Dublin, Sept. 14, 2023 (GLOBE NEWSWIRE) -- The "Automotive Keyless Entry System Global Market Report 2023" report has been added to ResearchAndMarkets.com's offering.
The global automotive keyless entry system market witnessed a growth from $1.4 billion in 2022 to $1.57 billion in 2023, achieving a notable compound annual growth rate (CAGR) of 12.1%. This expansion, however, unfolded against the backdrop of various challenges, including the disruptive Russia-Ukraine war that impacted global economic recovery efforts from the COVID-19 pandemic, at least in the short term. The ongoing conflict between Russia and Ukraine prompted economic sanctions, commodity price hikes, supply chain disturbances, and an inflationary trend across goods and services worldwide. Despite these hurdles, the automotive keyless entry system market is projected to ascend further, reaching $2.48 billion by 2027 at a steady CAGR of 12.1%.
In this context, the automotive keyless entry system market research report emerges as an invaluable tool, offering comprehensive insights into the market's statistics, trends, and opportunities. With a focus on industry statistics, global market size, regional shares, and competitors' positions, the report equips businesses with the necessary data to thrive in the automotive keyless entry system landscape. By providing a detailed analysis of market segments and future prospects, the report paints a comprehensive picture of the present and future of the industry.
Key Trends and Technological Advancements
A prominent trend within the automotive keyless entry system market is the rise of technologically advanced in-vehicle security systems. Leading players in this industry are dedicating their efforts to develop innovative solutions such as keyless entry systems integrated with engine start/off functionalities, AC control, and other features. Major automobile manufacturers are investing substantially in launching new vehicle models and upgraded versions with embedded keyless entry technology. This approach eliminates the need for customers to acquire keyless entry systems separately, as they come pre-installed within the vehicles. For example, in August 2020, Renault India introduced a new model of the Renault Duster featuring advanced in-vehicle security systems, including keyless entry functionality along with various safety features.
Industry Consolidation and Expansion
In March 2021, a significant acquisition took place within the automotive keyless entry system market. Automotive Keys Group, LLC, a US-based industry leader in remanufacturing and distributing replacement automotive keyless entry remotes, acquired Midwest Keyless. This strategic move strengthens the collective potential of the two companies to enhance customer service and expand their presence among locksmiths and professionals across the US and Canada. Midwest Keyless, also based in the US, is renowned for remanufacturing and distributing top-quality automotive replacement keys.
Geographical Insights and Rising Demand for Security
North America dominated the automotive keyless entry system market in 2022. The geographic scope of the market includes Asia-Pacific, Western Europe, Eastern Europe, North America, South America, and the Middle East and Africa. Key countries covered in the report include Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, the UK, and the USA.
The growing emphasis on vehicle safety and security is a primary driver of market expansion. As concerns about theft and security intensify, manufacturers are integrating safety features as standard even in entry-level vehicles. Keyless entry systems, which utilize radio frequency signals for remote vehicle control, are gaining popularity for their convenience and protection. This trend is fueled by alarming statistics, such as the FBI's report that 810,400 vehicles were stolen in the USA in 2020, amounting to $7.4 billion in losses.
Leading Players and Roadmap
Prominent players in the automotive keyless entry system market include Denso Corporation, HELLA GmbH & Co KGaA, ZF Friedrichshafen AG, Continental AG, Alps Alpine Co Ltd., Mitsubishi Electric Corporation, Valeo SA, Microchip Technology Inc., Robert Bosch GmbH, Lear Corporation, Marquardt, Tokai Rika, Atmel Corporation, NXP Semiconductors, Hyundai Mobis, Panasonic, Directed Electronics, Voxx International, ARCO Lock, and Kiekert.
Key Questions Addressed
This comprehensive report addresses critical questions to guide businesses and investors:
- Where is the largest and fastest-growing market for automotive keyless entry systems?
- How does the market correlate with the overall economy and other related markets?
- What are the driving forces that will shape the future of the market?
Scope and Segmentation
The report covers various aspects of the market, including product categories, vehicle types, and end-users:
- By Product: Passive Keyless Entry Systems; Remote Keyless Entry Systems
- By Vehicle Type: Passenger Cars; LCV; HCV
- By End-Users: Aftermarket; Original Equipment Manufacturer (OEMs)
Why Purchase the Report
This report offers a comprehensive global perspective on the market across 50+ geographies. It delves into the impact of COVID-19 on the market and how it's responding to the pandemic's abating effects. The report also evaluates the consequences of the Russia-Ukraine war on agriculture, energy, mineral commodity supply, and their indirect impact on the market. Moreover, it examines the influence of global inflation on market growth, providing valuable insights for creating regional and country strategies, identifying growth segments, and outperforming competitors using forecast data.
Key Attributes:
| Report Attribute | Details |
| No. of Pages | 200 |
| Forecast Period | 2023 - 2027 |
| Estimated Market Value (USD) in 2023 | $1.57 billion |
| Forecasted Market Value (USD) by 2027 | $2.48 billion |
| Compound Annual Growth Rate | 12.1% |
| Regions Covered | Global |
For more information about this report visit https://www.researchandmarkets.com/r/11bban
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