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Global Automotive Keyless Entry System Market to Reach About USD 3.1 Billion by 2027, Aided by the Rising Demand for Remotely Accessible Keyless Entry Systems

According to a new report by EMR titled, ‘Global Automotive Keyless Entry System Market Report and Forecast 2022-2027’, the global market attained a value of about USD 1.5 billion in 2021. The market is further estimated to grow at a CAGR of 12.60% in the forecast period of 2022-2027 to reach a value of approximately USD 3.1 billion by 2027.

The market growth can be attributed to the rising demand for remotely accessible keyless entry systems in the automotive sector. The introduction of various stringent government regulations regarding vehicle safety and the growing popularity of connected vehicles are fuelling the market for automotive keyless entry system. Moreover, the deployment of innovative technologies such as ultra-wideband (UWB) to enhance the security and functionalities of automotive keyless entry systems is expected to propel the market. The integration of such technologies to develop digital keys and eliminate the requirement for physical keys is also projected to drive the growth of the market. With the increasing interest in shared mobility, the trend is anticipated to grow in the forecast period owing to the rising demand for remote user authentication.

Continental AG (OTCMKTS: CTTAY), one of the leading companies in the market, partnered with Avis Budget Group, Inc. in December 2017 to offer enhanced experience to travellers in Kansas City. Under the agreement, the company would integrate its Key-as-a-Service (KaaS) technology in selected vehicles of Avis Car Rental Fleet. This would offer keyless entry and ignition while empowering Avis’s consumers to use the Avis mobile app to unlock/lock the car and start its engine. Through the partnership, the company aims to boost the convenience and personalisation of consumers by offering keyless car rentals. This also enables it to expand its offerings in the shared mobility market. Moreover, the initiative enhances the company’s position for collaboration with municipalities in Smart City projects across the globe. Such partnerships are bolstering the market for automotive keyless entry system.

Market Analysis by Product, Application, End Market, and Region:

  • The market, on the basis of product, can be divided into passive keyless entry systems (PKES) and remote keyless entry systems (RKES).
  • Based on application, the market can be divided into passenger cars, light commercial vehicles, and heavy commercial vehicles.
  • The major end markets of automotive keyless entry system include original equipment manufacturers (OEMs) and aftermarket.
  • The regional markets for automotive keyless entry system include North America, Europe, the Asia Pacific, Latin America, and the Middle East and Africa.

Key Findings of the Report:

  • The growing demand for passenger cars and commercial vehicles and the increasing adoption of automotive safety systems in developing markets are augmenting the market growth of automotive keyless entry system.
  • The market is being driven by the rising preference for vehicle security systems and the increasing sales of vehicles.
  • With the growing demand for luxury vehicles, the integration of advanced safety systems is surging, which is propelling the market for automotive keyless entry system.
  • The rising demand for connected vehicles and the increasing integration of smartphones are prompting the development of advanced automotive keyless entry systems, thus bolstering the growth of the market.

Key Offerings of the Report:

  • The EMR report gives an overview of the global market for automotive keyless entry system for the periods (2017-2021) and (2022-2027).
  • The report also offers the historical (2017-2021) and forecast (2022-2027) markets for the products, applications, end markets, and major regions of automotive keyless entry system.
  • The report analyses the market dynamics, covering the key demand and price indicators in the market, along with an assessment of the SWOT and Porter’s Five Forces models.

The major players in the global automotive keyless entry system market are DENSO Corporation, Hella KGaA Hueck and Co., Continental AG, Alps Electric Co., Ltd., STMicroelectronics International N.V., Valeo SE, and Microchip Technology Inc., among others. The comprehensive report by EMR looks into the market share, capacity, and latest developments like mergers and acquisitions, plant turnarounds, and capacity expansions of the major players.

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