Automotive Digital Key Market Flourishes with International Prestigious Players - Apple, BMW, General Motors, Honda, Hyundai

According to the report, the global automotive digital key is projected to surpass US$ 11.6 Bn by 2031, expanding at a CAGR of 21.5% during the forecast period. The features of a digital key enable the use of smart devices. A digital key can be used in the same way as a physical key. It is utilized primarily for locking and unlocking doors of a vehicle. Car keys are undergoing rapid technological changes, owing to advancements in terms of vehicle key technology. The modern car key (digital key) helps the driver to share the information of his vehicle securely through the smartphone application. Additionally, through the smartphone application, the driver can access vehicle functions such as lock/unlock, engine start/off, and locate vehicle.

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The increase in investment by major players toward digital car key technology and its applications for improving vehicle safety is likely to drive the global automotive digital key market. For instance, on November 12, 2020, DENSO CORPORATION announced that it would invest in lambda:4, a Hamburg, Germany-based company that specializes in the development of wireless positioning technologies for short-range applications using Bluetooth Low Energy in order to strengthen its capability in terms of passive digital car key. This technology is expected to improve safety and security for passive digital car key devices.

Expansion of Automotive Digital Key Market:

A keyless entry device or remote key access or digital key is an autonomous vehicle system, which is developed in order to secures vehicle access to electronically by means of remotely controlling vehicle locking/unlocking and aims to substitute traditional mechanical key. However, the recent development in terms of digital key eliminates the use of smart key fobs, as the vehicle key is stored directly on cloud systems, which can be directly accessed by consumers using their smartphone or smartwatch. This feature enables the vehicle owner to share key of vehicle with multiple users without actually sharing a vehicle key in the physical form. The demand for the smartphone-based digital key is expected to increase among vehicle fleet owners as well as ride sharing companies. This, in turn, is likely to propel the automotive digital key market at a rapid pace.

Additionally, Car Connectivity Consortium (CCC), a cross-industry collaboration, is engaged in the development of global standards and solutions for smartphone and in-vehicle connectivity. Several automakers smart device vendors, security companies, rental companies such as Apple, BMW, General Motors, Honda, Hyundai, LG, Panasonic, Samsung, and Volkswagen have come together to establish the technical standards for use of smartphones based vehicle digital key. The factors mentioned above are likely to increase adoption of smartphone based digital keys, and subsequently, drive the global automotive digital key market. Companies such as Continental AG, Robert Bosch, Hella GmbH, and Hyundai Group are at the forefront of developing smartphone-based digital keys.

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In terms of technology, the remote keyless entry systems segment accounted for a notable share of the global automotive digital key market. However, the passive keyless entry systems segment is expected to gain market share by the end of the forecast period, owing to an increase in the demand for passive keyless entry systems. The passive keyless entry system communicates with the vehicle and unlock vehicle doors automatically when the car key is in the vicinity of the vehicle while it locks vehicle doors automatically when the vehicle key exits the pre-defined range of vehicle. Ongoing developments in terms of ECU and sensors have enabled the manufacturers of digital key to offer such advanced features in order to increase the convenience of vehicle users. This, in turn, is estimated to propel the passive keyless entry systems segment during the forecast period.

In terms of hardware, the remote entry devices segment dominated the global automotive digital key market, in terms of value, in 2020. However, the smartphones & tablets segment is anticipated to expand at a notable CAGR during the forecast period, owing to rise in preference toward smartphone-based digital key among automakers. Digital keys increase the accessibility for vehicles; however, they are likely to face cyber security issues, as a digital key is connected to the vehicle through a smartphone, which employs software technology for its operation. The smartphone code can be hacked and the vehicle can be operated through any hacked device. This is projected to pose a challenge for automakers to prompt consumers with traditional mindset to adopt digital keys.

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Regional Analysis of Automotive Digital Key Market:

Based on region, the global automotive digital key has been segregated into North America, Europe, Asia Pacific, Middle East & Africa, and Latin America. Asia Pacific accounted for a major share of the global automotive digital key market. Asia Pacific has major presence of developed countries that are home to advanced research and development facilities for digital key, which, in turn, is likely to enhance the use of digital key solutions across the region. China dominated the digital key market in Asia Pacific, owing to the presence of numerous OEMs and aftermarket players who are engaged in production and supply of digital key and related components.

The market in the Asia Pacific is also driven by increasing sales of passenger cars in countries such as China, Japan, India, and South Korea. Sales of passenger cars and commercial vehicles in countries in ASEAN have been increasing significantly for the past few years, which is also projected to propel the automotive digital key in Asia Pacific during the forecast period.

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Automotive Digital Key Market Players

Prominent players operating in the global automotive digital key include ALPHA Corporation, Continental AG, Denso Corporation, Heights Security, Inc., HELLA GmbH & Co. KGaA, Hyundai Mobis, Minda Corporation, Mitsubishi Electric Corporation, NXP Semiconductors, Robert Bosch GmbH, Samsung, Silca, STMicroelectronics, Telefonaktiebolaget LM Ericsson, and Valeo SA.

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