Global Automotive Digital Key Market to Witness 12% Rise in Value Share During the Period 2019 – 2029

The global automotive digital key market is estimated to be valued at ~US$ 2 Bn in 2019, and grow at a CAGR of ~12% during the period, 2019-2029. Gains remain driven by various factors, ranging from digital revolution in the automotive industry to ever-rising consumers’ demand for convenience and ease of operations.

Smart key fob continues to account for major share of manufacturers’ bottom lines, while key card and smart watch are likely to experience increasing demand in the coming years. In terms of geographical outlook, East Asia is projected to be a prominent region for the automotive digital key market, owing to favourable government initiatives for industrial development along with emergence of China as the world’s largest automotive market.

To remain ‘ahead’ of your competitors, request for a sample here@   https://www.persistencemarketresearch.com/samples/30747

Manufacturers Lean on Advanced Technologies to Offer Superior Products

The ongoing trend in the automotive industry is the integration of digital technology in vehicles. Significant advances in technology has resulted in fundamental changes which helped deliver value-added services to customers. In addition, digital transformation has helped manufacturers meet evolving customer expectations and deliver superior products. It has enabled a constant pace of innovation on the manufacturing front. As the automotive industry expands, expectations and demands from customers are moving beyond the traditional transportation needs to new, luxurious, stand-out mobility services that enable access to various information and communication technologies. Automotive digital key is one such technology, formed as a result of rapidly changing consumers’ choices. Increasing focus of manufacturers on improving technological features and growing consumer needs for better features are expected to boost the demand for automotive digital key in the coming years.

Gains Underpinned by Rising Auto Thefts and Need for Increased Vehicle Security

PMR found that auto-thefts have been increasing at an alarming rate. The rate of vehicles stolen has increased significantly over the past five years, due to below par security features in certain vehicles. For instance, the Federal Bureau of Investigation (FBI) has recently released statistics of vehicle theft, which were 773,139 in 2017, increasing from ~686,803 in 2014. As the vehicle theft incidence continues to be on the rise, automotive manufacturers are targeted towards offering better security features and introduction of keyless solutions for vehicles; the result is likely to lead to increasing demand for automotive digital key in the foreseeable future.

To receive Methodology request here @ https://www.persistencemarketresearch.com/methodology/30747

Automotive Digital Key Market: Vendors Insights

The global automotive digital key market is anticipated to show a high level of consolidation, with limited presence of manufactures at regional as well as country levels.

Few players identified across the value chain of the global automotive digital key market are

Infineon Technologies AG
Telefonaktiebolaget LM Ericsson
Continental AG
Silca S.p.A.
Denso Corporation
Tokai Rika Co. Ltd.
ALPHA Corporation
Garmin Ltd.
Firstech
LLC
GARIN System Co., Ltd.
SENTURION KEY
STMicroelectronics

You Can Purchase the Report here @ https://www.persistencemarketresearch.com/checkout/30747

As OEMs are racing to respond to fast-changing consumer demands and the war of innovation supremacy intensifies, key players in the automotive digital key market are redefining their product development and growth strategies through long-term contracts and partnerships with companies actively operating in the industry.

These factors came into play in March 2018 when Telefonaktiebolaget LM Ericsson developed an automotive digital key for Lynk & Co, a Chinese-Swedish automotive brand which is owned by Zhejiang Geely Holding Group. The premiere digital key is named as the LYNK & CO 01 model. Additionally, in July 2017, Continental acquired a minority share participation in French company EasyMile SAS, to develop cutting-edge technologies for driverless vehicles. Such strategic moves are likely to influence other players in the automotive digital key market to follow suit and align with changing demands.

CONTACT:

Persistence Market Research

305 Broadway

7th Floor, New York City,

NY 10007, United States,

USA – Canada Toll Free: 800-961-0353

Email: sales@persistencemarketresearch.com

Web: http://www.persistencemarketresearch.com

ABOUT US:

Persistence Market Research (PMR) is a third-platform research firm. Our research model is a unique collaboration of data analytics and market research methodology to help businesses achieve optimal performance. To support companies in overcoming complex business challenges, we follow a multi-disciplinary approach. At PMR, we unite various data streams from multi-dimensional sources. By deploying real-time data collection, big data, and customer experience analytics, we deliver business intelligence for organizations of all sizes.

For Further Information about Automotive Market –  https://www.persistencemarketresearch.com/category/automotive-and-transportation.asp

This release was published on openPR.