Global Automotive Digital Key Market

Automotive Digital Key Market Size, Share, Growth Analysis, By Technology(Remote Keyless Entry (RKE), Passive Keyless Entry (PKE), Near Field Communication (NFC) Keyless Entry, Others), By Vehicle Type(Passenger Vehicles, Commercial Vehicles), By Application(Single-Function, Multi-Function), By Key Type(Electric, Non-Electric), By Region - Industry Forecast 2024-2031

Report ID: SQMIG25A2314 | Region: Global | Published Date: May, 2024
Pages: 223 | Tables: 115 | Figures: 73

Automotive Digital Key Market Regional Insights

The Asia Pacific region is forecasted to hold sway over the global demand for automotive digital keys over the coming years. The presence of a robust automotive manufacturing base and growing consumer preference for smart keys are projected to help the dominance of this region. China, India, and Japan are estimated to be the top markets for automotive digital key companies looking to make a mark in this region. Surging sales of passenger as well as commercial vehicles in this region are also estimated to help automotive digital key market growth in the long run.

Europe is projected to emerge as the fastest-growing market for automotive digital key companies in the world across the forecast period. Rising sales of luxury cars and growing adoption of advanced solutions and components in vehicles are helping automotive digital key market growth in this region. Germany is projected to spearhead the demand for automotive digital keys in this region followed by countries such as the United Kingdom and Italy.

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FAQs

Automotive Digital Key Market size was valued at USD 2.6 billion in 2022 and is poised to grow from USD 2.96 billion in 2023 to USD 8.46 billion by 2031, growing at a CAGR of 14% in the forecast period (2024-2031).

Automotive digital key providers should utilize advanced connectivity technologies in their products to maximize their sales. Automotive digital key companies can also invest in R&D to create innovative products that provide more features. Collaborations and partnerships are projected to be popular strategies for companies looking to fast track their innovation and launch cycle. 'Continental AG', 'Infineon Technologies AG', 'Senturion Key', 'ALPHA Corporation', 'HELLA GmbH', 'Garmin Ltd.', 'Spark Minda', 'Denso Corporation', 'Firstech LLC', 'Valeo SA', 'GARIN System Co. Ltd.', 'STMicroelectronics', 'Tokai Rika Co. Ltd.', 'Silca S.p.A', 'Samsung', 'Telefonaktiebolaget LM Ericsson'

Use of automotive digital keys facilitates convenience as people don’t have to carry their car keys everywhere and can easily access their vehicle using smart devices that are always with them. Changing consumer preferences have bolster the demand for convenience and this is slated to boost market growth.

Enhanced Authentication: Automotive digital key manufacturers should focus on providing better authentication services by integrating biometric and wallet authentication methods. Rising emphasis on security of digital keys will create new opportunities for automotive digital key companies going forward.

The Asia Pacific region is forecasted to hold sway over the demand for automotive digital keys over the coming years. The presence of a robust automotive manufacturing base and growing consumer preference for smart keys are projected to help the dominance of this region. China, India, and Japan are estimated to be the top markets for automotive digital key companies looking to make a mark in this region. Surging sales of passenger as well as commercial vehicles in this region are also estimated to help automotive digital key market growth in the long run.

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Global Automotive Digital Key Market

Report ID: SQMIG25A2314

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