Global Automotive Keyless Entry System Market to Boost in Coming Years – Projected to Reach worth USD 4.9 billion by 2028

Published | 21 September 2022

The growth of the global automotive keyless entry system market can be attributed to introduction of smart technologies to improve vehicle safety and comfort, product development that adapts to changing demand patterns, improved comfort with keyless entry system. Moreover, the rising demand for automotive keyless entry system in the post pandemic era would further propel the market growth rate of automotive keyless entry system over the forecast period.

A recent study by the strategic consulting and market research firm; BlueWeave Consulting revealed that the global automotive keyless entry system market was worth USD 1.8 billion in 2021 and is anticipated to reach USD 3.4 billion by 2028 at a CAGR of 9.2%. The global automotive keyless entry system market is in a developing stage. Strengthening regulatory policies focused on vehicle safety, rising vehicle sales in developing countries, and the convenience offered by keyless entry systems are expected to boost the demand for vehicle keyless entry systems during the forecast period. In addition, the growing awareness of technologically advanced vehicle safety systems in developed countries such as the United States, Germany, France, and Japan, as well as emerging countries such as China and India, is an opportunity for market growth. Moreover, growing demand for connected, autonomous, and semi-autonomous vehicles and smartphone integration is expected to create growth opportunities in the global market during the forecast period.

Improved comfort with keyless entry system

The most important advantage of a keyless entry system is the convenience it offers to the user. Drivers can unlock or lock vehicle doors with minimal effort, allowing them to get in and out of their vehicles more quickly. The development of the passive keyless entry system has given users the convenience of locking or unlocking their vehicle doors by simply putting the key fob in their pockets. Drivers also find this system most useful in emergencies and during bad weather outdoors when quick access to the vehicle is essential, making keyless entry an ideal system for drivers. Major OEMs offering keyless entry technology include Audi, Acura, BMW, KIA, Mercedes-Benz, and Volvo. The immobilizer function of the keyless entry system prevents unauthorized access and activation of the ignition system, increasing vehicle security. These are why these systems boost growth opportunities in the global market during the forecast period.

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Increasing global passenger car sales to boost demand for keyless vehicle access control by vehicle type

Based on vehicle type, the automotive keyless entry system market is segmented into passenger vehicles and commercial vehicles. The passenger car application segment accounts for the largest market share, and it is also expected to dominate the market. According to the International Organization of Motor Vehicle Manufacturers, India's motor vehicle sales for passenger cars was reported at 3,082,279.000 unit in Dec 2021, which increased from the previous number of 1,579,855.000 Unit in Jun 2021. Due to increased car sales and demand for vehicle security systems, the keyless entry system market has had positive growth.

Impact of COVID-19 on the Automotive Keyless Entry System Market

The outbreak of the novel coronavirus disease (COVID-19) has forced governments around the world to implement strict lockdowns and social distancing to limit the spread of the virus. As a result, several organizations have launched work-from-home programs as a safety measure. This has led to a sharp drop in demand for automobiles around the world. Additionally, the nationwide lockdown disrupted supply chains as several manufacturing facilities around the world had to partially or fully shut down. As a result of the supply chain and production schedule disruptions caused by the COVID-19 pandemic, automobile production and sales have been severely hit, negatively impacting the automotive keyless entry system market. To prevent the spread of the COVID-19 virus, governments around the world are enforcing strict lockdowns and mandating social distancing. As a result, several organizations have launched work-from-home programs as a precautionary measure. As a result, global demand for automobiles fell sharply.

Competitive Landscape

The key players operating in the global automotive keyless entry system market are Alps Electric Co. Ltd, Continental AG, DENSO Corporation, Hella KGaA Hueck & Co., Microchip Technology Inc., Mitsubishi Electric Corporation, NXP Semiconductors, Robert Bosch GmbH, Valeo, ZF Friedrichshafen AG other prominent players. The key marketing strategies adopted by the players are facility expansion, product diversification, alliances, collaborations, partnerships, and acquisition to expand their customer reach and gain a competitive edge in the overall market.

Don’t miss the business opportunity of the global Automotive Keyless Entry System market. Consult our analysts to gain crucial insights and facilitate your business growth.

The report's in-depth analysis provides information about growth potential, upcoming trends, and the global automotive keyless entry system market statistics. It also highlights the factors driving forecasts of total market size. The report promises to provide recent technology trends in the global automotive keyless entry system market along with industry insights to help decision-makers make sound strategic decisions. Furthermore, the report also analyses the growth drivers, challenges, and competitive dynamics of the market.

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