Automotive Biometric Market to Witness Strong Growth, Driven by Safety Concerns and EV Adoption
The automotive biometric market is expected to grow at a compound annual growth rate (CAGR) of 17.5% during the forecast period of 2023-2030, according to a new report by Stratview Research.
The market is being driven by a number of factors, including:
- Emerging concerns about safety and security: Vehicle thefts and other security threats are on the rise, prompting consumers to demand vehicles with more sophisticated security features. Biometric authentication offers a secure and convenient way to access and operate a vehicle.
- Increase in sales of EVs and luxury vehicles: EVs and luxury vehicles are typically equipped with more advanced features, including biometric systems. The growing popularity of EVs and luxury vehicles is therefore boosting demand for automotive biometric systems.
- Government subsidies and schemes for EVs: Governments around the world are offering subsidies and incentives to promote the adoption of EVs. This is leading to an increase in sales of EVs, which is driving demand for automotive biometric systems.
The automotive biometric market is segmented by type, vehicle type, application type, and region. By type, the market is segmented into fingerprint scan, voice recognition, face recognition, and others. The fingerprint scan segment held the largest market share in 2021 and is expected to maintain its dominance during the forecast period.
By vehicle type, the market is segmented into passenger cars and commercial vehicles. Commercial vehicles are expected to grow rapidly in the market due to factors such as increasing demand for comfort, safety, and automatic features.
By application type, the market is segmented into vehicle security system, driver safety system, advanced steering and infotainment, and others. The vehicle security system segment is expected to hold the largest market share during the forecast period, due to the growing demand for vehicles with advanced security features.
By region, Asia-Pacific is expected to be the leading market during the forecast period. The region offers significant growth potential for the automotive biometric market due to the high demand for vehicles in countries such as China, Japan, India, and South Korea.
Key players in the automotive biometric market include:
- Continental AG
- DENSO Corporation
- Fujitsu Limited
- Gentex Corporation
- NXP Semiconductors
- Synaptics Incorporated
- Thales Group
These companies are offering a range of automotive biometric solutions, including fingerprint sensors, facial recognition systems, and voice recognition systems.
The automotive biometric market is expected to witness strong growth in the coming years, driven by increasing safety concerns, rising adoption of EVs, and government support for EVs.
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