The global vehicle access control market is anticipated to reach US$ 25 billion by the end of 2033, expanding rapidly at 9.6 per cent CAGR from 2023 to 2033.
Vehicle access control allows property managers to ensure that only authorised vehicles enter and exit a property while prohibiting unauthorised people from entering. It is commonly employed to provide safety and security in areas where automobiles are prevalent, such as gated communities and parking garages. Vehicle access control systems can be as simple as a guard gate with a manual gate arm or as elaborate as an automated system with a card reader. This system can regulate access utilising a variety of technologies, including barcodes, magnetic stripes, biometric scanning, and RFID tags.
Increasing security requirements for both residential and commercial entry gates are raising the demand for vehicle access control systems. Apart from residential and commercial buildings, these systems are commonly employed on toll roads. This aids in tollway traffic management by decreasing congestion on the roads.
The global vehicle access control market is expanding rapidly as a result of rising vehicle manufacturing and increasing electric vehicle sales. Furthermore, increasing car theft incidents is a major factor driving market expansion. The use of advanced vehicle access control systems to assure vehicle security and deter vehicle theft is moving the global vehicle access control industry forward. Moreover, technological progress allows users to access these systems via biometric and non-biometric technologies.
Biometric systems allow for easy access and aid in the elimination of car theft attempts. A biometric system can be set up to deliver a personalised user experience. As a result, biometric systems are widely employed in both passenger and luxury vehicles, which is projected to fuel the market expansion in the coming years.
Major automotive companies’ increased investments to minimise the cost of installation of such systems, expanding demand for greater security and safety features, and growing preference for premium automobile models are estimated to contribute considerably to market growth.
Key takeaways from market study
· The global vehicle access control market is valued at US$ 10 billion in 2023.
· Worldwide demand for vehicle access control systems is projected to increase at a CAGR of 9.6 per cent during the forecast period (2023 to 2033).
· Global sales of vehicle access control systems are forecasted to reach US$ 25 billion by 2033.
· The United States market accounted for a valuation of US$ 3 billion in 2022.
· The biometric segment is projected to grow substantially over the next ten years.
Increasing concern about vehicle theft in both developed and emerging countries is projected to drive global vehicle access control market expansion. Customers are looking for innovative vehicle access control solutions as technology advances. Furthermore, automotive businesses, both high-end and low-end, are investing in the development of advanced control systems, which is expected to boost market growth, as per a Fact.MR analyst.
Regional analysis
North America is leading the global vehicle access control market. The United States is a major market in North America due to an increase in car thefts. Moreover, Europe and Asia Pacific are following North America in terms of growth. The market in Asia Pacific is witnessing growth due to increasing vehicle production, growing demand for high-end autos, and heightened awareness of the security advantages of vehicle access control solutions.