Albany, NY -- (SBWIRE) -- 09/28/2017 -- As per a report by Transparency Market Research, the global automotive end-point authentication market is expected to rise at a healthy 8.6% CAGR during the period between 2017 and 2025 to reach a value of US$1.115 million by 2025 from US$0.504 million in 2017.
Surging Uptake of Electric and Hybrid Vehicles to Stoke Healthy Growth in Europe Market
Depending upon the type of vehicle, the global automotive end-point authentication market can be broadly split into conventional vehicles and hybrid and electric vehicles. Of the two, the conventional vehicles account for a greater share in the market, which stood at over 50.0% in 2016. The segment is also slated to clock impressive growth in the next couple of years. The hybrid and electric vehicles segment too is predicted to expand swiftly on account of the fuel efficiency they accord.
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Geographically, the key segments of the global automotive end-point authentication market are Asia Pacific, North America, Latin America, Europe, and the Middle East and Africa. Europe, among them, contributed to over 30.0% share in revenue in 2016. The region is primarily powered by Germany. Going forward, the rising application of end-point authentication systems in new segment of vehicles such as electric and hybrid vehicles are predicted to bring about further growth in the market.
Strict Safety-related Regulations Drive Market
An important growth driver in the global automotive end-point authentication market is the stringent regulatory requirements in different parts of the world. "Standards such as Federal Motor Vehicle Standards, National Highway Traffic Safety Administration (NHTSA), and Euro standards, among others, are driving automobile manufacturers to develop vehicles having enhanced safety and security features, leveraging end-point authentication as a major technology," explains the lead analyst of the TMR report.
Another factor catalyzing growth in the automotive end-point authentication market is the fact that the technology aids in preventing thefts and damages to vehicles. The gradual uptake of hybrid and electric vehicles will also likely catalyze growth in the market.
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Automotive wearables, such as smart watches and smart glasses that are synchronized with the computer system of automobiles to provide specific information, has also brought a transition in the automotive industry and taken the end-point authentication market to a whole new level.
In order to further their positions in the global automotive end-point authentication market, prominent players are seen leveraging strategic acquisitions. This helps them to expand their outreach and enhance their offerings. Another method players are seen banking upon is product innovation by funneling money into research and development. On account of such constant efforts by keen companies to bolster their positions, the global automotive end-point authentication market is characterized by stiff competition.
The global automotive end-point authentication market is fragmented in nature and entry barriers for new players are low due to absence of monopoly. However, setting up of manufacturing units for automotive end-point authentication require huge capital and resource, which is not feasible for most of the small and medium sized companies.
Some of the big names in the global automotive end-point authentication market are Garmin Ltd., Continental AG, Samsung Electronics Co., Fujitsu Ltd., Hitachi Ltd., Ltd., Symantec Corporation, VOXX International Corporation, Valeo S.A., Synaptics Incorporated, and Sonavation, Inc.
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