DUBLIN, Nov. 17, 2020 /PRNewswire/ — The “Biometric in the Automotive Market – Growth, Trends, Forecasts (2020 – 2025)” report has been added to ResearchAndMarkets.com’s offering.
The global biometric in automotive market was valued at USD 183.59 million in 2019, and it is expected to reach USD 503.15 million by 2025, registering a CAGR of 19.06% during the period of 2020-2025. After the increased adoption of biometrics in electronic devices, the applications of biometrics in automotive vehicles have also been gaining traction in recent years. Yet the implementation of this technology has been limited to the premium vehicle segment, but in recent years, its applications are estimated to enter the general personal vehicle segment due to its better vehicle security and other accessibility advantages.
Key Market Trends
Fingerprint Recognition is Expected to Grow at a Significant Rate
- Fingerprint recognition technology evolved rapidly in the past few years, owing to the increased adoption of mobile devices and its increased adoption of biometric systems. Its application is majorly dominated by security and access control functions. This resulted in the advancements of fast-track technology in this segment, such as in display solutions.
- The increasing rate of adoption of fingerprint sensors across the consumer industries is expected to create significant opportunities for its adoption in the automotive sector. According to Credit Suisse, the global fingerprint sensing shipments are expected to reach about 1.1 billion units in 2020, which represents a projected increase of more than 200 million units in three years.
- The decreasing price of fingerprint sensors is making it affordable for various automakers to deploy them in their future cars without significantly impacting the price of the automobile, early adoption has prompted competitors as well to offer similar solutions. The average selling price of fingerprint sensors decreased from USD 5.5 in 2014 to USD 2.1 in 2019 and is expected to reach USD 2 in 2020.
- Also, the increasing trend of keyless entry in cars and push-button ignition systems has further triggered the development of fingerprint sensors in automobiles. The driver needs to place their finger on the capacitive sensor on the door handle to open the car door.
- Further, governments across the world are supporting the emergence of automated/connected vehicles. For instance, the standardization of ADAS and autonomous driving is accelerating in China. The Ministry of Industry and Information Technology of the Chinese government issued the key working points of Intelligent Connected Vehicle Standardization for 2018 to promote and facilitate the development of the intelligent connected vehicles industry. Such trends are expected to boost the deployment of fingerprint recognition technology in the industry.
North America Holds Significant Market Share
- North America is one of the largest automotive manufacturing hubs in the world. The automotive industry has shown marginal growth in recent years. The automotive sector in this region is facing a stiff competition from the used car market, which constituted about 75% of the total auto sales in the United States in 2018, according to the estimates by the US
