In 2022 & 2023, market players expected to sail in rough waters; might incur losses due to huge gap in currency translation followed by contracting revenues, shrinking profit margins & cost pressure on logistics and supply chain. Further, U.S. economy is expected to grow merely by 3% in 2022.
Request InsightsPurchasing power in the couPurchasing power in the country is expected to fell nearly by 2.5%. On the other hand, European countries to see the worst coming in the form of energy crisis especially in upcoming winters!! Right after COVID-19, inflation has started gripping the economies across the globe. Higher than anticipated inflation, especially in western world had raised concerns for national banks and financial institutions to control the economic loss and safeguard the interest of the businesses. Increased interest rates, strong USD inflated oil prices, looming prices for gas and energy resources due to Ukraine-Russia conflict, China economic slowdown (~4% in 2022) disrupting the production and global supply chain and other factors would impact each industry negatively. Request Insights
The automotive digital key market is estimated to garner a notable revenue by growing at a significant CAGR over the forecast period, i.e., 2021 – 2029. The growth of the market can be attributed to factors such as emergence of IoT technology and increased car sales. According to our analysis, more than 90 million automobiles were sold worldwide in 2019, up from 74.5 million in 2010. Furthermore, technological advancements related to automobiles, along with the upsurge in demand for more comfortable vehicles is enabling implementation of start-stop model and advanced driver assistance systems (ADAS) by leading car manufacturers, which are estimated to foster the progress of the market. Growing number of car thefts and emphasis on building customer loyalty through aftersales are also providing potential growth opportunities to the market.
The market is segmented by technology into remote keyless entry, passive keyless entry, near field communication (NFC) keyless entry and others, out of which, the NFC keyless entry segment is anticipated to hold the largest share in the automotive digital key market in the year 2029 on account of the ability to lock/unlock the vehicle with the help of a unique smartphone device. PKE technology used alongside NFC also has great development potential in the near future. This is because unlike RKE technology, user doesn’t need to hold the device and press a button for locking/unlocking the vehicle. Additionally, based on vehicle class-type, passenger cars section is predicted to grow at the highest rate owing to their higher sales than any other type of vehicle. For instance, in 2019, more than 63 million passenger cars were purchased, quantifying to approximately double the number of commercial vehicles sold that year.
On the basis of geographical analysis, the market is segmented into five major regions including North America, Europe, Asia Pacific, Latin America and the Middle East & Africa. The market in Asia Pacific is estimated to witness noteworthy growth over the forecast period on the back of growing volumes of automotive production and export in the region. Our analysis depict that China leads all other nations in terms of passenger car production accounting to almost 21.5 million units in 2019, followed by Japan (8.1 million) and Germany (4.7 million). Additionally, China, Japan and India have also observed a rising demand for digital keys in the recent years which is projected to drive the growth of the market. The market in Europe is also evaluated to grow at a robust CAGR, and currently holds a considerable share in the market, owing to the presence of leading car manufacturers in the region, especially in Germany and France. CLICK TO DOWNLOAD SAMPLE REPORT
The global automotive digital key market is further classified on the basis of region as follows:
Our in-depth analysis of the global automotive digital key market includes the following segments:
FREQUENTLY ASKED QUESTIONS
Emergence of IoT embedding technology and increased automotive sales are the major factors driving the market growth.
The market is anticipated to attain a significant CAGR over the forecast period, i.e., 2021-2029.
Increasing number of cyber security threats is estimated to hamper the market growth.
Asia Pacific region will provide more business growth opportunities owing to the rising manufacture and export of vehicles.
The major players in the market are Continental AG, TOKAIRIKA CO. LTD., DENSO CORPORATION, and BMW AG.
The company profiles are selected based on the revenues generated from the product segment, geographical presence of the company which determine the revenue generating capacity as well as the new products being launched into the market by the company.
The market is segmented by application, technology, vehicle type, vehicle class-type and by region.
The passenger cars segment is anticipated to hold the largest market size and is estimated to grow at a noteworthy CAGR over the forecast period and display significant growth opportunities.
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