New Castle, Delaware, USA, Sept. 05, 2023 (GLOBE NEWSWIRE) -- Allied Market Research published a report, titled, “Automotive Keyless Entry Systems Market by sales channel, (OEM and Aftermarket). By vehicle type, (Passenger Cars, LCV, and HCV). Depending on product type, (Remote Keyless Entry (RKE) system and Passive Keyless Entry (PKE) system). By technology, (NFC, UWB, Bluetooth, and RFID). By Device type, (Keyfobs, Phone-as-key, and smart card.): Global Opportunity Analysis and Industry Forecast, 2023-2032”. According to the report, the global automotive keyless entry system market was valued at $2.5 billion in 2022, and is projected to reach $7.4 billion by 2032, registering a CAGR of 11.9% from 2023 to 2032.
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A keyless entry system is the new generation vehicle access control system that allows you to lock and unlock your car without using a mechanical key. This smart technology offers the driver greater convenience and flexibility, thereby makes our life easier.
Prime determinants of growth
The global automotive keyless entry systems market is driven by factors such as a surge in demand for high-end technology-enabled automotive locking systems for improved convenience and security. Automatic locking, better security, and improved convenience are the key factors that support the growth of the automotive keyless entry system market during the forecast period. Moreover, in modern vehicles, automotive OEMs are inclining toward smart technology to cater to the changing demand for end users, which in turn supports the growth of the automotive keyless entry system market.
Report Coverage & Details:
| Report Coverage | Details |
| Forecast Period | 2023–2032 |
| Base Year | 2022 |
| Market Size in 2022 | $2.5 billion |
| Market Size in 2032 | $7.4 billion |
| CAGR | 11.9% |
| No. of Pages in Report | 367 |
| Segments Covered | Sales Channel, Vehicle Type, Product Type, Technology, Device Type, And Region |
| Drivers | Adoption of smart technology for vehicle safety and improved convenience Product development to cater to changing demand pattern Rise in number of vehicle thefts and vandalism incidents |
| Opportunities | Increase in penetration of Keyless Entry for Passenger Cars Growth in developing nations |
| Restraints | High cost of Passive Keyless Entry System Increase in Risk of Cyberattacks |
Covid-19 Scenario:
- The COVID-19 pandemic brought about a shift in consumer behavior and preferences, including the demand for enhanced security solutions in vehicles.
- In addition, growing trend of CASE (connection, autonomy, sharing, and electricity) technology with adoption of electric vehicles such as passenger cars and electric vehicles improve the vehicle demand in the ongoing scenario.
The OEM segment to maintain its leadership status throughout the forecast period
Based on sales channel, the OEM segment held the highest market share in 2022 and is estimated to maintain its leadership status throughout the forecast period. This segment is also projected to manifest the major CAGR of 12.4% from 2023 to 2032, due to OEM products constitute a larger part of the overall automotive security products sales across the globe. Industry players have mainly focused on developing OEM products for new vehicles, due to the rapid growth of the automotive industry.
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The passenger cars segment to maintain its leadership status throughout the forecast period
Based on vehicle type, the passenger cars segment held the highest market share in 2022 and is estimated to maintain its leadership status throughout the forecast period, owing to increase in the need for advanced automotive security and access systems such as advanced automotive keyless entry systems for additional security and comfort of the vehicles. However, the HCV segment is projected to manifest the highest CAGR of 13.7% from 2023 to 2032, due to growing concern toward passenger security and the adoption of high-end technology in the HCVs.
The RFID segment to maintain its lead position during the forecast period
Based on technology, the RFID segment accounted for the largest share in 2022 and is estimated to maintain its leadership status throughout the forecast period. Due to its improved long-range RF communication, car owners can remotely access their vehicles from a greater distance, offering more flexibility and convenience. However, the NFC segment is expected to portray the largest CAGR of 13.0% from 2023 to 2032, due to it provides an extra layer of security as the devices involved in communication need to be in close proximity, reducing the risk of unauthorized access.
Europe to maintain its dominance by 2032
Based on region, Asia-Pacific held the highest market share in terms of revenue in 2022 and witness the fastest CAGR of 12.8% from 2023 to 2032 is estimated to maintain its leadership status throughout the forecast period, owing to increasingly embracing connected car technologies, driven by the desire for enhanced safety, convenience, and other similar advanced features. The demand for remote and passive keyless entry systems is on the rise in countries like China, Japan, South Korea, and India.
Leading Market Players: -
- Alps Alpine Co., Ltd.
- Continental Ag
- Denso Corporation
- Hella Gmbh And Co. Kgaa,
- Microchip Technology Inc.
- Mitsubishi Electric Corporation
- Nxp Semiconductors
- Robert Bosch Gmbh
- Tokai Rika Co., Ltd.
- Valeo SA
- Marquardt Management SE
- Kiekert
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The report provides a detailed analysis of these key players in the global automotive keyless entry systems market. These players have adopted different strategies such as new product launches, collaborations, expansion, joint ventures, agreements, and others to increase their market share and maintain dominant shares in different regions. The report is valuable in highlighting business performance, Keyless Entry segments, product portfolio, and strategic moves of market players to showcase the competitive scenario.
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