The global automotive digital key market is segmented by technology into remote keyless entry (RKE), passive keyless entry (PKE), near field communication (NFC) keyless entry and other technologies, out of which the NFC keyless entry segment is anticipated to hold a significant share in the market by the end of 2029. This can be accounted to the in-built functionality which enables contactless locking and unlocking of the vehicle with the help of a unique smartphone device. NFC when combined with PKE offers appreciable growth potential as the device is able to operate efficiently even being stored inside user’s bag or pocket.
Research Nester published a report titled “Automotive Digital Key Market: Global Demand Analysis & Opportunity Outlook 2029” which delivers detailed overview of the global automotive digital key market in terms of market segmentation by application, technology, vehicle type, vehicle class type, and by region.
Further, for the in-depth analysis, the report encompasses the industry growth indicators, restraints, supply and demand risk, along with detailed discussion on current and future market trends that are associated with the growth of the market.
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The global automotive digital key market is projected to grow with a significant CAGR during the forecast period, i.e., 2021-2029, on the back of rising emergence of IoT smart devices and increasing number of passenger car sales. Furthermore, technological advancements and growing emphasis on more comfortable driving experience are also expected to contribute to the market growth.
Geographically, the global automotive digital key market is segmented into five major regions, including North America, Europe, Asia Pacific, Latin America and the Middle East & Africa, out of which the market in Asia Pacific is evaluated to garner the largest market share by the end of 2029. The growth can be attributed to the high volumes of automotive production and export in the region, majorly in China.
Increasing Vehicle Sales and Emergence of IoT
Our analysis depicts that more than 90 million automotive, including passenger and commercial vehicles, were purchased in 2019, up from 74.5 million in 2010.
The increasing sales of motor vehicles, rising demand for comfortable driving experience and growing technological advancements associated with smart devices have led automobile companies to shift their focus on keyless entry features. Furthermore, use of IoT technology with radio frequency (RF) signals is evaluated to make use of digital keys more prevalent in the near future, which is anticipated to drive the growth of the market in the coming years.
However, escalating number of cyber security threats around the globe are expected to operate as key restraint to the growth of automotive digital key market over the forecast period.
“The Final Report will cover the impact analysis of COVID-19 on this industry.”
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This report also provides the existing competitive scenario of some of the key players of the global automotive digital key marketwhich includes company profiling of Continental AG (ETR: CON), TOKAIRIKA CO. LTD. (TYO: 6995), DENSO CORPORATION (TYO: 6902), ALPHA Corporation (TYO: 3434), BMW AG (ETR: BMW), Robert Bosch GmbH (NSE: BOSCHLTD), Tesla Inc. (NASDAQ: TSLA), ZF Friedrichshafen AG, Daimler AG (ETR: DAI), and Samsung Electronics Co. Ltd. (KRX: 005930). The profiling enfolds key information of the companies which encompasses business overview, products and services, key financials, and recent news and developments. On the whole, the report depicts detailed overview of the global automotive digital key market that will help industry consultants, equipment manufacturers, existing players searching for expansion opportunities, new players searching possibilities and other stakeholders to align their market centric strategies according to the ongoing and expected trends in the future.
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