PUBLISHER: AnalystView Market Insights | PRODUCT CODE: 1515395
PUBLISHER: AnalystView Market Insights | PRODUCT CODE: 1515395
Automotive Remote Keyless Entry System Market size was valued at USD 2,897.78 Million in 2023, expanding at a CAGR of 10.8% from 2024 to 2032.
Automotive remote keyless entry is a new-generation vehicle access control system that uses a remote or portable device to lock and unlock the car. From a specified distance, the automotive end user can lock and unlock the vehicle by transmitting the programmed signals. Automotive keyless entry systems use pre-defined programming to provide advanced vehicle security, which is typically designed by the automotive OEM. The demand for automotive keyless entry systems is directly driven by global automotive production and sales activities, as automotive keyless entry systems are critical components of modern automobiles for increased safety.
Automotive Remote Keyless Entry System Market- Market Dynamics
Adoption of Smart Technology for Vehicle Security and Convenience
The use of smart technology, such as smart key cards and phone-as-a-key capability, is a significant innovation in the automotive industry that provides both increased safety and convenience to vehicle owners. Smart key cards and phone-based access systems have transformed the old concept of car keys, giving drivers a more smooth and modern method to interact with their automobiles. For instance, in May 2021, Google collaborated with BMW and other automakers to create a digital key that allows car owners to lock, unlock, and start a vehicle using their Android smartphone. The digital key is one of several new features in Android 12, the company's latest mobile operating system.
Automotive Remote Keyless Entry System Market- Key Insights
As per the analysis shared by our research analyst, the global market is estimated to grow annually at a CAGR of around 10.8% over the forecast period (2024-2032)
Based on Technology segmentation, RFID was predicted to show maximum market share in the year 2023
Based on Vehicle Type segmentation, passenger car was the leading type in 2023
Based on Device segmentation, Keyfobs was the fastest-growing segment
Based on Sales Channel segmentation, the OEM segment held the highest market share in 2023
Based on Product Type segmentation, Remote Keyless Entry System is the dominating segment in 2023
Based on region, Asia Pacific was the leading revenue generator in 2023
The Global Automotive Remote Keyless Entry System Market is segmented based on Technology, Vehicle Type, Device, Sales Channel, Product Type, and Region.
The market is divided into four categories based on Technology: RFID, NFC, UWB, and Bluetooth. The RFID category accounted for the biggest share in 2023 and is expected to maintain its leadership position throughout the forecast. Because of its increased long-range RF connectivity, automobile owners can access their vehicles remotely from a larger distance, providing additional flexibility and convenience.
The market is divided into three categories based on Vehicle Type: Passenger Cars, LCVs, and HCVs. The passenger car segment had the largest market share in 2023 and is expected to maintain that position throughout the forecast period, owing to an increase in the demand for advanced automotive security and access systems such as advanced automotive keyless entry systems for increased vehicle security and comfort.
Automotive Remote Keyless Entry System Market- Geographical Insights
Geographically, this market is widespread in the regions of North America, Latin America, Europe, Asia Pacific, and the Middle East and Africa. These regions are further divided as per the nations bringing business. The Asia Pacific automotive remote keyless entry systems market will lead this market because the availability of outdated and rudimentary safety systems in economic and low-end vehicles has increased keyless theft incidences. Furthermore, China's automobile keyless entry systems market had the highest market share, while India's automotive keyless entry systems market was the fastest-growing in Asia-Pacific.
The North American automotive remote keyless entry systems market is predicted to develop at the quickest CAGR between 2024 and 2032. This is due to the growing necessity to use new technology in the development of car security systems as car thefts increase, particularly cyber risks through hacking. Furthermore, the Canadian automotive keyless entry systems market had the highest market share, while the US automotive keyless entry systems market was the fastest-growing in the North American region.
Key competitors in the automotive remote keyless entry systems market, including Continental Automotive GmbH, Denso Corporation, Omron Automotive Electronics Co. Ltd., and others, are investing in R&D to boost market demand. Market participants are also engaging in a variety of strategic initiatives to grow their worldwide presence, with significant market developments including new product launches, contractual agreements, mergers and acquisitions, increased investments, and collaboration with other organizations. To grow and survive in a more competitive and increasing market, the vehicle keyless entry systems sector must provide affordable products.
In July 2023, Microchip launched a $300 million multiyear investment strategy to increase its presence in India. The expansion includes funding for infrastructure, engineering labs, talent acquisition, and help to regional technology groups and educational institutions.
GLOBAL AUTOMOTIVE REMOTE KEYLESS ENTRY SYSTEM MARKET KEY PLAYERS- DETAILED COMPETITIVE INSIGHTS
Tokai Rika Co., Ltd.
NXP Semiconductors
ALPS ALPINE CO., LTD.
Robert Bosch GmbH
HELLA GMBH AND CO. KGAA
Marquardt Management SE
Mitsubishi Electric Corporation
Denso Corporation
Kiekert AG
Microchip Technology Inc.
Continental AG
Valeo SA
Others