terms of market share owing to the high adoption of vehicle safety devices and technologies, along with the wide presence of market vendors in the region. Whereas Asia-Pacific is anticipated to exhibit the highest growth rate / CAGR over the forecast period 2020-2027. Factors such as the rise in production of passenger vehicles and commercial vehicle, coupled with rising investment on autonomous vehicle in the developing nations, such as China and India, are the few factors creating a lucrative opportunity for the growth of the Automotive Biometrics market in the Asia-Pacific region.
Major market player included in this report are:
The objective of the study is to define market sizes of different segments & countries in recent years and to forecast the values to the coming eight years. The report is designed to incorporate both qualitative and quantitative aspects of the industry within each of the regions and countries involved in the study. Furthermore, the report also caters the detailed information about the crucial aspects such as driving factors & challenges which will define the future growth of the market. Additionally, the report shall also incorporate available opportunities in micro markets for stakeholders to invest along with the detailed analysis of competitive landscape and product offerings of key players. The detailed segments and sub-segment of the market are explained below:
Furthermore, years considered for the study are as follows:
Target Audience of the Global Automotive Biometrics Market in Market Study:
List of figures