The Global Automotive Keyless Entry Systems market size will reach USD 44 billion by 2024, growing at a CAGR of 12% during 2019-2024
Constant innovations towards the safety and security of modern vehicles are fueling the growth of the global automotive keyless entry system market. Modern cars are embedded with complex electronic systems which enhances their capability to detect and act on situations that can be fatal/injurious to the passenger and pedestrians in the market. The installation of hybrid and electric drivetrains controlled by multiple sensors and computer systems will boost the demand for innovative safety systems in the global market. These systems control everything from engine temperature, suspension, steering control, acceleration/deceleration of the vehicle, and lighting in vehicles in the worldwide market. A keyless entry system provides vehicle access without using a traditional mechanical key, offering higher security and convenience to consumers in the market. The increasing proliferation of automotive electronics solutions provides more centralized control and seamless exchange of data and information between various systems in the global automotive keyless entry system market. The advancement in technologies, device integration, and changing consumer lifestyle are enabling automotive players to offer better driving experiences to end-users in the global market. Disruptive technologies such as electrification, diverse mobility, autonomous driving, and rapidly evolving connectivity services are fueling the need for keyless systems in the global market. The growing popularity and introduction of safety standards in the autonomous driving platform will positively impact the development of the market. The various regulatory initiatives from the past couple of years to improve vehicle security will create lucrative opportunities in the market. The influx of security systems in emerging nations of China and India will enable vendors to invest in these regions over the next few years. The introduction of these systems in the mass mid-segment vehicles such as hatchbacks and light commercial vehicles will boost the revenues in the global automotive keyless entry system market.
MARKET TRENDS AND DRIVERS
The increasing adoption of advanced sensors in vehicles is resulting in the transformation of the global automotive keyless entry system market. The road transport regulatory bodies of various countries have started to mandate some security features and systems that should be implemented in the automobiles to increase the safety of the occupants as well as the pedestrians and other vehicles on the road in the market. The integration of passive safety features like seatbelts, airbags, stronger chassis and electronic and sensor-guided features like rearview displays, blind-spot displays, braking systems, traction control, and obstacle identifiers will help reduce fatalities associated with road accidents and increase the safety of the vehicles in the market. Some of the intuitive systems developed in the market feature not only functionality to identify obstacles and alerting the driver, but also are able to take decisive actions on behalf of the driver if the driver’s response is a bit delayed. The rising demand to integrate more sensors in automobiles to make them more intelligent and automated will result in the evolution of the automotive industry. The rapid developments in automotive sensors and an increasing need for security and convenience will augment the growth of the global automotive keyless entry system market.
The development of RKE systems with high-range frequency signals will boost adoption in the global automotive keyless entry system market
The global automotive keyless entry system market by product is classified into RKE systems and PKE systems. RKE systems dominated the total market share in 2018, growing at a CAGR of more than 6% during the forecast period. The growing demand for safety electronics systems is fueling the adoption and growth of the RKE segment in the global market. RKE systems offer the convenience of locking and unlocking a vehicle from a distance and switching on and off the anti-theft alarm. The use of this technology has transformed the entry and exit of end-users in their vehicles in the market. The vendors are offering a wide range of RKE systems to cater to consumer demand and to keep up with the rapid technological innovation witnessed in the market. The leading OEMs and manufacturers are investing in improving this technology to develop systems that used high-range frequency signals to gain new consumers in the market. The increasing investment in R&D activities to develop secure systems will contribute to the growth of this segment in the global automotive keyless entry system market.
The launch of affordable systems and stringent safety regulations is driving the aftermarket segment in the global automotive keyless entry system market
The end-user segment in the global automotive keyless entry system market is divided into OEM and aftermarket. Aftermarket is the fastest-growing segment in the global market, at a CAGR of around 12% during the forecast period. The increasing demand for affordable entry systems and the adoption of stringent safety norms by government agencies is fueling the growth of the aftermarket segment in the global market. The rising number of wear-and-tear and crash-relevant parts will boost the need for services and diagnostics in the aftermarket segment. The aftermarket segment is largely dependent on the replacement cycle of the system and add-on or upgrades system demand in the global market. The technological evolution and introduction of innovative systems are encouraging various tech companies to enter the aftermarket space in the market. The rapid technological advancements and consolidation among suppliers will attribute to the growing revenues in this segment in the global automotive keyless entry system market.
The rising adoption of safety systems and stringent regulations has increased the demand for inbuilt keyless entry systems and creating new opportunities for top OEMs in the global market. The economic growth, regulations, and consumer buying patterns will impact the OEM segment in the global automotive keyless entry system market.
AUTOMOTIVE KEYLESS ENTRY SYSTEM MARKET – BY VEHICLE TYPE
The demand passenger cars across emerging nations are contributing to the revenues in the global automotive keyless entry system market
The global automotive keyless entry system market by vehicle type is segmented into passenger cars, LCVs, and HCVs. The passenger car segment occupied the largest market share in 2018, growing at a CAGR of over 7% during the forecast period. The strong demand from emerging countries along with the revival of economies in developed countries is boosting the purchase of passenger cars and driving the growth of this segment in the global market. APAC countries such as China, India, Indonesia, South Korea, Thailand, and Vietnam are becoming the key market players in the passenger car segment.
The introduction of high-end electronic/electrical influenced vehicles with advanced features in the area of safety, security, propulsion, connectivity, and the environment will drive the need for enhanced security systems in the global market. The electrification, downsizing of engines, and an increase in the adoption of electric and hybrid vehicles will fuel the growth of this segment in the global automotive keyless entry system market.
AUTOMOTIVE KEYLESS ENTRY SYSTEM MARKET – BY GEOGRAPHY
The need for advanced security systems in the APAC region will drive sales in the global automotive keyless entry system market
The geographical segment in the global automotive keyless entry system market is categorized into APAC, Europe, North America, Latin America, and MEA. APAC is the fastest-growing region in the global market, at a CAGR of more than 11% during the forecast period. The increasing penetration of luxury cars, safety systems, and the adoption of stringent safety and emission norms are the primary factors attributing to the growth of the APAC region in the global market. Japan, South Korea, and India are the top countries contributing to the growing revenues in the APAC market.
In North America, the US, Mexico, and Canada were the major revenue contributors to the market. The European OEMs are focusing on stringent regulations by improving technology that requires high investment in R&D in the market. The economic recovery of Latin American countries such as Brazil and Argentina will boost sales in the global automotive keyless entry system market.
KEY VENDOR ANALYSIS AND MARKET SHARE
The global automotive keyless entry system market has very varied competitive dynamics and intensity of competition across geographies. The adoption of electric vehicles owing to strengthening safety and emission norms will help vendors launch innovative products in the global market. The top players are competing on the basis of price and product differentiation in the market. The exponential growth of emerging nations will encourage manufacturers to expand their businesses in these regions in the market. The higher production of electric, connected, and autonomous vehicles will result in the healthy growth of vendors in the global automotive keyless entry system market.
The automotive keyless entry systems market research report includes in-depth coverage of the industry with revenues & forecasts for the following segments:
- North America
- Latin America
- Middle East & Africa