Global Automotive Digital Key Market 2018-2022
About Automotive Digital Key
The automotive digital key is a technology where the smart phones can be used as the vehicle key to lock/unlock the doors and start the engine using near field communication (NFC) or Bluetooth technology.
Technavio’s analysts forecast the global automotive digital key market to grow at a CAGR of 10.53% during the period 2018-2022.
Covered in this report
The report covers the present scenario and the growth prospects of the global automotive digital key market for 2018-2022. To calculate the market size, the report presents a detailed picture of the market by way of study, synthesis, and summation of data from multiple sources.
The market is divided into the following segments based on geography:
Technavio Announces the Publication of its Research Report – Global Automotive Digital Key Market 2018-2022
Technavio recognizes the following companies as the key players in the global automotive digital key market: Bosch, Continental, Ericsson, SAMSUNG, and Valeo.
Commenting on the report, an analyst from Technavio’s team said: “One trend in the market is digital key accessibility when smart device runs out of charge. Since the automotive digital key is a new market, which is in the innovation phase of the product life cycle, the testing and the relative advancements are being brought rapidly. One of the important issues during the initial testing phase of the automotive digital key is the need for a solution for the accessibility of vehicle when the smart device runs out of charge.”
According to the report, one driver in the market is increasing demand for car sharing and car rental services. Automotive digital key has a huge advantage of sharing the digital key to other users through a mobile phone app. Sharing the digital key of the vehicle with other users like friends or family would be the outcome of the technology, whereas monetizing with this technology would become the development of this market. This major advantage of sharing key digitally without the need for any physical presence could ease up the work for car-sharing and car rental companies.
Further, the report states that one challenge in the market is cyber security issues. It is important that along with advances in technology, security quotient of vehicles is also improved. The technological developments in mobile phones have brought evolution in the security of those devices. Security in smart devices was earlier restricted to password protection but has now extended to fingerprint scan and face detection. The technological advancements in the automotive key should parallelly enhance the security factor associated with it.
Bosch, Continental, Ericsson, SAMSUNG, and Valeo.
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