Automotive Keyless Entry System Market in APAC to Grow at a CAGR of 10% by 2023
Arizton’s recent market research report on the automotive keyless entry system market identifies Aptiv, Continental AG, Hella, Valeo, and ZF TRW Automotive as the leading vendors that are likely to dominate the market during the forecast period. This research report provides a detailed analysis of market segmentation by product (RKE systems and PKE systems), by end-user type (OEM market and aftermarket), vehicle type (passenger cars, LCVs, and HCVs), and by geography (APAC, Europe, North America, Latin America, and MEA).
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The automotive keyless entry system market is divided into four major segments that consist of products, end-user type, vehicle type, and geography.
APAC to grow at the fastest CAGR in the automotive keyless entry system market during the forecast period
The automotive keyless entry system market by geography is segmented into APAC, Europe, North America, Latin America, and MEA. APAC is the fastest growing segment of the market at a CAGR of approximately 10% during the forecast period. The rapid urbanization and growing retail sales in the automotive industry are propelling the growth of the APAC region in the global market. China, Japan, South Korea, and India are the largest revenue contributor in the APAC market. The advancement in technology and the growing adoption of advanced security systems will revolutionize the automotive market in APAC over the next few years. The wide availability of RKE systems in mid-segment vehicles in countries such as China, South Korea, Thailand, and India is encouraging vendors to launch innovative systems in the APAC market.
The growing demand for HEVs and other luxury vehicles will create lucrative opportunities for leading OEMs in the global market.
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PKE systems to grow at an impressive CAGR in the automotive keyless entry system market during the forecast period
The product segment in the automotive keyless system market is classified into RKE systems and PKE systems.
Passive keyless entry (PKE) systems are the fastest growing segment of the market at a CAGR of over 11% during the forecast period.
PKE systems are the most advanced keyless systems available in the global market. These systems are designed to eliminate the chances of hacking of the system from long ranges thereby, propelling the growth of the global market. These systems use RFID shields that are used to protect credit cards and protects the vehicles from encrypted signals. The technology companies to develop technologies that can prevent and improve the reliability of PKE systems and attract new consumers in the global market. The new entrants of the market are offering add-on security features to the vehicles to gain a larger market share. The implementation of connectivity and IoT technologies with PKE systems is expected to gain popularity in the global automotive keyless system market during the forecast period.
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Aftermarket to grow at a considerable CAGR in the automotive keyless entry system market during the forecast period
The automotive keyless entry system market by end-user is divided into OEM market and aftermarket. The aftermarket end-user type is the fastest growing segment of the market at a CAGR of more than 11% during the forecast period. The replacement or upgrade or add-on of keyless systems in vehicles in the aftermarket is propelling the growth of this segment in the global market. Technological advancement is driving the upgrade market in the automotive industry. The introduction of low-cost Bluetooth-enabled systems is propelling the functionality vehicles in the global market. The launch of smartphone integrated with these systems will eliminate the use of key fobs for vehicles and revolutionize the automotive industry in the global automotive keyless entry system market.
The other prominent players in the automotive keyless entry system market are Advanced Keys, Alps Electric, Bosch, Calsonic Kansei, Denso, Directed Electronics, Hyundai Mobis, Lear Corporation, Marquardt, Microchip Corporation (Atmel), Mitsubishi Electric, OMRON Automotive Electronics, Panasonic, Tokai Rika, and Voxx International.
The complete overview of the latest market research report on automotive keyless entry system market by Arizton is now available.
The report also offers a detailed study of major trends, drivers, challenges, and also provides the market size and forecast for major geographical regions and key countries.
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