Automotive Digital Key Market would be worth US$ 6.0 billion by the end of 2029

Automotive Digital Key Market 2022

According to PMR, the global automotive digital key market would be worth US$ 6.0 billion by the end of 2029, with a predicted CAGR of 12%.Gains continue to be fueled by a variety of causes, including the digital revolution in the automotive industry and the increased need for convenience and simplicity of use among consumers. While key card and smart watch demand is expected to rise in the future years, smart key fob continues to contribute significantly to manufacturers' bottom lines.

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Due to favourable government measures for industrial development and the emergence of China as the world's largest automotive market, East Asia is anticipated to be an important location for the automotive digital key market.

The automobile sector is undergoing a profound transformation as it moves toward vehicle digitisation. Automotive digital keys are being developed by manufacturers to offer superior benefits to conventional keys, such as improved driver safety features, connected cars, the Internet of Things Market, and keyless entry, among others.

Company Profiles- 

• Infineon Technologies AG
• Telefonaktiebolaget LM Ericsson
• Continental AG
• Denso Corporation
• Tokai Rika Co. Ltd.
• ALPHA Corporation
• Garmin Ltd.
• Firstech, LLC.

Additionally, key cards with RFID technology, smart key fobs, and wearable smart keys or smart watches are continually being developed by major participants in the automotive digital key market. For instance, Senturion Key, a wearable key or smart watch, has been created and can be used to access the vehicle and do numerous tasks like starting and stopping the engine, locking and unlocking doors, and many other capabilities.

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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.

Region Coverage (Regional Production, Demand & Forecast by Countries etc.):

North America (U.S., Canada, Mexico)
Europe (Germany, U.K., France, Italy, Russia, Spain etc.)
Asia-Pacific (China, India, Japan, Southeast Asia etc.)
South America (Brazil, Argentina etc.)
Middle East & Africa (Saudi Araia, South Africa etc.)

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Key Stakeholders 

Automotive Digital Key Market Manufacturers 
Automotive Digital Key Market Distributors/Traders/Wholesalers 
Automotive Digital Key Market Subcomponent Manufacturers 
Industry Association 
Downstream Vendors

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This release was published on openPR.