New York, July 10, 2023 (GLOBE NEWSWIRE) -- The global automotive keyless entry system market is estimated to grow at a CAGR of ~10% from 2023 to 20233. The market is estimated to garner a revenue of ~USD 4 billion by the end of 2033, up from a revenue of ~USD 1 billion in the year 2022, owing to growing concern about vehicles' safety and security. This is driven by the increasing demand for convenience and safety features in vehicles, as well as the growing number of government regulations and initiatives to enhance vehicle security. In addition, the increasing focus on the safety and security of vehicles in order to avoid any theft of systems or even the vehicle itself is expected to propel market growth.
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The Federal Bureau of Investigation (FBI), the domestic intelligence and security service of the USA, estimates there were 810,400 vehicles stolen in 2020, totaling USD 7.4 billion. The number of stolen vehicles has increased by 11.8% since January 2019, when 724,872 vehicles were reported stolen. Motor vehicle thefts were estimated at 219.9 per 100,000 residents. With more people looking for ways to protect their vehicles from theft, automakers are turning to technologies like keyless entry systems as a way to offer a secure and convenient way to access and start the vehicle. Keyless entry systems use radio frequency signals to communicate with the car, making it much harder for thieves to access the vehicle.
Automotive Keyless Entry System Market: Key Takeaways
- Automotive Keyless Entry System Market in Asia pacific to grow at the fastest rate
- Substantial growth rate is expected in the OEMs segment
- Automotive Keyless Entry System Market in North America is expected to grow rapidly in the near future
Internet of Things (IoT) Technology Proliferation in the Automotive Industry to Boost Market Growth
The development of advanced technology, such as autonomous vehicles and connected cars, is expected to contribute to market growth as these vehicles are increasingly equipped with safety and security features to protect passengers and cargo. Globally, more than 28 million new connected vehicles were sold in 2020, making up approximately 40% of new car sales. Also, this technology allows cars to become smarter by connecting to the internet, making them able to communicate with each other and with their environment. This leads to increased safety, convenience, and efficiency on the roads, as well as allowing cars to become more autonomous. Moreover, a strong trend towards electrification of vehicles, along with technological advancements such as keyless entry systems with engine turn-on and off, AC control, and in-vehicle security systems, are expected to contribute to the market's growth in the coming years. Meanwhile, in 2021, more than 5 million plug-in electric vehicles are estimated to have been sold globally, more than doubling 2020's total, and approximately 10 million EVs are in operation today.
Global Automotive Keyless Entry System Market: Regional Overview
The automotive keyless entry system market is segmented into five major regions including North America, Europe, Asia Pacific, Latin America, and the Middle East and Africa region.
Growing Production of Automobiles to Drive the Growth in the Asia Pacific Region
The automotive keyless entry system market in Asia Pacific is estimated to garner the largest revenue by the end of 2033 on account of an increase in demand for new-generation electric vehicles as well as the existence of a significant number of OEMs. The increase in demand for new-generation electric vehicles is a result of rising awareness about the environmental benefits of electric vehicles, as well as government initiatives such as subsidies and tax incentives. This has led to an increase in the number of original equipment manufacturers in the region, which is driving the growth of the automotive keyless entry system market in Asia Pacific. Moreover, with the rapid expansion of the automotive industry and the rising production of vehicles, automobile keyless entry systems will be in high demand owing to the increased demand for advanced technologies among vehicle owners. It was observed that the number of commercial vehicles produced in China in April 2022 was around 200,000, and passenger cars were approximately 990,000. Also, it is estimated that the Indian automobile industry produced nearly 22,930,200 vehicles from April 2021 to March 2022, including passenger vehicles and commercial vehicles. In response to the growing demand for technologically advanced vehicles, keyless entry systems are widely installed in cars. These devices enable drivers to remotely control the vehicle by using a smartphone or key fob.
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Increasing Popularity of Luxury and Premium Cars to Drive the Growth in the North America Region
The automotive keyless entry system market in North America is estimated to garner the highest CAGR by the end of 2033, backed by the growing popularity of premium and luxury cars among the populace as well as the development of vehicles with advanced safety features. According to statistics, BMW sold over 335,000 units in the United States in 2021, making it the leading luxury car brand. Keyless entry systems allow drivers to lock and unlock their cars without having to use a physical key. This eliminates the need to carry a key, which is particularly convenient for luxury cars as it adds an extra layer of security. Furthermore, numerous initiatives have been taken by governments across North America to mandate certain safety features in vehicles. Amid these developments, keyless entry systems are expected to gain greater awareness in the region over the forecast period. For instance, as part of its antitheft regulations, the NHTSA (National Highway Traffic Safety Administration) has posted numerous regulations aimed at reducing vehicle theft. A few regulations encourage manufacturers to install passive antitheft devices, such as keyless entry systems. These regulations have been put in place to make it more difficult for thieves to break into cars, as most keyless entry systems require the correct code or key in order to gain access to the vehicle.
Automotive Keyless Entry System Segmentation by Vehicle Type
- Passenger Cars
- Light Commercial Vehicles
- Heavy Commercial Vehicles
The passenger cars segment is anticipated to hold the largest revenue by the end of 2033, backed by the rise in sales of passenger cars owing to increasing disposable income across the globe. Increased disposable income allows people to purchase more expensive cars, which contributes to the revenue of the passenger cars segment. For instance, over 1 million battery-only electric passenger cars were sold in Europe by 2020, a 200% increase since 2018. In addition, passenger vehicle sales in India increased by 7% year over year to 2,35,000 vehicles in December 2022. Keyless entry systems are becoming increasingly popular for passenger cars, as they offer convenience, security, and cost savings. The systems allow the user to lock and unlock the car from a distance, as well as start and stop the engine. They also provide an added layer of security by allowing the user to set a PIN code for access to the vehicle. Moreover, the development of new technologies, such as electric and autonomous vehicles, and the launch of new passenger car models, along with updated versions of older models with keyless entry access systems, are predicted to boost segment growth during the forecast period. For instance, a new generation of Duster is being launched by Renault in March 2020 that includes a keyless entry system. In addition to that, the remote engine start technology is also designed to allow the air conditioning to be started before getting into the car.
Automotive Keyless Entry System Segmentation by Sales Channel
- Original Equipment Manufacturer (OEM)
- Aftermarket
The Original Equipment Manufacturer (OEM) segment is anticipated to hold the largest revenue by the end of 2033 backed by the rising demand for automotive keyless entry systems that are more credible. Since OEMs typically have the latest technology and advanced features that consumers are looking for, they are viewed as more reliable and trustworthy than aftermarket sellers. Additionally, OEMs often have relationships with car manufacturers that enable them to provide better prices and better customer service. Moreover, the emergence of top automotive OEMs across the globe is expected to augment revenue growth for the segment. For instance, the top five automotive OEMs in the world by revenue in 2021 are Volkswagen AG, Toyota Motor Corp., Stellantis NV, Mercedes-Benz Group AG, and Ford Motor Co. Volkswagen AG generated the most revenue among the top automotive OEMs in the financial year 2021, with USD 295,800 million.
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Automotive Keyless Entry System Segmentation by Product Type
- Remote Keyless Entry (RKE) System
- Passive Keyless Entry (PKE) System
Few of the well-known market leaders in the automotive keyless entry system market that are profiled by Research Nester are ALPS ALPINE CO. LTD., Continental AG, HELLA GmbH & Co. KGaA, Mitsubishi Electric Corporation, NXP Semiconductors N.V., Robert Bosch GmbH, Microchip Technology Inc., DENSO Corporation, VALEO, Honda Motor Co., Ltd., and other key market players.
Recent Development in the Global Automotive Keyless Entry System Market
- ALPSALPINE CO. LTD. developed a wireless digital key system with Giesecke+Devrient (G+D), a globally recognized security technologies group. The system has been developed for the upcoming model of vehicles that will be available in 2050 and is based on the specifications produced by the Car Connectivity Consortium (CCC).
- A key service has been launched by Continental AG for commercial vehicles. A virtual press event was held by the company to announce the launch of this service. As a result of this remote control key service, the owner of the vehicle is able to start the engine remotely through their smartphone or Bluetooth card.
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