The exclusive COVID-19 impact analysis report by Axiom MRC provides a 360 degree analysis of micro and macro-economic factors on the global Automotive Digital Key market. In addition, complete analysis of changes on the global Automotive Digital Key market expenditure, economic and international policies on supply and demand side. The report also studies the impact of pandemic on global economies, international trade, business investments, GDP and marketing strategies of key players present in the market. The economies of the country have weakened as there is a significant decline in the demand for products. The production in automotive sector has been limited owing to the pandemic resulting in the shortage of raw material. The supply chain disruptions and decline in exports and imports are the primary factors contributing to reduction in the production. And thereby, the automotive digital key market is ultimately getting affected by COVID-19 pandemic. This has also resulted in a reduced estimated y-o-y growth rate for 2020 in comparison with previous year.
The global Automotive Digital Key market is driven by rise in integration of luxury features in vehicles. Luxury cars and luxury features in vehicles in have become a vital part of the global automotive industry, with its importance increasing gradually. Luxury vehicles have always acted as a status symbol for individuals. These vehicles normally have improved interior and aesthetics with improved technology deployed inside the car. Increasing demand for luxury cars from upper-middle class and upper-class sections is making more demand for automotive digital key in the market. Furthermore, BMW, Mercedes Benz, Audi, etc. are few of the is the largest producer of luxury vehicles across the globe. For instance, Hyundai Mobis designed a brand-new technology, the Hyundai Digital Key, to give complete vehicle access through the mobile device. The Hyundai Digital Key is presently exclusive to the new 2020 Hyundai Sonata and may be added to future models.
The market is expected to have new opportunity such as digitalization in Automotive Industry. The automotive sector is almost fully automated. However, OEMs and suppliers are under enormous pressure to transform. Autonomous driving, networking, the e-car, and changing consumer behavior are making manufacturers to transform themselves into mobility service providers. Autonomous, electric, connected, and shared are the four major ingredients of the digital strategy for the future of the automotive sector. The automotive sector must be able to deal with the growing product complexity of the vehicle, IT backend, infrastructure and networking, security and safety requirements, Car2X, 5G, the switch to the e-car, and cloud solutions. Thus, rising development of digitized solutions in the automotive sector is boosting the market growth.
The market has major restraining factor like drawbacks of automotive digital key. . While keyless fobs are undoubtedly safer from traditional forms of theft, such as lock picking, the major concern stems from the possibility for hackers to manipulate the technology and steal the vehicle. Owing to the means that keyless technology works, hackers can use specialist programs to trick the vehicles into thinking that the correct fob is nearby, enabling them easy access.
In addition, no technology is perfect and this user-friendly, sophisticated tool does raise certain concerns for the industry. The security layers in a keyless system are strong, but hackers are continuously developing innovative ways to steal cars. Key programming tools are easily available both offline and online, and in the wrong hands, one could reprogram a blank fob to particular car’s transponder, thus compromising security.
High Cost of Replacement to major extent which has created a major challenges for the market growth. Replacement costs of the lost fob is much more than a traditional key. Furthermore, electronic components wear down over time, which then means replacement of either the system or key repair. Therefore, this is a pretty heavy price to pay just to unlock the car. In addition, it's worth noticing that there are some additional costs that come with owning a car with a digital key technology.
The report provides in-depth analysis of global Automotive Digital Key market, market size, and compound annual growth rate (CAGR) for the forecast period of 2022-2028, considering 2021 as the base year. With increasing demand for various Automotive Digital Key in various applications has led the increasing demand for market and is expected to witness the growth at a CAGR at specific CAGR from 2021-2028.
The global Automotive Digital Key market comprises of different market segment like connectivity, hardware, technology, application and geography.
By connectivity, the Automotive Digital Key includes key segment of
On the basis of different technology of the connectivity, Bluetooth technology holds the major share in the market, since it is one of the most common connecting platforms which is available in almost every class of the vehicles, also manufacturers prefer it owing to its easy set-up, less-costly installation and it provides secure connectivity as well. On the other hand, Bluetooth is considered to be very popular for connectivity, since it doesn’t require internet to connect and it is very easy to pair with vehicles and the electronic devices. Moreover, many of the automotive manufacturers in the developing countries are also introducing Bluetooth connectivity in their automobiles.
The Automotive Digital Key market has major hardware in
The remote key entry devices segment is having the largest share among the others. The automotive industry has seen significant growth with the adoption of advanced technologies such as ADAS systems, self-driving and connected mobility. This is reason for growing the market for remote key entry devices. This integration of smart technology creates demand for advanced vehicle access management solutions for efficient operation, improved vehicle safety and more convenient solutions. The remote keyless entry (RKE) system is the standard solution for convenient remote locking and unlocking of doors and cargo compartments. anti-theft and immobilization systems that can be switched on and off in the same way. Continental car keys and identifiers provide maximum safety and comfort for all vehicle classes. It also includes other features such as extra comfort when opening and closing windows, hatches, sliding doors and tailgate. An "emergency button" is integrated into the key for added security.
The Automotive Digital Key market has technology like
Remote keyless entry system segment dominated the market in 2021 and is expected to maintain its dominance during the forecast period. The most cutting-edge remote keyless entry systems are normally named smart keys or advanced keys. These keys employ radio frequency identification (RFID) technology. A vehicle with a digital key can detect when the key is within a particular range of the vehicle and then will lock and unlock the driver car door or wait till the driver touches a specific section of the door. Nowadays some remote entry systems enable the user to use their smart phone to replace their key fob or key. In addition, some novel smart key fobs offer users with remote access to vehicle data while assisting to confirm the security of the data exchange. In some cases, this data can be accessed through a portable device such as smartwatch and a smart phone. Thus, increasing benefits of the remote keyless entry system is propelling the market growth.
The Automotive Digital Key market has major end users like
In recent years, use of digital keys is gradually increasing in almost every class of vehicle to provide a smooth start to the engine, and as the demand for premium features in the cars is increasing, it is expected that the automotive digital keys to be used for vehicle engine would grow further. Apart from that, the market has been followed by the vehicle security, as the cases of vehicle theft are increasing in almost various parts of the globe, the automotive manufactures as well as end-users are looking for the effective solution to avoid the car theft, thus the popularity of automotive digital key has been increased drastically. These keys are protected with passcodes or biometrics due to which only authorized people have access to vehicle, moreover, as the technological advancements are growing rapidly, the manufacturers are also enabling more advancements in these keys so that the cases of vehicle theft can be minimized..
The global Automotive Digital Key market is studied for the following region
Asia Pacific is anticipated to witness increasing demand for Automotive Digital Key owing to presence to well established market players. Asia-Pacific region is considered to be the major market, since this market is growing to a significant economic development phase. Owing to technological adoption, large population, growing domestic income and the availability of cheap labor, the automotive industry is growing in this region. In Asia-Pacific region, China is the largest contributor in the growth of automotive digital key, since the country is one of the largest manufacturers of commercial as well passenger vehicles. Along with that, Japan is known to be the home to many of the automotive manufacturers and one of the largest manufacturers of the vehicles which is why there is a great opportunity for the automotive digital key to grow. Additionally, with growing online rental business sector and the growing safety concerns in India, the commercial vehicles are increasing in the country, which is why the market for automotive digital key is growing in the country.
The competitive landscape analysis of Automotive Digital Key market is majorly focused on expanding the global growth of Automotive Digital Key with new product innovation, business expansion, increasing presence of range of manufacturer operating in Automotive Digital Key has led the growing demand for the market. Besides, the market offers range of products in different application to fulfill the required demand of consumer which is further contributing healthy growth in the market.
The key players studied in market are
May 2022: Hyundai Mobis Co. has launched the "bring&T" product that allows users to convert an existing smart key to a digital key via a Bluetooth-based smartphone connection. A smart key can be used as a digital key when the user attaches the smart key to the Bring&T product body, connects it to a smartphone via Bluetooth, downloads the product app to the connected smartphone, and registers the vehicle. According to Hyundai Mobis, the most outstanding feature of the Bring&T product is the automatic door function, which opens or closes the door automatically by detecting users' distance, even if they do not carry a smart key with them.
|Market Sizing for Year:||2021-2028|
|Market Segment studied:|
|Market Players and its Competitors:|
Heights Security, Inc.
HELLA GmbH & Co. KGaA
Mitsubishi Electric Corporation
Robert Bosch GmbH