Increase in product development to meet changing demand and use of smart technology for vehicle security and convenience enhancement is driving the global keyless entry systems market for the automobile.
PORTLAND, Oregon., July 25, 2022 /PRNewswire/ — Allied Market Research recently released a report titled, “automotive keyless entry system market by sales channel (OEM and aftermarket), vehicle type (passenger cars, light-duty vehicles, and HCVs), and product type (remote keyless entry (RKE) system and passive keyless entry (PKE) system )): Global Opportunities Analysis and Industry Forecast, 2022-2031″. According to the report, the global automotive keyless entry system industry was considered $1.72 billion in 2021, and should reach $5.36 billion by 2031, growing at a CAGR of 12.8% from 2022 to 2031.
Key Drivers of Market Growth
Product development to meet changing demand and the adoption of smart technologies for vehicle safety and convenience enhancement have driven the growth of global automotive keyless entry system market. However, declining production and sales of automobiles and high cost of keyless entry system are hampering the growth of the market. On the contrary, growth in developing countries and agreements and contracts with automotive suppliers for long-term business operations would open up new opportunities in the future.
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- The Covid-19 pandemic has severely affected the automotive industry due to strict lockdown regulations and ban on import and export of essential raw materials. This led to a sudden reduction in the availability of important raw materials for the automotive keyless entry system.
- Disrupted supply chain and interrupted blockage of production schedules further hampered the growth of the market.
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The OEM segment dominated the market
By sales channel, the OEM segment held the largest share in 2021, accounting for more than half of the global automotive keyless entry system market, as OEMs offer keyless entry as a standard feature in their vehicles. However, the aftermarket segment is estimated to register the highest CAGR of 13.5% during the forecast period, owing to the growing popularity of keyless entry system among vehicle owners and increased demand for improved convenience.
Passenger car segment to show highest CAGR through 2031
By sales channel, the passenger car segment is expected to show the highest CAGR of 13.4% from 2022 to 2031. Additionally, the segment held the largest share in 2021, contributing more than half of the global passenger car market. automotive keyless entry systems, due to increasing adoption of smart technology in passenger cars by automotive OEMs and the current passenger car fleet across the globe. The report also includes analysis of LCV and HCV segments.
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Asia Pacificfollowed by North Americatakes the lion’s share
By Region, the Global Automotive Keyless Entry System Market across Asia Pacific dominated in 2021, accounting for more than a third of the market. Additionally, the region is expected to register the highest CAGR of 14.7% during the forecast period, owing to the presence of automobile manufacturers and changing outlook for automobile production. The market through North America would exhibit the CAGR of 14.7% during the forecast period.
Main market players
- Alps Alpine Co., Ltd.
- Continental SA
- Denso Company
- HELLA GmbH & Co. KGaA.
- Microchip Technology Inc.
- Mitsubishi Electric Corporation
- NXP Semiconductors
- Robert Bosch GmbH
- Valeo and Tokai Rika
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