Automotive Keyless Entry System Market: Growth Opportunities Created by Covid19 Outbreak

Rising incidents of car thefts worldwide will be the central driving factor for the global automotive keyless entry system market size, states the new Fortune Business Insights(TM) report, titled "Automotive Keyless Entry System Market Size, Share & Industry Analysis, By Keyless Entry Type (Biometrics, Card-Based, Remote Access), By Vehicle Type (Passenger Cars, Commercial Vehicles) Others and Regional Forecast, 2019-2026". Stealing of cars usually occurs due to insufficient or substandard safety features and majority of them are made possible by the ease of which thieves are able to break car locks, start the engine, and flee. According to the INTERPOL Stolen Motor Vehicles database, nearly 143,000 vehicles across the globe were identified as stolen in 2018.

Data collected from 130 participating countries revealed that cars stolen in Europe were found in Australia and South America, buttressing the point that cars are shockingly easy to steal and are apparently easier to transport across continents. Therefore, there is a desperate need for reliable safety features in both economical and luxury cars, which is one of the leading automotive keyless entry system market trends.

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Top Players Covered in the Report:

Denso Corporation
Omron Automotive Electronics Co. Ltd.
Valeo S.A.
Mitsubishi Electric Group
Lear Corporation
TRW Automotive Holdings Corporation
Marquardt Switches Inc.
Continental Automotive GmbH
Atmel Corporation
Delphi Automotive LLP
Calsonic Kansei Corporation
Alps Automotive Inc

The report shares valuable information in the following manner:

Exhaustive research into the key market drivers and restraints;
Comprehensive study of all possible market segments;
Detailed analysis of the regional and competitive developments; and
Accurate computation of relevant market values and figures.
Market Restraint

Prohibitive Installation Costs to Dampen Sales Prospects

Keyless entry systems offer a host of advantages for car buyers such as convenience, automatic locking, and enhanced security. However, these systems come with a high price tag. For instance, in India, if the car does not come with a preinstalled keyless system, the cost of installing it independently from third parties can cost upwards of INR20,000 for regular cars such as the Volkswagen Polo; in case of luxury cars, it can cost up to INR1 lakh.

Furthermore, these systems are not fool-proof when it comes to security. As most of the keyless entry systems work on data transmission and use radio frequency to communicate with the owner, it has become easy for hackers to employ sophisticated programming tools and steal vehicles. Thus, while these advanced systems boast of a slew of benefits, a prospective customer must keep in mind their probable shortcomings and make an informed decision.

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Regional Analysis

Asia-Pacific to Lead the Pack; North America to Showcase Steady Growth

Among regions, Asia-Pacific is slated to dominate the automotive keyless entry system market share during the forecast period. Technological advancements by Japanese carmakers and a flourishing automotive industry in India and China will be the main factors driving the growth of the market in Asia-Pacific. Moreover, rising demand for superior safety features fostered by increasing purchasing power will further propel the market here. North America is expected to grow at a substantial rate in the coming years owing to the high uptake of luxury cars with advanced features and strong presence of established players in the region.

Competitive Landscape

Acquisitions and Collaborations to Intensify Market Competition

The automotive keyless entry system market report foresees a period of intense competition in this market on account of the increasing number of strategic partnerships and acquisitions undertaken by key players. Companies engaging in such ventures hope to consolidate their position, widen their product portfolio, and broaden their sales horizons.

Industry Developments:

April 2019: Lear Corporation, the Michigan-based automotive electrical systems maker, acquired Xevo Inc., the Seattle-based automotive software leader, through a definitive agreement. The takeover would empower Lear to amplify its market reach by incorporating Xevo's data-driven software solutions for car buyers with its own offerings.

January 2019: Germany-based Continental AG and US-based Avis Budget Group announced that they would take their partnership forward by enhancing each other's portfolio. The joining of forces would be accomplished with Avis Group equipping its connected cars fleet in Europe and the US with Continental's Key as a Service (KaaS) technology.

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This release was published on openPR.