Automotive Keyless Entry System Market is expected to grow at a CAGR of 6.8% during the forecasted period | Evolve Business Intelligence

As per the study initiated by Evolve Business Intelligence, the global Automotive Keyless Entry System Market size accounted for USD 1.9 Billion in 2022, growing at a CAGR of 6.8% from 2023 to 2033. The Automotive Keyless Entry System Market refers to the industry that involves the design, development, manufacturing, and distribution of keyless entry systems for vehicles. Keyless entry systems eliminate the need for a traditional mechanical key to unlock or start a car. The market for automotive keyless entry systems has seen significant growth and innovation over the years, driven by advancements in technology and consumer demand for convenience and security. Keyless entry systems are commonly found in a wide range of vehicles, including cars, trucks, and SUVs, across various price segments.

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The Automotive Keyless Entry System Market is primarily driven by the growing Vehicle Sales. Increasing global vehicle sales, particularly in emerging economies, create a larger market for keyless entry systems. Rising disposable incomes facilitate adoption of such premium features.

Key Players
Some of the major Automotive Keyless Entry System Market players holding high market shares include Atmel Corporation, Calsonic Kansei Corporation, Continental Automotive GmbH, Delphi Automotive and Denso Corporation. These players use partnership and collaboration as a key strategy to gain significant market share to compete with market leaders. Some of the other major market players include Hyundai Mobis Co. Ltd, Marquardt Switches Inc., Mitsubishi Electric Corporation and Omron Automotive Electronics Co. Ltd.

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Segmental Analysis
Based on Vehicle Type, the Automotive Keyless Entry System Market is segmented into passenger cars, light commercial vehicles, and heavy commercial vehicles. The passenger cars segment dominated the market. In developing economies, category growth is driven by the growing sales of passenger automobiles and the growing demand for vehicle security systems. However, a light commercial vehicle is the fastest-growing category over the forecast period, as LCVs have low maintenance and operating costs and are more fuel efficient.

Based on Product Type, the Automotive Keyless Entry System Market is segmented into passive keyless entry (PKE) system and a remote keyless entry (RKE) system. The remote keyless entry (RKE) system category generated the most income (70.4%). This is due to enhanced security, better access control, and increased convenience. It is favorably preferred by the end-users and deployed in all kinds of vehicles, including economical and luxury automobiles.

Key Region/ Countries Covered
• North America (US, Canada, Mexico)
• Europe (Germany, U.K., France, Italy, Spain, Russia, Nordic Countries, BeNeLux, Rest of Europe)
• Asia-Pacific (China, India, Japan, South Korea, Indonesia, Malaysia, Rest of Asia Pacific)
• Middle East and Africa (Saudi Arabia, UAE, Egypt, South Africa, Rest of MEA)
• Latin America (Mexico, Brazil, Argentina, Rest of Latin America)

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