Automotive Keyless Entry System Market Trends

Growth Drivers

• Growing Penetration of Vehicles with Keyless Ignition – and new methods of unlocking vehicles as technology continues to progress. Moreover, automotive keyless entry system is a part of automotive vehicle to everything, that included wireless connectivity of car with the devices in order to open the vehicles without a key. Moreover, with the rising demand for vehicles with keyless ignition, the global 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 the United States had keyless ignition as part of their optional equipment, while the rate jumped to over 90% in 2019.
• Rising Trend of Remote Keyless Car Central Locking Systems – which in 2018, came as standard or as an option in about 70% of cars worldwide. The notion of a car central locking system is also flourishing with the growth in awareness of such technologies across the globe. Moreover, there has been increasing demand for remote keyless car central locking system in the autonomous cars that is further anticipated to drive the market’s growth.
• Upsurge in the Demand for Smart Vehicles – according to the 2022 data, of all smart vehicles with different levels of automation sold till now across the world, more than 56% were sold in China.
• Increasing Volume of Connected Vehicles – for instance, of all passenger cars sold in the United States, 91% were connected, making it just a little more than 13 million connected vehicles sold in 2020.

Challenges

• Concern about Hacking & Stealing
• The major concern associated with the higher adoption of automotive keyless entry systems is that they can be easily hacked. To hack the system, cybercriminals clone the encrypted radio signals to unlock the car. Furthermore, it can also be broken by implementing DoS attacks. Such vulnerability to these third-party attacks leads to higher cases of car theft. For instance, in 2020, nearly 800,000 cars were stolen across the globe.
• Concern about Connected Technologies and Their Implications
• High Cost of Production and Related Costs