Yahoo Finance Automotive Biometric Market worth USD 2.17 Billion by 2028, registering a CAGR of 17.38% - Report by Market Research Future (MRFR)
New York, Oct. 21, 2021 (GLOBE NEWSWIRE) -- Automotive Biometric Market Overview: According to a comprehensive research report by Market Research Future (MRFR), “Automotive Biometric Market Research Report, Technology, Vehicle Type, Application and Region - Forecast till 2028” the market is projected to be worth USD 2.17 Billion by 2028, registering a CAGR of 17.38% during the forecast period (2021 - 2028)., The market was valued at USD 221.85 million in 2020.
List of the companies profiled in the Automotive Biometric Market Research Report are:
Fujitsu Ltd (Japan)
Synaptics Incorporated (US)
Methode Electronics (US)
VOXX International (US)
Voicebox Technologies (US)
Hitachi Ltd (Japan)
Safran S.A (France)
Nuance Communications (US)
Hid-Global (US)
Fingerprint Cards AB (Sweden)
Among others.
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Competitive Landscape
The growth of the vendors is determined by market conditions, government backing, and industrial advancement. As a result, vendors should concentrate on growing their presence and upgrading their offerings. Some prominent companies in the global market are Hitachi Ltd., Synaptics Incorporated, Fujitsu, Nuance Communications, Inc., HID Global Corporation, and Fingerprint Cards AB. These firms compete in terms of availability, quality, price, and technology, and their primary strategies in the global automotive biometric market are product development, acquisition, and collaboration. Despite the fact that international players dominate the industry, regional and local players with small market shares are also present in substantial numbers. During the forecast period, international players may increase their global market presence by actively spending on product development.
Market Research Future’s Review on Automotive Biometric Market
Increase in the Sale of EVs and Luxury Vehicles and Concerns About Safety and Security
A biometric system is a vital system that is used in automobiles for biometric identification and authentication. Its goal is to offer vehicle safety and is utilized in a variety of applications such as vehicle immobilizers, health monitoring, and biometric car access. Due to the increasing number of vehicle thefts, biometric automotive security is a critical concept in the automotive industry. The Automotive Biometric market is being pushed by factors such as an increase in the sale of EVs and luxury vehicles, as well as growing concerns about safety and security.
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COVID-19 Impact on the Global Market
With the continued spread of the novel coronavirus around the globe, automakers are taking drastic steps, such as a plant shutdown, to limit the spread of COVID-19. The situation remains precarious as more European enterprises suspend operations and automakers in the United States and Asia-Pacific prolong their shutdown periods. The manufacturers' plans for North American production are an attempt to halt the spread of the COVID-19 virus; nonetheless, the region is presently the global center of the outbreak, with the daily number of confirmed cases exceeding that of any other region. In the United States and Canada, the government's response has been a mix of state or provincial, federal, and local measures. In some locations, governments appear to be imposing ever-stricter restrictions on social interaction, travel, and workplace attendance. These regions are experiencing similar situations, which are having a significant impact on the economy and society, as well as producing huge economic disruption, with the automotive industry at the center of this turmoil.
The regional effects of the pandemic outbreak vary greatly, but as it expands, the situation in the most challenging afflicted areas provides a peek of what may be seen in the near future. In February 2020, China's automotive market fell by 79 percent. As a result, Chinese manufacturers have petitioned the government to stimulate the market through subsidies, tax incentives, and temporary exemptions in emission standards. Hubei province, which is one of China's primary automotive production regions, was the initial center of the global outbreak. Utilization in Hubei's automotive facilities remains considerably below capacity, with several units completely shut down, and the recovery process may take months to get back on track following the outbreak.
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Market Segmentation
The global automotive biometric solutions market has been segmented based on type, vehicle type, and application.
Based on type, the worldwide automotive biometric market has been segmented into fingerprint scan, voice recognition, face recognition, and others.
Based on vehicle type, the worldwide automotive biometric market has been segmented into passenger cars and commercial vehicles.
Based on application, the worldwide automotive biometric market has been segmented into vehicle security systems, driver safety systems, advanced steering & infotainment, and others.
Regional Analysis
APAC to Dominate the Global Market
Due to the strong demand for vehicles in China, Japan, India, and South Korea, Asia Pacific offers substantial growth potential for the automotive biometric industry. The automotive biometric market is expanding in tandem with the region's increasing vehicle sales, as automotive biometric systems are used to identify and authenticate vehicles in order to improve vehicle safety and comfort. According to data from the China Association of Automobile Manufacturers, China is one of the world's leading manufacturers and sales of EVs. This is anticipated to enhance the use of biometric systems in vehicles.
Segmentation of Market covered in the research:
Automotive Biometric Market Research Report: Information by Type (Fingerprint Scan, Voice Recognition, Face Recognition, and Others), Vehicle Type (Passenger Cars and Commercial Vehicles), Application (Vehicle Security System, Driver Safety System, Advanced Steering and Infotainment, and Others), and Region- Forecast till 2028
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