Automotive Digital Key Market 2022
East Asia to stay ahead of the curve as the automotive digital key market grows to $2 billion in 2022. The market for automotive digital keys is anticipated to reach a value of US$ 2 billion in 2022 and expand at a CAGR of 12% from 2019 to 2029. 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.
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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 This Report.
- What will the Market growth rate in Future?
- What are the key factors driving the global Market?
- Who are the key manufacturers in Market space?
- What are the opportunities and threats faced by the vendors in the global industry?
- What are sales, revenue, and price analysis by regions of industry?
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