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2022
Automotive Keyless Entry System Market

Automotive Keyless Entry System Market

by Sales Channel (OEM and Aftermarket), Vehicle Type (Passenger Cars, LCV, and HCV), and Product Type (Remote Keyless Entry (RKE) System, and Passive Keyless Entry (PKE) System): Global Opportunity Analysis and Industry Forecast, 2022-2031

Report Code: A10135
Pages: 264
Jun 2022 | 3621 Views
Author(s) : Mayank H , Sonia M
Tables: 227
Charts: 140
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COVID-19

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Automotive Keyless Entry System Market Statistics 2031:

The global automotive keyless entry system market was valued at $1.72 billion in 2021, and is projected to reach $5.36 billion by 2031, registering a CAGR of 12.8% during the forecast period 2022-2030. Asia-Pacific was the highest revenue contributor, accounting for $585.4 million in 2021, and is estimated to reach $2,037.5 million by 2031, with a CAGR of 14.0%.

The COVID-19 outbreak forced governments across the globe to implemented stringent lockdown and ban import–export of essential raw materials items for most of 2020 & few months in 2021. This led to sudden fall in the availability of important raw materials for vehicle and component manufacturing. The COVID-19 outbreak forced governments across the globe to implement strict lockdowns and made social distancing mandatory to contain the spread of the virus. Consequently, several organizations started work from home programs as safety measures. This led to sudden fall in demand for automobiles across the world. Moreover, nationwide lockdowns disrupted the supply-chain as several manufacturing facilities across the globe had to partially or fully shut down their operations. The adverse impacts of the COVID-19 pandemic resulted in huge supply-demand issues globally. However, increasing focus of various governments across the globe toward vaccination is creating a positive market scenario for the heavy commercial vehicles market. According to the WHO, as of April 3, 2022, around 11,183 million vaccine doses have been administered across the globe. Factors such as a rise in worldwide vaccination campaigns and development of innovative keyless entry technologies are likely to aid the Automotive Keyless Entry System market's resurgence in the near future.

Automotive keyless entry system is the new generation vehicle access control system that utilizes a remote or handheld device for locking and unlocking the vehicle. From certain distance proximity, automotive end user can lock and unlock the automotive by emitting the determined programmed signals. Automotive keyless entry system operates on a pre-defined programming for the advanced security of the vehicle, mostly designed by the automotive OEM. The demand for automotive keyless entry system is directly influenced by the automotive production and sales activities across the globe, as automotive keyless entry system is one of the key components of the modern vehicles for improved safety. Moreover, in the modern vehicles, automotive OEMs are inclining toward smart technology to cater to the changing demand for end users, which in turn support the growth for automotive keyless entry system. 

automotive-keyless-entry-systems-Market

Factors such as adoption of smart technology for vehicle safety and improved convenience, and product development to cater to changing demand pattern are expected to drive the growth of the automotive keyless entry system market. However, high cost of the keyless entry system, and decrease in production and sale of automotive hamper the market growth. On the contrary, agreements and contracts with automotive OEMs for long term business opportunities, and growth in developing nations are projected to offer lucrative growth opportunities for the market players.

The global automotive keyless entry system market is segmented on the basis of sales channel, vehicle type, product type, and region. Depending on sales channel, the market is segregated into OEM, and aftermarket. By vehicle type, it is categorized into passenger cars, LCV, and HCV. Depending on product type, it is fragmented into remote keyless entry (RKE) system, and passive keyless entry (PKE) system. Region wise, the market is analyzed across North America, Europe, Asia-Pacific, and LAMEA.

Leading players and their key business strategies have been analyzed in the report to gain a competitive insight into the market. 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, Valeo and Tokai Rika. Moreover, vehicle manufacturers covered in the report include BMW, Ford Motor Company, General Motors, Honda Motor Co., Ltd., Hyundai Motor Company, Jaguar Land Rover Automotive Plc, Mercedes-Benz Group, Nissan Motors Co. Ltd., Renault Group, Stellantis NV, Subaru Corporation, Tesla Inc., Toyota Motor Corporation, Volkswagen Ag, and Volvo Car Corporation. 

Adoption of smart technology for vehicle safety and improved convenience

Automotive industry has witnessed remarkable growth in penetration of the high-end technology such as ADAS system, autonomous driving, and connected mobility among others. These integration of smart technologies is creating demand for advanced automotive access control solution for effective operation, improved security of the vehicle and better convenience solution. Moreover, automotive keyless entry system is the next gen automotive locking solution, which provides an anti-theft solution. Moreover, introduction of the safety and security standards for automotive manufacturing in emerging nations such as India, is expected to spur the demand for automotive keyless entry system and is expected to create attractive opportunity for the market players in these regions over the forecast period. The introduction of these systems in the modern vehicles is expected to boost the revenues in the global automotive keyless entry system market.

Automotive Keyless Entry System Market
By Sales Channel

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Aftermarket segment is projected as the most lucrative segments

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Product development to cater to changing demand pattern

The automotive industry has registered significant growth in the recent years, due to introduction of vehicles with advanced features for the effective safety and comfort to the passengers. Numerous companies have been developing and introducing advanced vehicles equipped with different vehicular technologies, which has supplemented the growth of the global market. Moreover, the technology-driven companies such as NXP Semiconductors, HELLA GmbH & Co. KGaA, Continental AG, and Robert Bosch GmbH, are focusing on upgrading their existing automotive keyless entry system, which is expected to open new avenues for the company to grow its business. For instance, in June 2021, HELLA GmbH & Co. KGaA launched digital car key with ultra-wideband technology. Similar developments and product launches carried out by these companies support the development of the global automotive keyless entry system market.

Automotive Keyless Entry System Market
By Vehicle Type

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Passenger cars segment is projected as the most lucrative segments

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High cost of the Keyless Entry System

Increase in need for operational efficient, high end technology enabled vehicle safety, rise in concern toward vehicle safety, and effective operation ability for access of the vehicle is expected to spur the demand for automotive keyless entry system. Moreover, automotive keyless entry system has application in the passenger as well as commercial vehicles for improved safety requirements. The keyless entry system is integrated with various high end technologies such as Bluetooth system, sensors, operating software and electronic control panels, to regulate the operations. These all subsystems of keyless entry are associated with high cost, this eventually increases the cost of automotive keyless entry systems to be used in automobiles; thus, restraining the growth of the automotive keyless entry system market during the forecast period.  

Automotive Keyless Entry System Market
By Product Type

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Passive keyless entry (PKE) System is projected as the most lucrative segments

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Agreements and contracts with automotive OEMs for long term business opportunities

Automotive keyless entry systems are widely and majorly demanded by automotive manufacturers for automotive production activities. This system procurement witnesses open contracts and agreements between automotive OEMs and manufacturers of automotive keyless entry systems. Commencement of the automotive keyless entry systems solution is expected to be carried out through contracts and agreements between end users and developers of automotive keyless entry systems. These contracts mention a set of requirements that must be met in a certain timeframe. These contracts and agreements are associated with long-term business opportunities with end-users. Market participants need to focus on winning contracts and agreements to gain a competitive advantage and retain long-term business opportunities in the global automotive keyless entry system industry.

Automotive Keyless Entry System Market
By Region

2031
Asia-pacific 
North America
Europe
Lamea

Asia-Pacific would exhibit the highest CAGR of 14.0% during forecast period.

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COVID-19 Impact Analysis 

  • The COVID-19 impact on the automotive keyless entry system market is unpredictable, and is expected to remain in force for a few years. 
  • The COVID-19 outbreak forced governments across the globe to implement stringent lockdown and ban import–export of essential raw material items for most of 2020, and few months in 2021. This led to sudden decline in availability of important raw materials for automotive keyless entry systems. 
  • As a result of interrupted supply chains and production schedules caused by the COVID-19 pandemic, automotive production and sales suffered severely, which, in turn, negatively impacted the market for automotive keyless entry systems.
  • To prevent spread of the COVID-19 virus, governments across the globe implemented strict lockdowns and made social distancing mandatory. Consequently, several organizations began work from home programs as precautionary measure. This led to a sudden decline in global demand for automobiles.

Key Benefits For Stakeholders

  • This study presents analytical depiction of the global automotive keyless entry system market analysis along with the current trends and future estimations to depict imminent investment pockets.
  • The overall automotive keyless entry system industry opportunity is determined by understanding profitable trends to gain a stronger foothold.
  • The report presents information related to key drivers, restraints, and opportunities of the global automotive keyless entry system market with a detailed impact analysis.
  • The current automotive keyless entry system market is quantitatively analyzed from 2021 to 2031 to benchmark the financial competency.
  • Porter’s five forces analysis illustrates the potency of the buyers and suppliers in the industry.

Automotive Keyless Entry System Market Report Highlights

Aspects Details
By Sales Channel
  • OEM
  • Aftermarket
By Vehicle Type
  • Passenger Cars
  • LCV
  • HCV
By Product Type
  • Remote Keyless Entry (RKE) System
  • Passive Keyless Entry (PKE) System
By Region
By Region
  • North America
    • U.S.
    • Canada
    • Mexico
  • Europe
    • Germany
    • France
    • Spain
    • UK
    • Rest of Europe
  • Asia-Pacific
    • China
    • Japan
    • India
    • South Korea
    • Rest of Asia-Pacific
  • LAMEA
    • Latin America
    • Middle East
    • Africa
KEY PLAYERS
  • Alps Electric Co. Ltd
  • Continental AG
  • DENSO Corporation
  • Hella KGaA Hueck & Co.
  • Microchip Technology Inc.
  • Mitsubishi Electric Corporation
  • NXP Semiconductors
  • Robert Bosch GmbH
  • Tokai Rika
  • Valeo
 

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the global automotive keyless entry systems market is expected to witness significant growth, owing to rise in requirement for the improved driver convenience and enhanced automotive security solutions. Automotive keyless entry system is the advanced automotive locking and unlocking solution that can be operated without any direct contact with automotive and provide improved anti-theft solution. Asia-Pacific is a leader in the automotive keyless entry systems market, owing to the changing automotive manufacturing outlook and presence of automotive keyless entry systems manufacturers across the region. Automotive OEM is a leading consumer in the global market and it is expected to witness a rise in demand throughout the forecast period.

The global automotive keyless entry systems market is a fairly consolidated market in which limited market participants are operating in the global market. Market participants are focused to develop their sales footprints by entering into long-term contracts and agreements with the automotive OEMs. Moreover, market players are focused in the product launch activities to gain competitive advantage. Numerous developments have been carried out by top companies, such as ALPS ALPINE, Continental, Denso, HELLA, NXP Semiconductors, Robert Bosch GmbH, Denso and others, which supplements the growth of the global automotive keyless entry systems market.

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FREQUENTLY ASKED QUESTIONS?

A. The global automotive keyless entry systems market was valued at $1,720.1 million in 2021, and is projected to reach $5,361.8 million by 2031.

A. Contract, Expansion, Investment, Partnership, Product Development, and Product Launch are the recent developments in automotive keyless entry systems industry

A. The report sample for global Automotive Keyless Entry System market report can be obtained on demand from the website.

A. High adoption of the passive keyless entry (PKE) System in the passenger vehicles is the key trend in the global market

A. Adoption of smart technology for vehicle safety and improved convenience, and product development to cater changing demand pattern are expected to drive the growth of the automotive keyless entry systems market

A. The company profiles of the top players of the market can be obtained from the company profile section mentioned in the report. This section includes analysis of top ten player’s operating in the industry along with their last three-year revenue, segmental revenue, product offerings, key strategies adopted, and geographical revenue generated

A. The automotive keyless entry systems industry is expected to grow at a CAGR of 4.7% during the forecast period

A. Continental AG, DENSO Corporation, Hella KGaA Hueck & Co. , and Microchip Technology Inc. among others are the key market players of automotive keyless entry systems industry

A. The U.S., Germany and China are the key matured markets growing in the Automotive Keyless Entry System industry

A. Decrease in production and sale of automotive, Agreements and contracts with automotive OEMs for long term business opportunities, and Growth in developing nations are known and unknown adjacencies impacting the automotive keyless entry systems market

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