Press release
Automotive Digital Key Market Value to Hit US$ 8.6 Bn in 2030|Key Players are Continental AG, Denso Corporation and more
Automotive Digital Key Market 2022
Automotive Digital Key Market was Valued of US$ 2 Bn in 2019, East Asia to Stay Ahead of the Curve. The global Automotive Digital Key Market is stipulated to witness a CAGR of 19.4% and reach US$ 8.6 Bn by the year 2030. 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.
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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.
Key Companies-
• Infineon Technologies AG
• Telefonaktiebolaget LM Ericsson
• Continental AG
• Denso Corporation
• Tokai Rika Co. Ltd.
• ALPHA Corporation
• Garmin Ltd.
• Firstech, LLC.
• GARIN System Co., Ltd.
• STMicroelectronics
• SENTURION KEY
• Silca S.p.A.
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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.
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Key Questions Answered in PMR's Automotive Digital Key Market Report
• Which regions will continue to remain the most profitable regional markets for automotive digital key market players?
• Which factors will induce a change in the demand for automotive digital key during the assessment period?
• How will changing trends impact the automotive digital key market?
• How can market players capture the low-hanging opportunities in the automotive digital key market in developed regions?
• Which companies are leading in the automotive digital key market?
• What are the winning strategies of stakeholders in the automotive digital key market to upscale their position in this landscape?
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