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Automotive key helps in locking and unlocking the vehicle. Over the past few years, the vehicle keys are experiencing innovative changes owing to the advancements in technology. Digital key is one of such innovations in automotive key which helps the vehicle owner to share the vehicle’s security data through the smartphone application. The digital key is a technology which allows the smartphone to start and stop the vehicle engine as well as lock and unlock the vehicle doors using near field communication (NFC) technology or Bluetooth technology. The vehicle owner is able to access the vehicle and its components with the assistance of the digital key. The automobiles are now being the part of the Internet of Things (IoT) owing to the development of digital sensors, faster mobile connectivity, and compact and innovative devices in vehicles. The automotive industry is undergoing tremendous changes and is moving in the direction of vehicle digitization. Manufacturers are developing car digital keys, which offer more advanced functions than traditional keys, such as keyless entry functions, connected cars, enhanced driver safety functions, etc. Moreover, the leading players in the automotive digital key market have been working on developing smart key fobs, key cards, and wearable smart keys with RFID technology. Several original equipment manufacturers (OEMs) are committed to increase the production of vehicles with this advanced feature in response to increase the customer demand.
Key Market Driver -
Development and innovation of advanced technologies in automotive keys is expected to drive the growth of the market in the forecast period.
Key Market Restraint -
High risk of cyber security threat, and malfunctioning may hamper the growth of the market during the forecast period.
Globally, the automotive digital key market is segmented by type, by vehicle type and by geographic coverage. Based on type, the market is further segmented into near field communication (NFC), Bluetooth, and others. The near field communication (NFC) holds the major share in the global market and is expected to maintain its dominance over the forecast period. A card or smartphone that supports Near Field Communication (NFC) provides a safe and convenient way to access the vehicle. NFC-based solutions increase flexibility and a more cost-effective access mechanism by enabling car owners to use NFC to lock/unlock and start/stop the vehicle with the help of smartphone apps. In addition to connectivity, NFC also plays a vital role in the innovative car access control system that supports new business models and smartphone-centric solutions and for sharing, leasing, and fleet management. The digital key management system reduces the cost and complexity of handling the keys. The NFC also offers a unique sustainable value with a low battery mode in which the vehicle can still be unlocked and started when the mobile’s battery is low. The vehicle type is further segmented into passenger cars and commercial vehicles. The passenger cars segment holds the major share in the global market and is expected to uphold its dominance over the coming years. The increasing urbanization, improvement in the standard of living, and rise in the disposable income are the primary factors for the high demand for passenger cars across the globe. Also, the rising adoption of advance technologies in developing automotive devices and components is gaining high traction in the global passenger car market.
Major players operating in the global automotive digital key market include Hyundai Mobis, Volkswagen AG, Denso Corporation, Samsung Electronics Co. Ltd., HELLA, Robert Bosch GmbH, Tesla Inc., Infineon Technologies, BMW AG, STMicroelectronics, Continental AG, Daimler AG, Ericsson, and Valeo SA among others.
Geographically, the automotive digital key market is segmented into North America, Europe, Asia Pacific, and the rest of the world. Asia Pacific holds the maximum share in the global market and is expected to propel further owing to the rapid adoption of advanced technologies by the automotive industry. Developing and developed countries such as India, China, Japan and South Korea are the largest contributors in the world’s automotive market. The demand for digital keys in the emerging market including India and China is growing at a rapid pace as various automotive players are introducing vehicles with keyless entry functions which is driving the automotive digital key market in this region. Moreover, Japan’s growing demand for digital keys with advanced technology is likely to boost the country’s smart key market in the next few years. Therefore, this development is expected to boost the growth of the automotive digital key market in the Asia-Pacific region.
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