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Automotive Keyless Entry System Market Analysis by Product Type (Remote Keyless Entry (RKE) System, and Passive Keyless Entry (PKE) System); by Sales Channel {Original Equipment Manufacturer (OEM) and Aftermarket}; and by Vehicle Type (Passenger Cars, Light Commercial Vehicles, and Heavy Commercial Vehicles) – Global Supply & Demand Analysis & Opportunity Outlook 2023-2033 In the News

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Inflation And Looming Recession to Haunt Businesses:

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.

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Purchasing 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

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IN THE NEWS

  • Alps Alpine Co., Ltd., - developed a wireless digital key system based on CCC specification jointly with Giesecke+Devrient.

  •  Continental AG - extended its virtual Key as a Service solution from passenger cars to commercial vehicles enabling keyless vehicle access via a smartphone app and Bluetooth resulting in more efficient fleet management.

 

Global Automotive Keyless Entry System Market Size, Forecast, and Trend Highlights Over 2023 - 2033

Base Year

2022

Forecast Year

2023-2033

CAGR

~12%

Base Year Market Size (2022)

 ~ USD 2 Billion

Forecast Year Market Size (2033)

~ USD 7 Billion

 

The global automotive keyless entry system market is estimated to garner a revenue of ~USD 7 billion by the end of 2033 by growing at a CAGR of ~12% over the forecast period, i.e., 2023 – 2033. Further, the market generated a revenue of ~USD 2 billion in the year 2022. The growth of the market can primarily be attributed to the growing automation of vehicles along with the rising number of sensors installed for making a vehicle intelligent worldwide. For instance, it was observed that in a modern vehicle there are over 70 sensors in total throughout the whole car.

automotive keyless overview image

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An automotive keyless entry system is used to remotely lock, unlock and start a car’s engine without using a mechanical key, using radio frequency (RF) signals. Nowadays, most keyless entry systems use a transmitter fob to generate the lock and unlock signal. Modern keyless entry systems use a key fob with two or more buttons to control the locks, trunk, or windows, sending a radio frequency signal to a receiver unit within the car, usually from the range of about 15 to 45 feet when one of the buttons is pushed. With the increasing advancements in technology as well as rising demand for vehicles, the demand for keyless entry systems is on the rise amongst automobile users, which in turn, is expected to create massive revenue generation opportunities for the key players operating in the global automotive keyless entry system market during the forecast period. For instance, as per the data released in 2022 by the Federation of Automobile Dealers Associations (FADA), there was an increase in total vehicle retail, 204%, and 278% in passenger vehicle (PV) and commercial vehicles (CV) respectively.

Global Automotive Keyless Entry System Market: Growth Drivers and Challenges

Growth Drivers

  • Growing Penetration of Vehicles with Keyless Ignitionand new methods of unlocking vehicles as technology continue to progress. With the rising demand for vehicles with keyless ignition, the automotive keyless entry system market is expected to escalate in the forecasted period.  It was found that in 2014, nearly 70% of new vehicles in United States had keyless ignition as part of their optional equipment while the rate jumped to over 90% in 2019.
  • Upsurge in the Demand for Smart Vehicles – according to the 2022 data, of all smart vehicles with different levels of automation sold so far across the world, more than 56% were sold in China.
  • Rising Trend of Remote Keyless Car Central Locking Systemswhich in 2018, come as standard or as an option in about 70% of cars worldwide.
  • Increasing Volume of Connected Vehiclesfor instance, of all passenger cars sold in United States, ~91% were connected making it just a little more than 13 million connected vehicles sold in 2020.

Challenges

  • Concern about Hacking & Stealing
  • Concern about Connected Technologies and Their Implications
  • High Cost of Production and Related Costs

The global automotive keyless entry system market is segmented and analyzed for demand and supply by vehicle type segment into passenger cars, light commercial vehicles, and heavy commercial vehicles. Amongst these segments, the passenger cars segment is anticipated to garner the largest revenue by the end of 2033, backed by the growing number of cars along with the surge in the sale of passenger cars worldwide. For instance, the global unit sales of passenger cars are expected to reach around 71,654000 vehicles in 2026.

Global Automotive Keyless Entry System Market Regional Synopsis

Regionally, the global automotive keyless entry system market is studied into five major regions including North America, Europe, Asia Pacific, Latin America and Middle East & Africa region. Amongst these markets, the market in Asia Pacific is projected to hold the largest market share by the end of 2033, backed by the presence of a strong mobility network in the region, growing number of vehicles, as well as the rising demand for advanced technologies amongst vehicle owners. For instance, it was found that more than 2.5 million passenger vehicles in China were sold with driving-assist functions in the first half of 2022.

automatic keyless market share image

The global automotive keyless entry system market is further classified on the basis of region as follows:

  • North America (U.S. & Canada) Market size, Y-O-Y growth, Market Players Analysis & Opportunity Outlook
  • Latin America (Brazil, Mexico, Argentina, Rest of Latin America) Market size, Y-O-Y growth, Market Players Analysis & Opportunity Outlook
  • Europe (U.K., Germany, France, Italy, Spain, Hungary, Belgium, Netherlands & Luxembourg, NORDIC (Finland, Sweden, Norway, Denmark), Ireland, Switzerland, Austria, Poland, Turkey, Russia, Rest of Europe) Market size, Y-O-Y growth, Market Players Analysis & Opportunity Outlook
  • Asia-Pacific (China, India, Japan, South Korea, Singapore, Indonesia, Malaysia, Australia, New Zealand, Rest of Asia-Pacific) Market size, Y-O-Y growth, Market Players Analysis & Opportunity Outlook
  • Middle East and Africa (Israel, GCC (Saudi Arabia, UAE, Bahrain, Kuwait, Qatar, Oman), North Africa, South Africa, Rest of Middle East and Africa) Market size, Y-O-Y growth, Market Players Analysis & Opportunity Outlook

Market Segmentation

Our in-depth analysis of the global automotive keyless entry system market includes the following segments:

         By Product Type

  • Remote Keyless Entry (RKE) System
  • Passive Keyless Entry (PKE) System

         By Sales Channel

  • Original Equipment Manufacturer (OEM)
  • Aftermarket

          By Vehicle Type

  • Passenger Cars
  • Light Commercial Vehicles
  • Heavy Commercial Vehicles

Top Featured Companies Dominating the Global Automotive Keyless Entry System Market

  • Alps Alpine Co., Ltd.

    • Company Overview
    • Business Strategy
    • Key Product Offerings
    • Financial Performance
    • Key Performance Indicators
    • Risk Analysis
    • Recent Development
    • Regional Presence
    • SWOT Analysis
  • Continental AG
  • Hella GmbH & Co. KGaA
  • Mitsubishi Electric Corporation
  • NXP Semiconductors N.V.
  • Robert Bosch GmbH
  • Microchip Technology Inc.
  • Denso Corporation
  • Valeo
  • Honda Motor Co., Ltd.

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