Global Automotive Keyless Entry System Market Size, Share & Industry Trends Analysis Report By Product Type, By Sales Channel (OEM and Aftermarket), By Vehicle Type (Passenger Cars, LCV, and HCV), By Regional Outlook and Forecast, 2022 - 2028
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Get in-depth analysis of the COVID-19 impact on the Automotive Keyless Entry System Market
Market Report Description
The Global Automotive Keyless Entry System Market size is expected to reach $3.1 billion by 2028, rising at a market growth of 11.4% CAGR during the forecast period.
In most application fields, the automobile industry has been using the potential of electric and electronic elements to improve passenger comfort and expand safety and security features in vehicles. The embedded circuit in the keyless entry system transfers electromagnetic waves to lock or unlock the vehicle door. This technique is extremely convenient and improves the vehicle's security. For the driver's comfort & security, automotive keyless entry system is an electronic lock that offers physical access to a car and permits opening and locking without the use of a traditional mechanical key. Keyless entry systems use radio frequency identification locks, Bluetooth unlocking systems, electronic locks, & biometric scanning to aid safeguard vehicle access.
Traditional keys do not provide the additional vehicle security that a keyless entry system does, such as the remote locking feature. A keyless entry system unlocks the car quickly and enables the driver to get in without any difficulty. The keyless car access control system is gaining a lot of popularity since it gives the consumer more options. Earlier, keyless entry systems were primarily found in high-end automobiles, but because of the additional benefits they provide, keyless entry systems are now being embraced across a wider range of vehicle classes.
While employing a huge number of bits in the address field lessens the probability of a signal being misidentified, there is still the potential of duplicating a transmitter code in order to get access to a regulated entry. For vehicle and building access control, keyless entry systems are commonly employed. To execute out a threat, a repeat attack, also known as code snatching, entails capturing a wireless remote control signal and re-transmitting it at a suitable time. Such attacks can be prevented by adding an algorithm into a keyless entry system that ensures each transmission, initiated by pushing a button on the remote control, varies from all prior ones, making fresh control signals extremely difficult to predict.
COVID-19 Impact Analysis
This resulted in a sharp drop in the availability of critical raw materials for car and component production. To stop the spread of the COVID-19 virus, governments around the world implemented stringent lockdowns and made social distance essential. As a result, numerous organizations began implementing the work-from-home program as a precaution. This resulted in a sharp drop in complete demand for autos. Moreover, lockdowns impacted the supply chain, as various production sites throughout the world were forced to partially or completely shut down. The increased attention of many governments across numerous nations on immunization, on the other hand, is generating a favorable market climate for big commercial vehicles.
Market Growth Factors
Acceptance of smart technology for vehicle security and enhanced convenience
The automotive industry has seen a significant increase in the adoption of high-end technologies like ADAS, autonomous driving, and linked mobility, among other things. These smart technology integrations are increasing the need for advanced automobile access control solutions for more efficient operation, increased vehicle security, and enhanced convenience. Moreover, an automobile keyless entry system is the next-generation automotive locking system that offers anti-theft protection. It instantly sends a notification to the vehicle owner about the attempt to steal the vehicle by an anonymous person and also starts playing a loud siren, to alert other nearby people.
Product enhancement to serve varying demand patterns
Owing to the advent of automobiles with enhanced features for effective safety and well-being for passengers, the automotive sector has seen substantial expansion in recent years. Several businesses have been creating and introducing modern automobiles with various vehicular technology, which has aided the increase in demand for system. Moreover, technology-driven firms are working on improving the existing vehicle keyless entry system, which is likely to offer up new commercial opportunities for the key companies. Comparable product launches and advances by these firms contribute to the growth of automobile keyless entry system manufacturing.
Marketing Restraining Factor:
The cost burden of the keyless entry system
To govern operations, the keyless entry system is incorporated with numerous high-end technologies such as Bluetooth, detectors, operating software, and electronically controlled panels. The keyless entry subsystems all have a significant cost, which increases the price of automotive keyless entry systems. The high-cost factor makes the market less lucrative for experienced as well as new entrants. This is because new market players in the initial phase seek stability and are able to handle daily operational costs.
Product Type Outlook
Based on Product Type, the market is segmented into Remote Keyless Entry (RKE) System and Passive Keyless Entry (PKE) System. The Remote Keyless Entry System acquired the highest revenue share in the automotive keyless entry system market in 2021. This is owing to the greater security, good access control, and high convenience. End-users prefer it, and it's found in a wide range of automobiles, including budget and luxury vehicles. Remote keyless entry is a car security access solution that uses digital keys stored on a mobile phone to function.
Sales Channel Outlook
Based on Sales Channel, the market is segmented into OEM and Aftermarket. The Aftermarket garnered a significant revenue share in the automotive keyless entry system market in 2021. For practically all vehicle makes and models, the aftermarket offers a large range of parts of variable quality and price. The automotive aftermarket is the automobile industry's secondary market, encompassing all car parts, chemicals, equipment, and accessories, as well as their manufacture, re-manufacturing, distribution, selling, and installation.
Vehicle Type Outlook
Based on Vehicle Type, the market is segmented into Passenger Cars, LCV, and HCV. The Passenger Cars witnessed the maximum revenue share in the automotive keyless entry system market in 2021. Anti-theft devices like automotive keyless entry are instruments that a vehicle's manufacturer or a driver installs to protect the vehicle from theft. As automotive keyless entry systems save insurers money on coverage expenses, several insurance firms offer discounts to policyholders who have them installed in their vehicles.
|Market size value in 2021||USD 1.5 Billion|
|Market size forecast in 2028||USD 3.1 Billion|
|Historical Period||2018 to 2020|
|Forecast Period||2022 to 2028|
|Revenue Growth Rate||CAGR of 11.4% from 2022 to 2028|
|Number of Pages||209|
|Number of Tables||330|
|Report coverage||Market Trends, Revenue Estimation and Forecast, Segmentation Analysis, Regional and Country Breakdown, Companies Strategic Developments, Company Profiling|
|Segments covered||Product Type, Sales Channel, Vehicle Type, Region|
|Country scope||US, Canada, Mexico, Germany, UK, France, Russia, Spain, Italy, China, Japan, India, South Korea, Singapore, Malaysia, Brazil, Argentina, UAE, Saudi Arabia, South Africa, Nigeria|
Based on Regions, the market is segmented into North America, Europe, Asia Pacific, and Latin America, Middle East & Africa. North America recorded a significant revenue share in the automotive keyless entry system market in 2021. This is owing to the increasing purchasing power parity (PPP), greater participation of the region's main automotive businesses, and suitable technological infrastructure. Moreover, rising internet coverage and an increase in the number of smartphone users are propelling the automobile sector forward, further boosting the regional automotive keyless entry system market.
Free Valuable Insights: Global Automotive Keyless Entry System Market size to reach USD 3.1 Billion by 2028
The market research report covers the analysis of key stake holders of the market. Key companies profiled in the report include Continental AG, Denso Corporation, Valeo SA, Mitsubishi Electric Corporation, Robert Bosch GmbH, NXP Semiconductors N.V., HELLA GmbH & Co. KGaA, Alps Alpine Co., Ltd., Microchip Technology, Inc., and Tokai Rika Co., Ltd.
Scope of the Study
Market Segments Covered in the Report:
By Product Type
- Remote Keyless Entry (RKE) System
- Passive Keyless Entry (PKE) System
By Sales Channel
By Vehicle Type
- Passenger Cars
- North America
- Rest of North America
- Rest of Europe
- Asia Pacific
- South Korea
- Rest of Asia Pacific
- Saudi Arabia
- South Africa
- Rest of LAMEA
Key Market Players
List of Companies Profiled in the Report:
- Continental AG
- Denso Corporation
- Valeo SA
- Mitsubishi Electric Corporation
- Robert Bosch GmbH
- NXP Semiconductors N.V.
- HELLA GmbH & Co. KGaA
- Alps Alpine Co., Ltd.
- Microchip Technology, Inc.
- Tokai Rika Co., Ltd.
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North America Automotive Keyless Entry System Market Report 2022-2028
Europe Automotive Keyless Entry System Market Report 2022-2028
Asia Pacific Automotive Keyless Entry System Market Report 2022-2028
LAMEA Automotive Keyless Entry System Market Report 2022-2028
What would be the size of the Automotive Keyless Entry System market by 2028?
The global Automotive Keyless Entry System market size is expected to reach $3.1 billion by 2028.
What are the key driving factors and challenges in the Automotive Keyless Entry System market?
Product enhancement to serve varying demand patterns are driving the market in coming years, however, the cost burden of the keyless entry system limited the growth of the market.
What are the major top companies in the competitive landscape?
Continental AG, Denso Corporation, Valeo SA, Mitsubishi Electric Corporation, Robert Bosch GmbH, NXP Semiconductors N.V., HELLA GmbH & Co. KGaA, Alps Alpine Co., Ltd., Microchip Technology, Inc., and Tokai Rika Co., Ltd.
At what CAGR is the Automotive Keyless Entry System market estimate to grow in the forecast period?
The expected CAGR of the Automotive Keyless Entry System market is 11.4% from 2022 to 2028.
Which segment shows a high revenue share of the Automotive Keyless Entry System market in 2021?
The OEM segment acquired maximum revenue share in the Global Automotive Keyless Entry System Market by Sales Channel in 2021, thereby, achieving a market value of $2.24 billion by 2028.
Which region dominated the Automotive Keyless Entry System market in 2021?
The Asia Pacific market dominated the Global Automotive Keyless Entry System Market by Region in 2021, and would continue to be a dominant market till 2028; thereby, achieving a market value of $1.11 billion by 2028.