Automotive Keyless Entry System Market Size, Share Analysis, Forecast By 2033

The Business Research Company recently released a comprehensive report on the Global Automotive Keyless Entry System Market Size and Trends Analysis with Forecast 2024-2033. This latest market research report offers a wealth of valuable insights and data, including global market size, regional shares, and competitor market share. Additionally, it covers current trends, future opportunities, and essential data for success in the industry.

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According to The Business Research Company's, The automotive keyless entry system market size has grown rapidly in recent years. It will grow from $1.53 billion in 2023 to $1.7 billion in 2024 at a compound annual growth rate (CAGR) of 11.5%. The growth in the historic period can be attributed to consumer demand, automotive industry growth, regulatory standards, increasing vehicle production, growing awareness of vehicle security.

The automotive keyless entry system market size is expected to see rapid growth in the next few years. It will grow to $2.65 billion in 2028 at a compound annual growth rate (CAGR) of 11.7%. The growth in the forecast period can be attributed to smart connectivity, emerging markets, electric and autonomous vehicles, rising consumer expectations, global increase in vehicle ownership. Major trends in the forecast period include integration with connected car technologies, technological advancements, continued technological innovations, biometric integration, advanced encryption techniques.

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Market Drivers and Trends:

The rising inclination towards safety and security in vehicles is driving the growth of the automotive keyless entry system market. There is more interest in the safety and security of vehicles to avoid any theft of systems within the vehicle or the vehicle itself. The safety features are being bundled and made standard on even the cheapest vehicles, trucks, and crossovers to enable safety and security. The rising interest in the safety and security of vehicles creates more need for keyless entry systems as these systems use radio frequency signals to remotely lock, unlock, and start the vehicle's engine to enable protection while also offering convenience. For instance, according to the According to Insurance Information Institute In 2022, 1,001,967 vehicles were stolen in the US, which is a 7% increase from 2021. Thus, the rising proclivity towards safety and security in vehicles will drive the automotive keyless entry system market growth.

Technologically advanced in-vehicle security systems are seen as an immerging trend in the automotive keyless entry system market. Companies operating in the automotive keyless entry system market are focusing on providing technologically advanced in-vehicle security systems such as a keyless entry system with engine start/off, AC control, and other features. Automobile manufacturers who also provide this system are investing heavily in launching new car models and the new version of old car models with keyless entry technology. This eliminates the need for customers to buy keyless entry systems separately as the system is inbuilt within the vehicle itself. For instance, in June 2023, Genesis Motor, LLC, a South Korea-based automobile company, launched a new model of the Genesis GV60 equipped with a biometric, face recognition-based keyless entry system, making it the first car in the world to feature pioneering face recognition technology as part of biometric vehicle entry. The system includes a camera built into the door pillar that reads and recognizes the driver's face to allow access to the vehicle.

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Major Key Players of the Market:

Robert Bosch GmbH, Panasonic Corporation, Denso Corporation, ZF Friedrichshafen AG, Continental AG, Hyundai Mobis Co. Ltd., Mitsubishi Electric Corporation, Valeo SA, Lear Corporation, TRW Automotive Holdings Corp., STMicroelectronics N.V., Infineon Technologies AG, NXP Semiconductors N.V., Brose Fahrzeugteile GmbH & Co. KG, Alps Electric Co. Ltd., Omron Automotive Electronics Co. Ltd., Alps Alpine Co. Ltd., HELLA GmbH & Co. KGaA, Johnson Electric Holdings Limited, Atmel Corporation, Marquardt GmbH, U-Shin Ltd., Kiekert AG, Delphi Automotive plc, Alpha Corporation, Huf Hülsbeck & Fürst GmbH & Co. KG, Tokai Rika Co. Ltd., Minda Corporation Limited, Valeo Siemens eAutomotive Germany GmbH, Silca S.p.A.

Automotive Keyless Entry System Market 2024 Key Insights:

• The automotive keyless entry system market size is expected to see rapid growth in the next few years. It will grow to $2.65 billion in 2028 at a compound annual growth rate (CAGR) of 11.7%.
• The Surge In Vehicle Safety Concerns Boosts Automotive Keyless Entry System Market
• Automotive Keyless Entry Systems Evolve With Advanced In-Vehicle Security Features
• North America was the largest region in the automotive keyless entry system market in 2023

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