Automotive Keyless Entry System market is expected to foresee significant growth. Asia-Pacific to lead the growth!
- Himanshu Patni
- January 19, 2022
- AUTOMOTIVE, NEWS
- Automotive Keyless Entry System market, Automotive Keyless Entry System market growth, Automotive Keyless Entry System market share, Automotive Keyless Entry System market size, Automotive Keyless Entry System market trends
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Automotive Keyless Entry System Market is expected to grow at a CAGR of around 13% during the forecast period 2021-2027. Increasing disposable income has improved lifestyle of individuals, the trend has increased the overall demand for personal passenger cars with high-end electronics. Overall adoption of advanced technologies is expected to be high in the passenger car segment, owing to the higher production and sales of passenger cars globally, compared to other vehicles. To add on, automotive manufacturers around the world are focusing more on luxury passenger vehicles equipped with advanced features such as keyless entry systems, advanced infotainment systems, among others. Additionally, the overall demand for automotive keyless entry system is expected to increase owing the advent of connected cars equipped with advance technologies such as autonomous driving and Internet of Things.
The ever-increasing demand for passenger safety and comfort is driving car makers to focus relentlessly on creating new products and systems that allow for the efficient integration of new technology and processes. Over the projection timeframe, the major shift from the use of mechanical to smart electronic parts is expected to boost demand for automotive keyless entry systems significantly. Furthermore, due to supportive government policies coupled with rising adoption EVs would provide an advantage for automotive keyless entry system in the vehicle.
For a detailed analysis of the market drivers browse through – https://univdatos.com/report/automotive-keyless-entry-system-market/
However, the pandemic caused significant economic and financial disruptions on automotive industry. : The COVID-19 pandemic and various infection control measures have made a great impact on the regular operation of companies in automotive industry across the world. The initial effects of COVID-19 began in first quarter of 2020, when one after another, lockdowns were imposed all around the world to contain the spread of coronavirus. This resulted in complete shutdown of automotive industry as automakers as well as component and raw material suppliers halted their production in major auto markets such as China, India, Germany, France, among others. This scenario have had a negative impact on the market, as the market growth is proportional to vehicle production.
Based on vehicle type, the market is segmented into passenger vehicle, light commercial vehicle, and medium & heavy commercial vehicles. Among these, light commercial vehicle category is expected to witness highest CAGR during the forecast period. This is mainly due to the increasing focus of governments on electrification of public transport fleets coupled with the rising demand for zero emission vehicles in the e-commerce and logistics sector.
For a detailed analysis of the Covid-19 Impact on the market browse through – https://univdatos.com/report/automotive-keyless-entry-system-market/
Based on product type, the automotive keyless entry system market is segmented into Passive Keyless Entry System (PKE) and Remote Keyless Entry System (RKE). In 2020, RKE accounted for largest share in the global automotive keyless entry system market. This is mainly due to the high adoption and integration of RKE systems in budget vehicles as well as light commercial vehicles. Moreover, RKE systems are easily available in aftermarket and thus with consumer with conventional lock systems upgrade to RKE systems due to its improved security, high convenience, and easy availability.
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For a better understanding of the market, the report is analyzed based on different regions including North America (US, Canada, Rest of North America); Europe (Germany, UK, France, Italy, Rest of Europe); Asia-Pacific (China, India, Japan, South Korea, Rest of APAC); and Rest of World. In 2020, owing to high vehicle production Asia-Pacific region dominates the market. The growth of the market can be attributed to the vast population and steady rise of automotive industry in the region coupled with advancement in economic conditions of people in emerging countries such as China, Indonesia, Thailand, and India.
Automotive Keyless Entry System Market Segmentation
Market Insight, by Product Type
- Passive Keyless Entry System (PKE)
- Remote Keyless Entry System (RKE)
Market Insight, by Vehicle Type
- Passenger Vehicles
- Light Commercial Vehicles
- Medium and Heavy Commercial Vehicles
Market Insight, by Sales Channel
Market Insight, by Region
- North America Automotive Keyless Entry System Market
- Rest of North America
- Europe Automotive Keyless Entry System Market
- Rest of Europe
- Asia-Pacific Automotive Keyless Entry System Market
- South Korea
- Rest of Asia-Pacific
- Rest of World Automotive Keyless Entry System Market
Top Company Profiles
- Robert Bosch GmbH
- Tokai Rika Co. Ltd.
- DENSO Corporation
- HELLA GmbH & Co. KGaA
- ZF Friedrichshafen AG
- Continental AG
- ALPS ALPINE Co. Ltd.
- Mitsubishi Electric Corporation
- Valeo S.A.
- Microchip Technology Inc.