According to Technavio’s market research predictions, the global biometric market is all set to grow in the automotive sector. It is expected to grow tremendously at a Compound Annual Growth Rate (CAGR) of 19.27% during the period of 2017-2021. Based on an in-depth market analysis, the industry experts prepared the report, Global Biometric Market in the Automotive Sector 2017-2021, which covers the landscape and growth prospects that would most likely shape the coming years.
Both the manual keys and electronic keyless entry system possessed certain loopholes that left the vehicles vulnerable to theft. The existing vulnerabilities drove the growth of biometrics in the sector and biometric vehicle access system is going to see a significant rise over the next few years. Owing to the economic slowdown, the past few years saw a transitory demand for automobiles in the developed countries. The emerging markets however witnessed a massive growth due to elevated buying power of the consumers and strong economic growth. Especially in the BRIC countries, i.e. Brazil, Russia, India and China, trade practices have been vigorous and several OEMS entered the market to tap the potential.
Major Original Equipment Manufacturers (OEMs) and keyless entry system manufacturers