Pune India, March 02, 2023 (GLOBE NEWSWIRE) -- Automotive Digital Key Markets are becoming more competitive due to the increasing presence of new players. To retain their market share and gain a competitive edge, market players are spending a lot of money developing new digital key technologies. The market has been studied for the below mentioned-segmentation and regional analysis for North America, Europe, Asia, South America, and the Middle East and Africa. These are the key regions where the automotive digital key market is operating and is predicted to expand soon. The manufacturers and suppliers involved in the automotive digital key market are present across various countries in the above-mentioned regions.
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The report provides a detailed understanding of the market segments which have been formed by combining different prospects such as vehicle type, application, technology, distribution channel, and regions. Apart from this, the key driving factors, restraints, potential growth opportunities and market challenges are also discussed in the below paragraphs.
The significant players operating in the global Automotive Digital Key Market are “DENSO Corp., Robert Bosch GmbH, Hyundai Motor Co., Tesla Inc., Ford Motor Co., General Motors Co., BMW AG, RoboArt Inc., Valeo SA, Samsung Electronics Co. Ltd., HELLA GmbH and Co. KG, Daimler AG, Continental AG, Apple Inc., Volkswagen AG, Volvo Car Corp., Toyota Motor Corp., Infineon Technologies AG among others”. To achieve a substantial market share in the worldwide automotive digital key market and strengthen their position, manufacturers are pursuing expansion methods such as current developments, mergers and acquisitions, product innovations, collaborations, and partnerships, joint ventures.
Keys are tools or devices that open or close something. Conventional keys are usually metal with precise incisions and cuts to fit certain locks. Digital keys use smart devices like smartphones or smartwatches to act as keys. New product innovations include advanced features such as fuel tracking, speed control, monitoring in-vehicle information systems, and driver assistance technology, which improve consumer comfort and vehicle efficiency. Bluetooth and Wi-Fi are among the technologies used in automotive digital keys. However, unavailability of internet connectivity or physical obstructions hinder signal transmission, rendering these keys useless. When exposed to extreme temperatures or water, digital keys can malfunction. With a high level of functional technology, players can overcome such vulnerabilities. During the forecast period, the market will be driven by a growing demand for luxury cars with advanced technology and automotive technology. Additionally, electric and hybrid cars with advanced safety and security features are being introduced to the market, increasing the demand for automotive key markets.
Scope of Automotive Digital Key Market Report:
| Report Metric | Information |
| Study Period | 2022-2030 |
| Base Year | 2022 |
| Forecast Period | 2023-2030 |
| Market Share Unit | USD Billion |
| Segments Covered | Vehicle Type, Application, Technology, Distribution Channel, and Regions. |
| Regions Covered | North America, Europe, Asia-Pacific, South America, and Middle-East and Africa |
| Major Players | DENSO Corp., Robert Bosch GmbH, Hyundai Motor Co., Tesla Inc., Ford Motor Co., General Motors Co., BMW AG, RoboArt Inc., Valeo SA, Samsung Electronics Co. Ltd., HELLA GmbH and Co. KG, Daimler AG, Continental AG, Apple Inc., Volkswagen AG, Volvo Car Corp., Toyota Motor Corp., Infineon Technologies AG among others |
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Segmentation Analysis
Passenger vehicles are expected to be the fastest-growing segment in 2022.
The vehicle type segment includes passenger vehicles and commercial vehicle. The passenger vehicles segment is expected to witness the highest growth rate during the forecast period. Passenger vehicles dominated the market in 2021. The growing number of people with higher disposable income has contributed to the increased demand for digital features in passenger vehicles. As consumers seek to improve their standard of living and social status, they are investing in luxury cars with automatic systems, which is driving growth in the automotive digital key market for passenger vehicles.
Multi-function is expected to be the fastest-growing segment in 2022.
The application segment includes multi-function and single function. The multi-function segment is expected to witness the highest growth rate during the forecast period. In 2021, the multi-function segment dominated the market with around 50.1% of total market share. Increased demand for passenger vehicles with one-device-does-it-all features in developing economies contributed to the segment's dominance.
Near field communication is expected to be the fastest-growing segment in 2022.
The technology segment includes biometric, Wi-Fi, near field communication, remote cloud key access, and bluetooth. The near field communication segment is expected to witness the highest growth rate during the forecast period. Near-field communication is expected to grow at the fastest rate over the forecast period. With its advanced security features compared to other technologies, near-field communication systems are gaining traction. The easy and simple installation of these systems will also contribute to their growth.
Original equipment manufacturer is expected to be the fastest-growing segment in 2022.
The distribution channel segment includes original equipment manufacturer and aftersales. The original equipment manufacturer segment is expected to witness the highest growth rate during the forecast period. The original equipment manufacturer segment dominated the market in 2021, accounting for approximately 55.3% of global revenue. This dominance is due primarily to the presence of a significant company in this segment, which manufactures, installs, and operates digital keys as a service.
Regional Analysis
The regional analysis provides a detailed perception of the key regions and the countries. Some of the key countries analyzed for the automotive digital key market include the US, Canada, Mexico, Germany, France, the U.K., Italy, Spain, Russia, China, Japan, India, Brazil, Peru, UAE, South Africa, and Saudi Arabia.
The Asia Pacific region witnessed a major share. A significant share of the global automotive digital key market is accounted for by Asia Pacific. In Asia Pacific, advanced digital key research and development facilities are widely available, so the use of digital key solutions is expected to increase throughout the region. As vehicles increasingly become digital, the automotive industry in this region is changing rapidly. A variety of advanced features are being added to automotive digital keys by manufacturers over conventional keys, including enhanced driver safety features, connected vehicles, the internet of things, and keyless entry. In addition, key players in the automotive digital key market are constantly working to develop RFID-enabled key cards, smart key fobs, and wearable smart keys.
Country Analysis
- Germany
Germany's automotive digital key market size was valued at USD 0.13 Billion in 2022 and is expected to reach USD 0.47 billion by 2030, at a CAGR of 17.6% from 2023 to 2030.
Germany is expected to grow during the forecast period due to the adoption of new policies by the government, which is encouraging the production and consumption of digital automotive vehicles as the disposable income of consumers has increased, resulting in a rise in demand for digital passenger vehicles.
- China
China’s automotive digital key market size was valued at USD 0.16 billion in 2022 and is expected to reach USD 0.59 billion by 2030, at a CAGR of 17.8% from 2023 to 2030.
A significant portion of the automotive digital key market in the Asia Pacific is dominated by China, as the demand for vehicles is growing in developing economies, which is catered for by their growing production capacity, contributing to the industry's growth. The Chinese market is shifting toward manufacturing smart vehicles; China is the world's leading automobile manufacturer, aiming to reduce carbon emissions by increasing fuel efficiency.
- India
India's automotive digital key market size was valued at USD 0.12 billion in 2022 and is expected to reach USD 0.44 billion by 2030, at a CAGR of 17.7% from 2023 to 2030.
With its increasing infrastructure, India is becoming an ideal location for automobile manufacturing. Furthermore, the favorable government policies for the manufacturing of smart and digitized vehicles will continue to increase this country's dominance in the automotive digital key market over the forecast period.
Covid-19 Impact
Covid-19 had a major impact on almost all industries, such as electronics, semiconductors, manufacturing, automobile, etc. However, several companies operating in the technology sector have seen increased revenue due to significant changes in consumer preferences toward technological services. In addition, the pandemic has led to significant growth in technology across developing and developed countries.
Furthermore, the growth of this market is mainly driven owing to the rising digitization and technological advancements.
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