Global Automotive Digital Key Market Size By Vehicle Type, By Technology, By Application, By Sales Channel, By Geographic Scope And Forecast

Automotive Digital Key Market Size And Forecast

Automotive Digital Key Market size was valued at USD 1.41 Billion in 2021 and is projected to reach USD 5.63 Billion by 2030, growing at a CAGR of 17.3% from 2022 to 2030.

Government policies aimed at promoting & encouraging the digitization of vehicles by providing subsidies & incentives are driving the sale of smart vehicles globally. The market in East Asia and Europe is estimated to witness steady growth through 2029. These regions are estimated to hold a prominent share in the Global Automotive Digital Key Market during the forecast period. The Global Automotive Digital Key Market report provides a holistic evaluation of the market. The report offers a comprehensive analysis of key segments, trends, drivers, restraints, competitive landscape, and factors that are playing a substantial role in the market.

Global Automotive Digital Key Market Definition

Because it is convenient and practical, the increased demand for vehicles with advanced digital technologies and driving assistance is gaining traction. One such technology is the automobile digital key, which allows customers to control their vehicles using their smartphones. Consumers can also use automotive digital keys to operate operations such as temperature, engine, and doors, among other things. The Global Automotive Digital Key Market will grow in response to rising customer demand for car digital keys and the automotive industry’s digitization.

Automotive digital keys, on the other hand, use a variety of software and systems that are more vulnerable to cyber-attacks than traditional lock systems. The growing digitization and automation of products and processes across industries have increased the production efficiency & effectiveness of businesses. Similarly, the automotive industry is also looking at different aspects of its production, assembly, and aftersales service to retain customer loyalty and improve brand reputation.

Global Automotive Digital Key Market Overview

The automotive industry is changing drastically, moving towards the digitization of vehicles. Manufacturers are developing automotive digital keys that provide advanced features over conventional keys such as enhanced driver safety features, connected automobiles, IoT, and keyless entry, among others. Digitization & automation of vehicles has become the need of the hour; advanced digital systems improve fuel efficiency. Government policies aimed at promoting & encouraging the digitization of vehicles by providing subsidies & incentives are driving the sale of smart vehicles globally.

In addition, prominent players in the Automotive Digital Key Market are constantly focusing on the development of a key card with RFID technology, a smart key fob, and a wearable smart key or smartwatch. For instance, the Senturion key, a wearable key or smartwatch, has been developed which can access the vehicle and can be used for various operations such as engine start/stop, door lock/unlock, and many other features. An increase in the demand for smart vehicles in the developing economies attributed to the rise in disposable income of the population & rising fuel prices will contribute to the growth of the market. Smart vehicles will dominate the automotive market in the coming years as they are more fuel-efficient & thereby reduce emissions.

Global Automotive Digital Key MarketSegmentation Analysis

The Global Automotive Digital Key Market is Segmented on the basis of Vehicle Type, Technology, Application, Sales Channel, and Geography.

Automotive Digital Key Market, By Vehicle Type

• Commercial Vehicle
• Passenger Vehicle

Based on Vehicle Type, the market is bifurcated into Commercial Vehicle, Passenger Vehicle. Passenger vehicles accounted for the major share of the Global market. An increase in per capita income, along with rapid industrialization has fueled the sale of passenger vehicles and commercial vehicles across the globe in order to meet the rise in demand for transportation of people and goods.

Automotive Digital Key Market, By Technology

• Bluetooth
• Biometric
• Wi-Fi
• Remote Cloud Key Access
• Near Field Communication

Based on Technology, the market is bifurcated into Bluetooth, Biometric, Wi-Fi, Remote Cloud Key Access, and Near Field Communication.

Automotive Digital Key Market, By Application

• Single Function
• Multi-Function

Based on Application, the market is bifurcated into Single Function and Multi-Function. The multi-function segment accounted for the largest share of the market. The application type segment can be divided into single-function & multi-function.

Automotive Digital Key Market, By Sales Channel

• Aftersales
• Original Equipment Manufacturer (OEM)

Based on Sales Channel, the market is bifurcated into Aftersales and Original Equipment Manufacturer (OEM). In 2021, the original equipment manufacturer (OEM) segment accounted for the largest share of the market.

Automotive Digital Key Market, By Geography

• North America
• Europe
• Asia Pacific
• Rest of the world

Based on regional analysis, the Global Automotive Digital Key Market is classified into North America, Europe, Asia Pacific, and the Rest of the world. Among all regions, the Asia Pacific region emerged as the largest market for the Global market. During the projection period, Asia Pacific is expected to be the largest market. The Automotive Digital Key Market in the Asia Pacific has been expanding rapidly. China dominates the automotive digital key in the Asia Pacific. The increasing demand for vehicles in the developing economies, which is catered by these economies’ equally rising production capacity, contributes to the growth of the market.

China is the world’s largest automaker, with plans to cut carbon emissions by increasing fuel efficiency; the Chinese market is transitioning toward smart vehicle manufacturing. India is becoming a more attractive place to manufacture automobiles as its infrastructure improves.

Key Players

The “Global Automotive Digital Key Market” study report will provide valuable insight with an emphasis on the global market. The major players in the market are Heights Security Inc., HELLA GmbH and Co. KG, Robert Bosch Gmbh, Tesla Inc., BMW AG, Hyundai Motor Co., Alpha Corporation, Continental AG, Denso Corporation, Tokai Rika Co. Ltd. The competitive landscape section also includes key development strategies, market share, and market ranking analysis of the above-mentioned players globally.

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Reasons to Purchase this Report

• Qualitative and quantitative analysis of the market based on segmentation involving both economic as well as non-economic factors• Provision of market value (USD Billion) data for each segment and sub-segment• Indicates the region and segment that is expected to witness the fastest growth as well as to dominate the market• Analysis by geography highlighting the consumption of the product/service in the region as well as indicating the factors that are affecting the market within each region• Competitive landscape which incorporates the market ranking of the major players, along with new service/product launches, partnerships, business expansions and acquisitions in the past five years of companies profiled• Extensive company profiles comprising of company overview, company insights, product benchmarking and SWOT analysis for the major market players• The current as well as the future market outlook of the industry with respect to recent developments (which involve growth opportunities and drivers as well as challenges and restraints of both emerging as well as developed regions• Includes in-depth analysis of the market from various perspectives through Porter’s five forces analysis• Provides insight into the market through Value Chain• Market dynamics scenario, along with growth opportunities of the market in the years to come• 6-month post-sales analyst support

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