Keyless Entry and Start Market to Expand at a CAGR of 12.8%, Driven by Emergence of New Technologies | Market.us Report
The keyless entry and start industry is on the rise due to a growing demand for convenience and safety features in automobiles, technological advancements, the increasing popularity of electric vehicles, and stringent government regulations.
New York, April 20, 2023 (GLOBE NEWSWIRE) — The global keyless entry and start market size was valued to be worth USD 1.7 billion in 2022. From 2023 to 2032, it is estimated to reach USD 5.5 billion by 2032 growing at a CAGR of 12.8%. Keyless access systems are electronic locks that allow the owner of the car to unlock vehicle and start the vehicle without the need for a conventional mechanical key. The car’s keyless access system uses biometric scanning and electronic locks to unlock it. This secures the vehicle. The keyless access market is expanding rapidly in the US and Germany. As one of the essential components in modern vehicles for increased safety, automotive keyless entry systems are directly influenced by the manufacturing and sales activities of automobiles globally.
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- By Product Type, in 2022, PIC-based products were dominant in the product type segment due to cost-effectiveness and usually utilized in entry-level vehicles.
- By Application, the passenger car segment dominated the largest market share in application analysis.
- In 2022, North America dominated the market with the highest revenue share of 36.5%.
- APAC is anticipated to have the highest CAGR among all the regions during the forecasted period.
Factors affecting the growth of the Keyless Entry and Start Market
There are several factors that can have an impact on the growth of the Keyless Entry and Start industry. Some of these factors include:
- Growing demand for convenience: Keyless entry and start technologies give drivers more convenience. It is now simpler and faster for drivers to access and start their vehicles thanks to this innovation, which enables drivers to enter and start their vehicles with the touch of a button.
- Technological developments: Technological developments, such as innovations in wireless communication and the creation of mobile applications that enable remote operation of keyless entry and start systems, are also driving the keyless entry and start market.
- Rising adoption of EVs: The market for keyless entry and starting is expanding as a result of the increasing sales of electric automobiles. Keyless entry and start systems are particularly helpful to electric cars.
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The increasing demand for convenience and safety features in automobiles, technological improvements, the rising popularity of electric vehicles, and strict government regulations are just a few of the reasons for the rise of the keyless entry and start industry. Also, the market for keyless entry and start is anticipated to rise as connected automobiles gain in popularity. Advanced technology, such as keyless entry and start systems, are used in connected automobiles to improve the driving experience and provide the driver with better access to vehicle features.
North America has the largest market share 36.5% for keyless entry and starts systems, which is driven by the rising adoption of cutting-edge automotive technology and increasing consumer demands for both safety and convenience in the region. The Asia-Pacific region is expected to have the fastest rate of market growth for keyless entry and start systems because of the increasing sales of vehicles as well as customer requirements for better safety in their vehicles.
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Scope of the Report
|Market Value (2022)||US$ 1.7 billion|
|Market Size (2032)||US$ 5.5 billion|
|CAGR (from 2023 to 2032)||12.8%|
|North America Revenue Share||36.5%|
|Historic Period||2016 to 2022|
|Forecast Year||2023 to 2032|
- Convenience: Drivers benefit from keyless entry and start systems since they don’t have to physically insert and turn the key to start or unlock a car. This simplifies the process to enter the car and start the car, which is useful in instances where the driver’s hands are busy.
- Enhanced Security: Improved security features like key fobs with encrypted codes are offered by keyless entry and start systems, which make it harder for criminals to steal automobiles. Further lowering the danger of theft, some systems also provide remote starting, which enables the vehicle to be started from a distance.
- Technological advancements: The adoption of new technologies, such as biometric authentication methods, has allowed for the creation of more complicated keyless entry systems, which provide better security.
- Cost: Keyless entry systems can be expensive to install and maintain, which may prevent some buyers from purchasing vehicles with these features. Also, it could be costly to repair or replace a defective keyless entry system.
- Cybersecurity Concerns: As keyless entry systems become advanced, they use the biometric data of the user to operate without the key. This involves fingerprints, retina scans, etc. The increasing use of this technology concerns cybersecurity risks like hacking.
- Compatibility Issues: In some vehicle models, keyless entry systems may not function properly or may require additional components or modifications. As a consequence, it could be difficult for automakers to incorporate this technology in their vehicles, which might limit the market growth.
- Integration with Other Car Systems: To provide a smooth and easy experience of driving, keyless entry systems may be connected with other vehicle systems including infotainment and map-reading. As the sales of passenger vehicles increasing day by day this provides great opportunities to the companies operating in this market.
- Increasing Demand For EVs: Demand for keyless entry systems that can connect with the special features and capabilities of electric vehicles, and the demand for keyless entry systems increase as demand for these vehicles rises. This may open up new markets for keyless entry system innovation and differentiation.
- Biometric Authentication Technological Advancements: It could be practicable to integrate various other applications such as front & rear seat settings, opening the tailgate, car alarm, light control, and storing multimedia files into keyless entry systems as keyless entry technologies continue to advance. Customers may experience a greater degree of security and convenience as a result, and new potential for market expansion and uniqueness may also develop.
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Report Segmentation of the Keyless Entry and Start Market
Product Type Insight
According to the type of product, this market is divided into PIC-based and ARM-based segments. Due to their great processing power and security, ARM-based processors are used in high-end luxury cars, but the PIC-based market is more affordable and is usually used in entry-level vehicles.
Application Type Insight
The market for automotive keyless entry systems is divided into two categories based on the application; passenger cars and commercial vehicles. The majority of the market share is held by and is anticipated to continue to be led by the passenger cars in the applications segment. This is a consequence of increasing passenger car sales and the growing adoption of automotive security systems.
Recent Development of the Keyless Entry and Start Market
- Increasing use by automakers: Automakers are increasingly offering keyless entry and start technologies as standard or add-on features on their vehicles. It is projected that this trend will persist as more clients want the simplicity and security of these solutions.
- Integration with smartphone apps: Several keyless entry and start systems are now controlled through smartphone apps, allowing drivers to remotely unlock and start their cars. This feature is highly useful for companies that share or rent out cars.
- New security features: To reduce concerns about car theft, keyless entry, and start systems now come standard with advanced security features like biometric verification and encryption.
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Based on the Product type
- PIC Based
- ARM Based
Based on the Application
- Passenger Cars
- Commercial Vehicles
- North America
- The US
- Western Europe
- The UK
- Rest of Western Europe
- Eastern Europe
- The Czech Republic
- Rest of Eastern Europe
- South Korea
- Australia & New Zealand
- Rest of APAC
- Latin America
- Costa Rica
- Rest of Latin America
- Middle East & Africa
- Saudi Arabia
- South Africa
- United Arab Emirates
- Rest of MEA
To preserve their market position and obtain a competitive edge, the major market players are concentrating on product innovation, strategic partnerships, and collaborations. For instance, a lot of businesses are investing in the creation of sophisticated keyless entry and start systems that provide better connection and security alternatives. A number of firms are also collaborating with other businesses in the automotive sector to broaden their product offers and attract new customers. Some of the major players include:
- Alps Electric Co. Ltd.
- Continental AG
- DENSO Corporation
- Hella KGaA Hueck & Co.
- Microchip Technology Inc.
- Mitsubishi Electric Corporation
- NXP Semiconductors
- Rebert Bosch GmbH
- Tokai Rika
- ZF Friedrichshafen AG
- Other Key Players
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