Artificial Intelligence
Automotive Biometrics Market Research 2021-2028 | Size, Share, Growth, Analysis, Competitive Landscape, Revenue, Forecast Report
Pune, India, Sept. 08, 2021 (GLOBE NEWSWIRE) — The global automotive biometrics market size is slated for considerable gains owing to the rising demand for vehicle safety, finds Fortune Business Insights in its report, titled “Automotive Biometrics Market, 2021-2028”.
In recent years, there has been an increasing demand for the safety of the vehicles across the world due to the rising incidents of car theft and vehicle hijacking. Hence, there is an increasing need for the automotive biometrics such as facial recognition and others, which is projected to drive the growth of this market. Further, the automotive biometrics comprises of various security features such as keyless door unlocking, keyless ignition, and others which may prove beneficial for the safety and security of the vehicle. Thus, this is a major factor responsible for the growth of this market.
However, the cost of implementation of the automotive biometrics is relatively high, which is projected to restrict the growth of this market.
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Market Segmentation:
On the basis of product type, this market is classified into fingerprint recognition, voice recognition, iris recognition, and facial recognition. Based on application, the market is divided into passenger cars, light commercial vehicles, and heavy commercial vehicles. By geography, the market is clubbed into North America, Europe, Asia Pacific, and the rest of the world.
COVID-19 Impact:
The increasing travel restrictions across the world due to the outbreak of the COVID-19 pandemic has stymied the growth of the automotive biometrics market across several regions, posing challenges for the manufacturers in this market.
Click here to get the short-term and long-term impact of COVID-19 on this market.
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Highlights/Summary:
The report provides a bird’s eye-view analysis of the industry trends and outlook, as well as supplies a meticulous study of all market segments. In addition, the report contains an in-depth assessment of the market drivers and challenges and also offers an exhaustive evaluation of the regional dynamics and competitive landscape of the market.
Drivers/Restraints:
Increasing Production of Luxury Vehicles Worldwide to Fuel the Market
There has been an increasing production of luxury vehicles around the world owing to the constant rise in the number of automotive manufacturing companies such as Tata, Toyota, Hyundai, and others. Further, the rising disposable income and changing lifestyle of the people around the world has resulted in the increasing demand for luxury cars. This has led to a surging demand for automotive biometrics across several regions, which is anticipated to fuel this market’s growth.
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Regional Insights:
Rising Adoption of Latest Technology to Boost the European Market Growth
The European region is projected to witness substantial growth in the automotive biometrics market share on account of the increasing adoption of latest technologies and increasing number of luxury vehicles in the countries such as Germany, Italy, the UK, and others.
Asia Pacific region is expected to grow speedily in this market owing to the increasing production of vehicles in the countries such as India, China, Japan, and others.
Competitive Landscape:
Technological Advancements in the Automotive Sector to Boost Competition
The prominent companies in the automotive biometrics market are focusing on the increasing adoption of latest technologies such as big data, Artificial Intelligence (AI), and others in the automotive sector in order to offer enhanced safety biometric services to the customers. This has resulted in the increasing competition among key companies which will enable them to expand their business portfolio and broaden their market foothold.
Industry Development:
December 2018: Hyundai Motor Co. developed commercially viable smart fingerprint recognition technology for use on its Santa Fe car model. This security system allows the users to unlock the doors of the vehicle and also start the car via the ignition button, which is also equipped with an embedded fingerprint scanning sensor.
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List of Key Players Covered in the Automotive Biometrics Market Report:
Safran S.A, Hitachi Ltd., Fujitsu Ltd., Synaptics Incorporated, Fingerprint Cards AB, Methode Electronics Inc., Voxx International Corporation.
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