Automotive Keyless Entry System Market - Global Outlook and Forecast 2019-2024
The global automotive keyless entry system market size is expected to produce around 180 million units by 2024, growing at a CAGR of approximately 8% during 2018–2024.
The increasing investments in developing connected vehicles using telematics, keyless entry systems, digital clusters, and high-end infotainment systems will fuel the transformation of the global market. The leading OEMs and electronic suppliers are actively investing in reducing the cost of these systems to fuel the penetration of these devices in the smaller cars and commercial vehicle segment in the market. The market research report on the global automotive keyless entry system market offers analysis on market size & forecast, market share, industry trends, growth drivers, and vendor analysis. The market study also includes insights on segmentation by product (RKE systems and PKE systems), by end-user (OEM and aftermarket), by vehicle (passenger cars, LCVs, and HCVs), and by geography (APAC, Europe, North America, Latin America, and MEA).
The report considers the present scenario of the global automotive keyless entry system market and its market dynamics for the period 2019−2024. It covers a detailed overview of the various market growth enablers, restraints, and trends. The study includes both the demand and supply sides of the market. It also profiles and analyzes the leading companies and other prominent companies operating in the market.
Automotive Keyless Entry System Market – Dynamics
The growing popularity and introduction of safety standards in the autonomous driving platform will positively impact the development of the market. The various regulatory initiatives from the past couple of years to improve vehicle security will create lucrative opportunities in the market. The influx of security systems in emerging nations of China and India will enable vendors to invest in these regions over the next few years. The introduction of these systems in the mass mid-segment vehicles such as hatchbacks and light commercial vehicles will boost the revenues in the global automotive keyless entry system market.
The increasing adoption of advanced sensors in vehicles is resulting in the transformation of the global automotive keyless entry system market. The road transport regulatory bodies or various countries have started to mandate some security features and systems that should be implemented in the automobiles to increase the safety of the occupants as well as the pedestrians and other vehicles on the road in the market. The integration of passive safety features like seatbelts, airbags, stronger chassis and electronic and sensor-guided features like rearview displays, blind spot displays, braking systems, traction control, and obstacle identifiers will help reduce fatalities associated with road accidents and increase the safety of the vehicles in the market. Some of the intuitive systems developed in the market feature not only functionality to identify obstacles and alerting the driver, but also are able to take decisive actions on behalf of the driver if the driver’s response is a bit delayed. The rising demand to integrate more sensors in the automobiles to make them more intelligent and automated will result in the evolution of the automotive industry. The rapid developments in automotive sensors and an increasing need for security and convenience will augment the growth of the global automotive keyless entry system market.
Automotive Keyless Entry System Market – Segmentation
This market research report includes a detailed segmentation of the market by products, end-users, vehicle, and geography. The global automotive keyless entry system market by product is classified into RKE systems and PKE systems. RKE systems dominated the total market share in 2018, growing at a CAGR of more than 6% during the forecast period. The growing demand for safety electronics systems is fueling the adoption and growth of the RKEsegment in the global market. RKE systems offer the convenience of locking and unlocking a vehicle from a distance and switching on and off the anti-theft alarm. The use of this technology has transformed the entry and exit of end-users in their vehicles in the market. The vendors are offering a wide range of RKE systems to cater to consumer demand and to keep up with the rapid technological innovation witnessed in the market. The leading OEMs and manufacturers are investing in improving this technology to develop systems that used high-range frequency signals to gain new consumers in the market. The increasing investment in R&D activities to develop secure systems will contribute to the growth of this segment in the global automotive keyless entry system market.
The end-user segment in the global automotive keyless entry system market is divided into OEM and aftermarket. Aftermarket is the fastest growing segment in the global market, at a CAGR of around 12% during the forecast period. The increasing demand for affordable entry systems and the adoption of stringent safety norms by government agencies is fueling the growth of the aftermarket segment in the global market. The rising number of wear-and-tear and crash-relevant parts will boost the need for services and diagnostics in the aftermarket segment. The aftermarket segment is largely dependent on the replacement cycle of the system and add-on or upgrades system demand in the global market. The technological evolution and introduction of innovative systems are encouraging various tech companies to enter the aftermarket space in the market. The rapid technological advancements and consolidation among suppliers will attribute to the growing revenues in this segment in the global automotive keyless entry system market.
The global automotive keyless entry system market by vehicle type is segmented into passenger cars, LCVs, and HCVs. The passenger cars segment occupied the largest market share in 2018, growing at a CAGR of over 7% during the forecast period. The strong demand from emerging countries along with the revival of economies in developed countries is boosting the purchase of passenger cars and driving the growth of this segment in the global market. APAC countries such as China, India, Indonesia, South Korea, Thailand, and Vietnam are becoming the key market players in the passenger cars segment. The introduction of high-end electronic/electrical influenced vehicle with advanced features in the area of safety, security, propulsion, connectivity, and environment will drive the need for enhanced security systems in the global market. The electrification, downsizing of engines, and an increase in the adoption of electric and hybrid vehicles will fuel the growth of this segment in the global automotive keyless entry system market.
Market Segmentation by Product
Market Segmentation by End-users
Market Segmentation by Vehicle Type
Automotive Keyless Entry System Market – By Geography
The geographical segment in the global automotive keyless entry system market is categorized into APAC, Europe, North America, Latin America, and MEA. APAC is the fastest growing region in the global market, at a CAGR of more than 11% during the forecast period. The increasing penetration of luxury cars, safety systems, and the adoption of stringent safety and emission norms are the primary factors attributing to the growth of the APAC region in the global market. Japan, South Korea, and India are the top countries contributing to the growing revenues in the APAC market. The technological advancements in the automotive industry and the adoption of high-tech features will drive the demand for advanced security systems in the APAC region over the next few years. The integration of advanced features in mass mid-segment vehicles will create lucrative opportunities for leading vendors in the APAC market. China is emerging as the hub for electric cars, connected infrastructure, and have high expenditure in autonomous vehicle testing, which will positively impact the growth of the global automotive keyless entry system market.
Key Vendor Analysis
The global automotive keyless entry system market has very varied competitive dynamics and intensity of competition across geographies. The adoption of electric vehicles owing to strengthening safety and emission norms will help vendors launch innovative products in the global market. The top players are competing on the basis of price and product differentiation in the market. The exponential growth of emerging nations will encourage manufacturers to expand their businesses in these regions in the market. The higher production of electric, connected, and autonomous vehicles will result in healthy growth of vendors in the global automotive keyless entry system market.
The major vendors in the global automotive keyless entry system market are:
ZF TRW Automotive
Other prominent vendors in the global automotive keyless entry system market include Advanced Keys, Alps Electric, Bosch, Calsonic Kansei, Denso, Directed Electronics, Hyundai Mobis, Lear Corporation, Marquardt, Microchip Technology (Atmel), Mitsubishi Electric, OMRON Automotive Electronics, Panasonic, Tokai Rika, Voxx International, Silicon Laboratories, Schaffner Holding, and Automotive Data Solutions.
Key market insights include
1. The analysis of the global automotive keyless entry system market provides market size and growth rate for the forecast period 2019-2024.
2. It offers comprehensive insights on current industry trends, trend forecast, and growth drivers about the global automotive keyless entry system market.
3. The report provides the latest analysis of market share, growth drivers, challenges, and investment opportunities.
4. It offers a complete overview of market segments and the regional outlook of global automotive keyless entry system market.
5. The report offers a detailed overview of the vendor landscape, competitive analysis, and critical market strategies to gain competitive advantage.
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