Automotive keyless entry system market is expected to reach an estimated value of ~USD 7 billion by 2033, by expanding at a CAGR of ~12%. The market further generated a revenue of ~USD 2 billion in the year 2022. Major key factors propelling the growth of the automotive keyless entry system market worldwide are the growing automation of vehicles and the rising number of sensors installed for making a vehicle intelligent globally.
Automotive Keyless Entry System Market Statistics –
- The market size is projected to record a valuation of over USD 4 Billion by 2033
- The Automotive Keyless Entry System Market is slated to observe 10% growth rate through 2023-2033
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Employing radio frequency (RF) signals, an automotive keyless entry technology is used to wirelessly lock, unlock, and start a car’s engine without the necessity of a traditional key. The locking and unlocking signals are now produced by transmitter fobs in the majority of keyless entry systems. Contemporary smart security devices use a key fob with one or more controls to operate the locks, trunk, or windows. Pushing one of the buttons sends a radio frequency signal to a receiving device inside the car, often at a distance of between 15 and 45 feet.
Global Automotive Keyless Entry System Market: Growth Drivers
The growth of the global automotive keyless entry system market can majorly be attributed to the increasing investment in research and development in the field of automobile technology. It was noted that the EU’s largest investor in research and development (R&D) is the automotive industry, which invests almost USD 60 billion annually in innovation. In addition to this, the increasing adoption of innovation in technologies and rising investment in smart vehicles by automobile manufacturers is predicted to boost market growth. For instance, about USD 75 billion has been invested by car manufacturers and suppliers in the creation of smart vehicle technology.
The global automotive keyless entry system market is also estimated to grow majorly on account of the following:
- Growing Penetration of Vehicles with Keyless Ignition Across the Globe
- Upsurge in the Demand for Smart Vehicles
- Rising Trend of Keyless Car Locking Systems
- Increasing Volume of Connected Vehicles Worldwide
Global Automotive Keyless Entry System Market: Restraining Factor
The rising concern regarding data privacy and cyber security is estimated to be a drawback. Moreover, the rising incidences of security system hacking are making system implementation more challenging. Hence, these factors are expected to be the major hindrance for the growth of the global automotive keyless entry system market during the forecast period.
Major players include in the Global Automotive Keyless Entry System Market:
- Alps Alpine Co., Ltd.,
- Continental AG,
- Denso Corporation,
- Hella GmbH & Co. KGaA.,
- Microchip Technology Inc.,
- Mitsubishi Electric Corporation
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Global Automotive Keyless Entry System Market Segmentation
- By Vehicle Type (Light Commercial Vehicles, Passenger Cars, and Heavy Commercial Vehicles)
Out of these, the passenger cars segment is predicted to gain the biggest market share by the end of 2033. The growth of the segment can be attributed to the growing number of cars along with the surge in the sale of passenger cars worldwide. For instance, it is anticipated that in 2026, the global unit sales of passenger cars will total roughly 71,654000 vehicles. Additionally, the rising adoption of the shared vehicle and the rising government initiatives to curb carbon emission is estimated to fuel the segment growth.
The Asia Pacific automotive keyless entry system market is anticipated to hold the largest market share by the end of 2033 among the market in all the other regions. The presence of a strong mobility network in the region, the growing number of vehicles, as well as the rising demand for advanced technologies amongst vehicle owners in the region are some of the key factors estimated to fuel the growth of the market in the region over the forecast period. For instance, it was discovered that in the first half of 2022, more than 2.5 million passenger vehicles were sold in China with driving-assist features.
The market research report on global automotive keyless entry system also includes the market size, market revenue, Y-o-Y growth, and key player analysis applicable for the market in North America (U.S., and Canada), Latin America (Brazil, Mexico, Argentina, Rest of Latin America), Asia-Pacific (China, India, Japan, South Korea, Singapore, Indonesia, Malaysia, Australia, New Zealand, Rest of Asia-Pacific), Europe (U.K., Germany, France, Italy, Spain, Hungary, Belgium, Netherlands & Luxembourg, NORDIC (Finland, Sweden, Norway, Denmark), Ireland, Switzerland, Austria, Poland, Turkey, Russia, Rest of Europe), and Middle East and Africa (Israel, GCC (Saudi Arabia, UAE, Bahrain, Kuwait, Qatar, Oman), North Africa, South Africa, Rest of Middle East and Africa).
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