USD 2.6 billion
Automotive Digital Key Market Size, Share, Growth Analysis, By Technology(Remote Keyless Entry (RKE), Passive Keyless Entry (PKE)), By Vehicle Type(Passenger Vehicles, Commercial Vehicles), By Application(Single-Function, Multi-Function), By Key Type(Electric, Non-Electric) - Industry Forecast 2024-2031
Report ID:
SQMIG25A2306 |
Region:
Global |
Published Date: May, 2024
Pages:
223
|
Tables:
115 |
Figures:
73
Automotive Digital Key Market Insights
Global Automotive Digital Key Market size was valued at USD 2.6 billion in 2022 and is poised to grow from USD 2.96 billion in 2023 to USD 8.46 billion by 2031, growing at a CAGR of 14% in the forecast period (2024-2031).
Automotive digital keys replace traditional keys with advanced technologies and authentication methods for drivers to access their vehicles. These digital keys are often integrated into mobile devices or any other smart device. Convenience, enhanced security, and a user-friendly experience are key characteristics of automotive digital keys that are promoting their adoption. Integration of keyless entry systems with automotive digital keys is a trend that is gaining quick traction and driving market growth. Advancements in vehicle connectivity technologies and the growing integration of smart features are also promoting sales of automotive digital keys around the world. Challenges in standardization and security concerns are estimated to be the key restraints for automotive digital key market development in the long run.
Market snapshot - (2024-2031)
Global Market Size
Largest Segment
Passenger Cars
Fastest Growth
Commercial Vehicles
Growth Rate
14% CAGR
Global Automotive Digital Key Market ($ Bn)
Country Share for Asia Pacific Region (%)
Global Automotive Digital Key Market By Vehicle Type ($ Bn)
Global Automotive Digital Key Market By Vehicle Type (%)
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Automotive Digital Key Market Segmental Analysis
The global automotive digital key market is segmented based on vehicle type, technology, key type, application and region. Based on vehicle type, the market is segmented into commercial vehicles and passenger vehicles. In terms of technology, the market is segmented into remote keyless entry (RKE), passive keyless entry (PKE), near field communication (NFC) keyless entry, and others. In terms of application, the market is segmented into single-function and multi-function. On the basis of key type, the market is divided into electric and non-electric. Based on region, the market is segmented into Asia Pacific, North America, Latin America, Europe, and the Middle East and Africa.
Analysis by Technology
Remote keyless entry (RKE) technology is slated to hold sway over the global automotive digital key demand outlook. Easy retrofitting of old cars with remote keyless entry systems is a key factor that allows this segment to hold a high market share. High use of this technology in commercial and passenger vehicles also helps maintain its dominance.
However, the demand for passive keyless entry (PKE) is projected to increase at a rapid pace across the forecast period. Passive keyless entry technology allows users to access their vehicles without having to remove the key from their pockets or bags. This high convenience offered by PKE is allowing it to be rapidly used in all modern passenger cars around the world.
Analysis by Vehicle Type
Passenger vehicles are estimated to account for a substantial share of the global automotive digital key market. Evolving consumer preferences and rising demand for convenience are key factors that promote automotive digital key adoption in this segment. Growing popularity of shared mobility is another factor that is projected to bolster the demand for automotive digital keys in passenger cars going forward.
On the other hand, the demand for automotive digital keys for commercial vehicles is expected to increase at a high CAGR over the coming years. Increasing integration of advanced technologies in commercial vehicles and growing acceptance of the same are slated to bolster the demand for automotive digital keys in this segment.
Global Automotive Digital Key Market By Vehicle Type, 2022 (%)
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Automotive Digital Key Market Regional Insights
The Asia Pacific region is forecasted to hold sway over the global demand for automotive digital keys over the coming years. The presence of a robust automotive manufacturing base and growing consumer preference for smart keys are projected to help the dominance of this region. China, India, and Japan are estimated to be the top markets for automotive digital key companies looking to make a mark in this region. Surging sales of passenger as well as commercial vehicles in this region are also estimated to help automotive digital key market growth in the long run.
Europe is projected to emerge as the fastest-growing market for automotive digital key companies in the world across the forecast period. Rising sales of luxury cars and growing adoption of advanced solutions and components in vehicles are helping automotive digital key market growth in this region. Germany is projected to spearhead the demand for automotive digital keys in this region followed by countries such as the United Kingdom and Italy.
Global Automotive Digital Key Market By Region, (2024-2031)
- Largest
- Fastest
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Automotive Digital Key Market Dynamics
Drivers
Rising Demand for Convenience
- Use of automotive digital keys facilitates convenience as people don’t have to carry their car keys everywhere and can easily access their vehicle using smart devices that are always with them. Changing consumer preferences have bolster the demand for convenience and this is slated to boost market growth.
Advancements in Vehicle Connectivity Technology
- Vehicle connectivity technologies have come a long way and this trend has resulted in the development of novel automotive digital key solutions. Growing incorporation of advanced connectivity technologies and enhanced security protocols in vehicles will drive market development going forward.
Restraints
Security and Privacy Concerns
- Automotive digital keys are prone to cyberattacks and this raises concerns regarding the security and privacy of vehicle owner and the vehicle itself. These security concerns are estimated to hamper automotive digital key market development in the long run.
Standardization Challenges
- All digital keys being used in vehicles are custom and designed specifically by automotive manufacturers for their vehicles. There is no standard that is set and being followed, this could raise issues for users as well as providers in the long run and slow down automotive digital key demand.
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Automotive Digital Key Market Competitive Landscape
Automotive digital key providers should utilize advanced connectivity technologies in their products to maximize their sales. Automotive digital key companies can also invest in R&D to create innovative products that provide more features. Collaborations and partnerships are projected to be popular strategies for companies looking to fast track their innovation and launch cycle.
Top Player’s Company Profiles
- Continental AG
- Infineon Technologies AG
- Senturion Key
- ALPHA Corporation
- HELLA GmbH
- Garmin Ltd.
- Spark Minda
- Denso Corporation
- Firstech LLC
- Valeo SA
- GARIN System Co. Ltd.
- STMicroelectronics
- Tokai Rika Co. Ltd.
- Silca S.p.A
- Samsung
- Telefonaktiebolaget LM Ericsson
Recent Developments
- In February 2024, Marquardt, a leading mechatronics company and doubleSlash collaborated to develop and launch a new digital key system. The new offering is compliant with the regulations of Car Connectivity Consortium (CCC).
- In March 2024, Carbershop, a South Korean company founded in 2017, announced the launch of a new version of its previously lauched digital key solution called moki. This new solution eliminates the hassle in migrating from traditional keys to digital ones.
- In January 2021, BMW, a leading automotive manufacturer based in Germany, announced the launch of BMW Digital Key Plus which allows users to unlock their car without having to remove their phone from the bag or pocket. The new key works on ultrawideband (UWB) technology.
Automotive Digital Key Key Market Trends
- Enhanced Authentication: Automotive digital key manufacturers should focus on providing better authentication services by integrating biometric and wallet authentication methods. Rising emphasis on security of digital keys will create new opportunities for automotive digital key companies going forward.
Automotive Digital Key Market SkyQuest Analysis
SkyQuest’s ABIRAW (Advanced Business Intelligence, Research & Analysis Wing) is our Business Information Services team that Collects, Collates, Co-relates, and Analyses the Data collected by means of Primary Exploratory Research backed by robust Secondary Desk research.
As per Skyquest analysis, advancements in vehicle connectivity technology and high demand for convenience among vehicle owners are projected to bolster the demand for automotive digital keys over the coming years. However, privacy and security concerns are slated to be the key restraints for market growth in the future. Europe is slated to emerge as the fastest-expanding market for automotive digital keys owing to rising sales of luxury vehicles in countries such as Germany and the United Kingdom. Automotive digital key companies should focus on providing advanced authentication features in their keys if they want to stay relevant in the long term.
| Report Metric | Details |
|---|---|
| Market size value in 2022 | USD 2.6 billion |
| Market size value in 2031 | USD 8.46 billion |
| Growth Rate | 14% |
| Base year | 2023 |
| Forecast period | (2024-2031) |
| Forecast Unit (Value) | USD Billion |
| Segments covered |
|
| Regions covered | North America (US, Canada), Europe (Germany, France, United Kingdom, Italy, Spain, Rest of Europe), Asia Pacific (China, India, Japan, Rest of Asia-Pacific), Latin America (Brazil, Rest of Latin America), Middle East & Africa (South Africa, GCC Countries, Rest of MEA) |
| Companies covered |
|
| Customization scope | Free report customization with purchase. Customization includes:-
|
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Table Of Content
Executive Summary
Market overview
- Exhibit: Executive Summary – Chart on Market Overview
- Exhibit: Executive Summary – Data Table on Market Overview
- Exhibit: Executive Summary – Chart on Automotive Digital Key Market Characteristics
- Exhibit: Executive Summary – Chart on Market by Geography
- Exhibit: Executive Summary – Chart on Market Segmentation
- Exhibit: Executive Summary – Chart on Incremental Growth
- Exhibit: Executive Summary – Data Table on Incremental Growth
- Exhibit: Executive Summary – Chart on Vendor Market Positioning
Parent Market Analysis
Market overview
Market size
- Market Dynamics
- Exhibit: Impact analysis of DROC, 2021
- Drivers
- Opportunities
- Restraints
- Challenges
- Exhibit: Impact analysis of DROC, 2021
- SWOT Analysis
KEY MARKET INSIGHTS
- Technology Analysis
- (Exhibit: Data Table: Name of technology and details)
- Pricing Analysis
- (Exhibit: Data Table: Name of technology and pricing details)
- Supply Chain Analysis
- (Exhibit: Detailed Supply Chain Presentation)
- Value Chain Analysis
- (Exhibit: Detailed Value Chain Presentation)
- Ecosystem Of the Market
- Exhibit: Parent Market Ecosystem Market Analysis
- Exhibit: Market Characteristics of Parent Market
- IP Analysis
- (Exhibit: Data Table: Name of product/technology, patents filed, inventor/company name, acquiring firm)
- Trade Analysis
- (Exhibit: Data Table: Import and Export data details)
- Startup Analysis
- (Exhibit: Data Table: Emerging startups details)
- Raw Material Analysis
- (Exhibit: Data Table: Mapping of key raw materials)
- Innovation Matrix
- (Exhibit: Positioning Matrix: Mapping of new and existing technologies)
- Pipeline product Analysis
- (Exhibit: Data Table: Name of companies and pipeline products, regional mapping)
- Macroeconomic Indicators
COVID IMPACT
- Introduction
- Impact On Economy—scenario Assessment
- Exhibit: Data on GDP - Year-over-year growth 2016-2022 (%)
- Revised Market Size
- Exhibit: Data Table on Automotive Digital Key Market size and forecast 2021-2027 ($ million)
- Impact Of COVID On Key Segments
- Exhibit: Data Table on Segment Market size and forecast 2021-2027 ($ million)
- COVID Strategies By Company
- Exhibit: Analysis on key strategies adopted by companies
MARKET DYNAMICS & OUTLOOK
- Market Dynamics
- Exhibit: Impact analysis of DROC, 2021
- Drivers
- Opportunities
- Restraints
- Challenges
- Exhibit: Impact analysis of DROC, 2021
- Regulatory Landscape
- Exhibit: Data Table on regulation from different region
- SWOT Analysis
- Porters Analysis
- Competitive rivalry
- Exhibit: Competitive rivalry Impact of key factors, 2021
- Threat of substitute products
- Exhibit: Threat of Substitute Products Impact of key factors, 2021
- Bargaining power of buyers
- Exhibit: buyers bargaining power Impact of key factors, 2021
- Threat of new entrants
- Exhibit: Threat of new entrants Impact of key factors, 2021
- Bargaining power of suppliers
- Exhibit: Threat of suppliers bargaining power Impact of key factors, 2021
- Competitive rivalry
- Skyquest special insights on future disruptions
- Political Impact
- Economic impact
- Social Impact
- Technical Impact
- Environmental Impact
- Legal Impact
Market Size by Region
- Chart on Market share by geography 2021-2027 (%)
- Data Table on Market share by geography 2021-2027(%)
- North America
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- USA
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Canada
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Europe
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- Germany
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Spain
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- France
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- UK
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of Europe
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Asia Pacific
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- China
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- India
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Japan
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- South Korea
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of Asia Pacific
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Latin America
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- Brazil
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of South America
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Middle East & Africa (MEA)
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- GCC Countries
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- South Africa
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of MEA
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
KEY COMPANY PROFILES
- Competitive Landscape
- Total number of companies covered
- Exhibit: companies covered in the report, 2021
- Top companies market positioning
- Exhibit: company positioning matrix, 2021
- Top companies market Share
- Exhibit: Pie chart analysis on company market share, 2021(%)
- Total number of companies covered
Methodology
For the Automotive Digital Key Market, our research methodology involved a mixture of primary and secondary data sources. Key steps involved in the research process are listed below:
1. Information Procurement: This stage involved the procurement of Market data or related information via primary and secondary sources. The various secondary sources used included various company websites, annual reports, trade databases, and paid databases such as Hoover's, Bloomberg Business, Factiva, and Avention. Our team did 45 primary interactions Globally which included several stakeholders such as manufacturers, customers, key opinion leaders, etc. Overall, information procurement was one of the most extensive stages in our research process.
2. Information Analysis: This step involved triangulation of data through bottom-up and top-down approaches to estimate and validate the total size and future estimate of the Automotive Digital Key Market.
3. Report Formulation: The final step entailed the placement of data points in appropriate Market spaces in an attempt to deduce viable conclusions.
4. Validation & Publishing: Validation is the most important step in the process. Validation & re-validation via an intricately designed process helped us finalize data points to be used for final calculations. The final Market estimates and forecasts were then aligned and sent to our panel of industry experts for validation of data. Once the validation was done the report was sent to our Quality Assurance team to ensure adherence to style guides, consistency & design.
Analyst Support
Customization Options
With the given market data, our dedicated team of analysts can offer you the following customization options are available for the Automotive Digital Key Market:
Product Analysis: Product matrix, which offers a detailed comparison of the product portfolio of companies.
Regional Analysis: Further analysis of the Automotive Digital Key Market for additional countries.
Competitive Analysis: Detailed analysis and profiling of additional Market players & comparative analysis of competitive products.
Go to Market Strategy: Find the high-growth channels to invest your marketing efforts and increase your customer base.
Innovation Mapping: Identify racial solutions and innovation, connected to deep ecosystems of innovators, start-ups, academics, and strategic partners.
Category Intelligence: Customized intelligence that is relevant to their supply Markets will enable them to make smarter sourcing decisions and improve their category management.
Public Company Transcript Analysis: To improve the investment performance by generating new alpha and making better-informed decisions.
Social Media Listening: To analyze the conversations and trends happening not just around your brand, but around your industry as a whole, and use those insights to make better Marketing decisions.
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