Automotive Keyless Entry System Market
As per the report, the global automotive keyless entry system industry was accounted for $1.72 billion in 2021, and is expected to reach $5.36 billion by 2031, growing at a CAGR of 12.8% from 2022 to 2031.
The automotive industry has reformed significantly in developing regions such as India, Brazil, Mexico, and Morocco, as production and sales have changed. Moreover, the majority of the leading automakers have production facilities as these countries have a good source of raw materials, manufacturing-friendly policies, and a cost-effective workforce.
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For instance, in December 2021, LETIN, a Chinese electric vehicle manufacturer, commenced production of its latest model, the Mengo Pro, a compact 4-door battery electric vehicle, at its manufacturing facility in Weifang, Shandong Province. The vehicle boasts an array of advanced features, including a state-of-the-art keyless entry and start system, a cutting-edge 9-inch intelligent console screen, an intuitive voice control system, and a highly sophisticated millimeter-radar Blind Spot Detection (BSD) system, ensuring an enhanced and technologically advanced driving experience.
The growth of the global automotive keyless entry system market is driven by 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 factor that supports the growth of the automotive keyless entry system market during the forecast period.
COVID-19 Impact Analysis
The automotive keyless entry system market is experiencing a transformation during the post COVID-19 era, witnessing an increase in demand, heightened attention to hygiene, and stronger integration with mobile devices. Thus, modifications in the sales and production activities of the automotive industry are projected to influence the overall demand of keyless entry systems in vehicles in the near future. As the world continues to adapt to the challenges posed by the pandemic, keyless entry systems play a vital role in providing a safer and more convenient driving experience for consumers.
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In addition, 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. Market participants have focused on launching automotive keyless entry systems to cater to consumer demands. Various developments have taken place in the field of automotive keyless entry system market; thereby, providing better and more advanced vehicle security products to be equipped in automobiles. For instance, in April 2023, BMW launched BMW Digital Key Plus compatible Android devices via email, SMS or any other messaging service, which conveniently opens, starts, and closes the vehicle without having to take the mobile phone out of the pocket.
By sales channel, the OEM segment held the largest share in 2021, accounting for more than half of the global automotive keyless entry system market, as OEMs are coming up with the keyless entry as a standard function in their vehicles. However, the aftermarket segment is estimated to register the highest CAGR of 13.5% during the forecast period, owing to growth in popularity of the keyless entry system amongst the vehicle owners and increase in demand for improved convenience.
Furthermore, end users in these countries are inclined toward high-end technology-enabled automotive along with cost-effective and fuel-efficient solutions. In addition, governments of developing nations are introducing supporting policies to boost sales of automotive keyless entry systems, which in turn, is expected to create an opportunity for market participants to focus on these countries and gain a competitive advantage.
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By sales channel, the passenger cars segment is projected to manifest the highest CAGR of 13.4% from 2022 to 2031. In addition, the segment held the largest share in 2021, contributing to more than half of the global automotive keyless entry system market, due to rise in adoption of the smart technology in passenger cars by automotive OEMs and present passenger car fleet across the globe. The report includes analysis of the LCV and HCV segments as well.
Key players covered in the automotive keyless entry system market report include Alps Alpine Co., Ltd., Continental AG, Denso Corporation, HELLA GmbH & Co. KGaA., Microchip Technology Inc., Mitsubishi Electric Corporation, NXP Semiconductors, Robert Bosch GmbH, Kiekert AG, Valeo S.A., Marquardt Management SE and Tokai Rika.
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