Press release
Global Automotive Keyless Entry System Market To Be Driven At A CAGR Of 12.6% In The Forecast Period Of 2023-2028
The report tracks the latest trends in the industry and studies their impact on the overall market. It also assesses the market dynamics, covering the key demand and price indicators, along with analysing the market based on the SWOT and Porter's Five Forces models.
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The key highlights of the report include:
Market Overview (2018-2028)
• Historical Market Size (2021): USD 1.5 billion
• Forecast CAGR (2023-2028): 12.60%
• Forecast Market Size (2027): USD 3.1 billion
The growth of the global market for automotive keyless entry systems market is being driven by a rising demand for advanced technological features in luxury and premium vehicles. The rising integration of smart technology in vehicles to cater to increasing demand for convenience and ease of use is expected to propel the growth further.
Additionally, factors such as stringent regulations for vehicle safety and anti-theft features, demand for advanced features, and increasing vehicle production are projected to push the market growth. Integration of smart phone technology and growing demand for connected technologies in automotives is expected to aid the adoption of keyless entry systems.
Automotive Keyless Entry System Industry Definition and Major Segments
Automotive keyless entry systems allow the user to remotely lock, unlock, and start the engine with the use of radio frequency signals (RF Signals). The user of an automobile can lock and unlock the vehicle by sending the selected coded signals from a certain distance.
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Based on products, the overall market is bifurcated into:
• Passive Keyless Entry Systems (PKES)
• Remote Keyless Entry Systems (RKES)
By application, the market is segmented into:
• Passenger Cars
• Light Commercial Vehicles
• Heavy Commercial Vehicles
On the basis of end market, the market is categorised into:
• Original Equipment Manufacturers (OEMs)
• Aftermarket
The regional markets for automotive keyless entry system include:
• North America
• Europe
• Asia Pacific
• Latin America
• Middle East and Africa
Automotive Keyless Entry System Market Trends
Asia Pacific is anticipated to witness a significant growth in the automotive keyless entry system market. This is owing to an increasing demand for automotive safety systems in developing economies such as India and China. The growing demand for vehicles in the region along with increasing penetration of OEMs in the market, are anticipated to bolster the growth over the coming years.
Meanwhile, North America and Europe are projected to hold a significant share in the global market for automotive keyless entry systems. This can be attributed to factors such as the rising demand for high-end luxury vehicles, large expenditure on automobiles, presence of key market players, and increasing technological advancements.
Key Market Players
Some major players in the market:
• DENSO Corporation
• Hella KGaA Hueck and Co.
• Continental AG
• Alps Electric Co
• Jindal Poly Films Limited, Ltd.
• STMicroelectronics International N.V.
• Valeo SE
• Microchip Technology Inc.
• others
The report covers the market shares, capacities, plant turnarounds, expansions, investments and mergers and acquisitions, among other latest developments of these market players.
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