Dublin, Dec. 02, 2024 (GLOBE NEWSWIRE) -- The "Automotive Digital Key Market - Global Industry Analysis, Size, Share, Growth, Trends, and Forecast 2024-2031- (By Derivatives Coverage, Geographic Coverage and By Company)" report has been added to ResearchAndMarkets.com's offering.
The global Automotive Digital Key Market is experiencing remarkable growth with projected value of US$ 3.49 billion at the end of 2024. The market is projected to witness a robust compound annual growth rate (CAGR) of 15.6%, reaching an estimated valuation of US$ 9.62 billion by 2031. This growth is largely attributed to significant advancements in smartphone-to-vehicle technology and the continuous development of digital key systems.
The automotive industry is rapidly transforming, driven by the rise of the Internet of Things (IoT) and innovative automotive platforms. These advancements have resulted in enhanced connectivity, security, and utility in vehicles, significantly contributing to the automotive digital key market's growth. Key regions, particularly East Asia and Europe, dominate the market share, offering substantial opportunities for manufacturers.
The Automotive Digital Key Market presents lucrative opportunities for manufacturers, especially through partnerships with cloud service providers. Such collaborations can enhance security, improve customer trust, and streamline operations. Additionally, the increasing adoption of electric vehicles and connected vehicle technologies, particularly in regions like China, is expected to drive sales and expand market reach.
Several factors are propelling the growth of the Automotive Digital Key Market:
- IoT Connectivity Revolution: Manufacturers are embedding IoT technologies into vehicles, enhancing safety, comfort, and utility. Connected car applications, including fuel tracking, Advanced Driver-Assistance Systems (ADAS), and in-vehicle infotainment, are increasingly becoming standard features. The rise of digital keys, a direct result of IoT adoption, is anticipated to gain significant traction among consumers.
- Consumer Demand for Smart Features: Today's consumers are increasingly seeking advanced technological features in vehicles, including smart devices with capabilities like emergency braking and anti-theft systems. The growing awareness of digital key solutions is influencing purchasing decisions, making them a sought-after feature in modern automobiles.
- Collaborations with Cloud Service Providers: Manufacturers are focusing on partnerships with cloud-based service providers to enhance market presence. These collaborations not only improve the security of digital key solutions but also reduce operational costs by facilitating expansion into new markets without establishing physical distribution channels.
Regional Insights
- United States: Valued at approximately US$ 388.9 million in 2023, the U.S. automotive digital key market is anticipated to lead North America during the forecast period. The rising demand for enhanced vehicle safety features, especially among rental fleet owners, is driving market growth. Digital keys enable remote vehicle monitoring and management, further boosting their appeal.
- China: Expected to capture over one-third of the East Asian market for automotive digital keys, China is at the forefront of developing connected and luxury vehicles. The growing adoption of electric vehicles in the country is poised to significantly increase the demand for digital keys, aligning with the nation's technological advancements in the automotive sector.
Key Players
The automotive digital key market is moderately fragmented, with several key players investing in technological advancements to provide innovative solutions.
Leading companies include:
- 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.
These manufacturers are strategically targeting fleet owners for long-term partnerships to enhance revenue generation, particularly in the North American and European regions.
Key Topics Covered:
1. Executive Summary
1.1. Global Automotive Digital Key Market Snapshot
1.2. Future Projections
1.3. Key Market Trends
1.4. Regional Snapshot, by Value, 2024
1.5. Analyst Recommendations
2. Market Overview
2.1. Market Definitions and Segmentations
2.2. Market Dynamics
2.2.1. Drivers
2.2.2. Restraints
2.2.3. Market Opportunities
2.3. Value Chain Analysis
2.4. Porter's Five Forces Analysis
2.5. COVID-19 Impact Analysis
2.5.1. Supply
2.5.2. Demand
2.6. Impact of Ukraine-Russia Conflict
2.7. Economic Overview
2.7.1. World Economic Projections
2.8. PESTLE Analysis
3. Global Automotive Digital Key Market Outlook, 2018 - 2030
3.1. Global Automotive Digital Key Market Outlook, by Product Type, Value (US$ Bn) and Volume (Units), 2018 - 2030
3.1.1. Key Highlights
3.1.1.1. Smart Keyfob
3.1.1.2. Key Card
3.1.1.3. Smart Watch
3.2. Global Automotive Digital Key Market Outlook, by Vehicle Type, Value (US$ Bn) and Volume (Units), 2018 - 2030
3.2.1. Key Highlights
3.2.1.1. Passenger Cars
3.2.1.1.1. Compact Cars
3.2.1.1.2. Mid-Sized Cars
3.2.1.1.3. Luxury Cars
3.2.1.1.4. SUVs
3.2.1.2. LCVs
3.2.1.3. HCVs
3.3. Global Automotive Digital Key Market Outlook, by Sales Channel, Value (US$ Bn) and Volume (Units), 2018 - 2030
3.3.1. Key Highlights
3.3.1.1. OEMS
3.3.1.2. Aftermarket
3.4. Global Automotive Digital Key Market Outlook, by Region, Value (US$ Bn) and Volume (Units), 2018 - 2030
3.4.1. Key Highlights
3.4.1.1. North America
3.4.1.2. Europe
3.4.1.3. Asia Pacific
3.4.1.4. Latin America
3.4.1.5. Middle East & Africa
For more information about this report visit https://www.researchandmarkets.com/r/xauef7
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