Pune, India, July 02, 2021 (GLOBE NEWSWIRE) -- According to the report, Automotive Keyless Entry Systems market size is projected to reach USD 3,061.4 million by 2028. Global Automotive Keyless Entry Systems market was USD 1,340.6 million in 2020 and is anticipated to exhibit a CAGR of 12.2% during the forecast period set between 2019 to 2028. The increasing demand and sales of futuristic vehicles will have an excellent impact on the global market growth.
Labor Shortage and Supply Chain Disruption to Hamper Business amid COVID-19
The coronavirus pandemic forced countries into a prolonged state of lockout, which hampered many industries and companies on a wide scale. The car industry is facing several problems, including a labor shortage and even supply chain disruptions. Furthermore, this has impacted the global automotive supply chain, especially for OEMs who rely on China for finished products, parts, or raw materials. On the other hand, the current practice of preventing frequent contact with surfaces may have a minor effect on demand growth in the near future.
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Rising Proclivity towards Safety and Security in Vehicles to Stimulate Growth
Safety concerns are becoming more prevalent, which is driving the automotive keyless entry system industry. Advanced applications include safety systems with keyless access control systems like tailgate opening, front and rear seat settings, tire pressure monitoring systems, car alarms, light control, and multimedia file storage. Additionally, strict automotive safety rules such as the Canadian Motor Vehicle Safety Standards, the Bharat New Car Assessment Program (BNCAP), and the Federal Motor Vehicle Safety Standards are in place (FMVSS). As a result, keyless vehicle entry systems are projected to become more common, boosting the market growth in the forthcoming years.
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Based on the product, the market is classified into passive keyless entry systems (PKES) and remote keyless entry systems (RKES). The remote keyless entry systems segment is expected to hold the largest share due to improved security, better access control, and high convenience. It is highly favored by the end-users and deployed in all types of vehicles, including economical and luxury cars.
Based on the application, this market is classified into passenger vehicles and commercial vehicles. The passenger vehicles application segment is expected to account for the largest automotive keyless entry system market share during the forecast period.
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Implementation of Strict Safety Norms to Augment Growth in Europe
Due to the increasing purchasing power parity (PPP), expanded presence of the nation's leading automobile firms, and advantageous technical infrastructure, the North American region will dominate the market of automotive keyless entry systems. Furthermore, the United States, Mexico, and Canada account for the majority of the market's sales. In addition, rising internet penetration and an increasing number of mobile users have fuelled demand growth in the automotive industry. Due to the introduction of strict safety norms, growing penetration of luxury vehicles, and the participation of major players such as Mitsubishi Electric Corporation, Continental AG, Alps Automotive Inc., and Denso Corporation, Asia Pacific is projected to emerge as the most prosperous global automotive keyless entry system marketplace.
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Continental AG to Focus on Enriched Customer Base
Continental AG is concentrated on launching new products to improve its product portfolio and take the lead in this market. To secure their market presence, main businesses are focused on new product growth, extensions, investments, and partnerships. In addition, many industry players are focusing heavily on research and development activities in order to produce new technologies and extend their brand portfolio.
The Report Lists the Key Players in this Market:
• DENSO CORPORATION (Aichi, Japan)
• HELLA GmbH & Co. KGaA (Lippstadt, Germany)
• ZF Friedrichshafen AG (Friedrichshafen, Germany)
• Continental AG (Hanover, Germany)
• ALPS ALPINE CO., LTD. (Tokyo, Japan)
• Mitsubishi Electric Corporation (Tokyo, Japan)
• Valeo S.A (Paris, France)
• Microchip Technology Inc. (Arizona, USA)
• Robert Bosch GmbH (Gerlingen, Germany)
• NXP Semiconductors (Eindhoven, Netherlands)
Global Automotive Keyless Entry Systems Market Segmentations:
By Product:
- Passive Keyless Entry Systems
- Remote Keyless Entry Systems
By Application
- Passenger Cars
- Commercial Vehicles
By Geography
- North America (U.S. and Canada)
- Europe (U.K., Germany, France, Italy, Spain, Scandinavia, and Rest of Europe)
- Asia Pacific (Japan, China, India, Australia, Southeast Asia, and Rest of Asia Pacific)
- Latin America (Brazil, Mexico, and Rest of Latin America)
- Middle East & Africa (South Africa, GCC and Rest of Middle East & Africa)
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