Automotive Digital Key Market Size and Forecasts (2021 - 2031), Global and Regional Share, Trends, and Growth Opportunity Analysis

MARKET OVERVIEW

The rise of advanced technologies, which use radio frequency (RF) signals and convert them to digital information, has increased the prevalence of digital keys in the automotive sector. Further, passive digital keys enable users to connect their smartphones to vehicles without the user ever having to use an app. A passive digital key authorizes an approved user and pinpoints their location in and around the car. Market players are focusing on providing low-cost, passive access and digital keys by using standard Bluetooth chipsets. Prominent car brands are gaining awareness about NFC and the UWB technology to introduce innovations in digital car keys. With rapid technological advancements, the global automotive digital key market is estimated to propel at a significant CAGR during the forecast period. The increasing awareness about vehicle safety and security among customers is boosting the need for automotive digital keys substantially.

MARKET SCOPE

The "Global Automotive Digital Key Market Analysis to 2031" is a specialized and in-depth study of the automotive and transportation industry with a special focus on the global market trend analysis. The report aims to provide an overview of Automotive Digital Key market with detailed market segmentation by device type, connectivity, platform, application, and geography. The global Automotive Digital Key market is expected to witness high growth during the forecast period. The report provides key statistics on the market status of the leading Automotive Digital Key market players and offers key trends and opportunities in the market.

MARKET SEGMENTATION

• Based on connectivity, the global automotive digital key market is segmented into Remote Cloud Key Access, Near Field Communication, Bluetooth, and Wi-Fi.
• On the basis of device type, the market is segmented into smartphone and wearables.
• On the basis of platform, the market is segmented into iOS and Android.
• On the basis of application, the market is segmented into single function and multi-function.

MARKET DYNAMICS

Drivers:

• Increased Global Production of Luxury Cars
• Advancements in Automotive Telematics and Advanced Driving Assistance Systems (ADAS)

Restraints:

• Concerns Regarding Data Security and Cyberhackers.

REGIONAL FRAMEWORK

The report provides a detailed overview of the industry including both qualitative and quantitative information. It provides an overview and forecast of the global market based on various segments. It also provides market size and forecast estimates from the year 2021 to 2031 with respect to five major regions, namely; North America, Europe, Asia-Pacific (APAC), the Middle East and Africa (MEA), and South America. The Automotive Digital Key market by each region is later sub-segmented by respective countries and segments. The report covers the analysis and forecast of 18 countries globally along with the current trend and opportunities prevailing in the region.

The report analyzes factors affecting the market from both demand and supply side and further evaluates market dynamics affecting the market during the forecast period i.e., drivers, restraints, opportunities, and future trend. The report also provides exhaustive Porter's Five Forces analysis, highlighting the factors affecting the Automotive Digital Key market in these regions.

IMPACT OF COVID-19 ON AUTOMOTIVE DIGITAL KEY MARKET

After witnessing a significant drop in 2021 due to the COVID-19 pandemic, the automotive market has been experiencing a gradual recovery in consumer demand for trucks and cars since the last quarter of 2021. According to several automotive industry associations and organizations, the automotive sector recorded ~20â"25% loss in production and more than 30% loss in sales in 2021. The digital key manufacturers observed significant tremors in 2021 owing to the decline in automotive manufacturing. Automotive sales in Europe and the US are anticipated to rebound to pre-COVID-19 pandemic levels by 2023, while China's rebound continues to accelerate, with the potential to approach 30 million new vehicles by 2031. Rapid recovery in the global automotive sector is anticipated to boost the demand for digital vehicle security solutions, such as digital keys, during the forecast period.

MARKET PLAYERS

The report covers key developments in the Automotive Digital Key market as organic and inorganic growth strategies. Various companies are focusing on organic growth strategies such as product launches, product approvals and others such as patents and events. Inorganic growth strategies activities witnessed in the market were acquisitions, and partnership and collaborations. These activities have paved way for the expansion of business and customer base of market players. The market payers from Automotive Digital Key market are anticipated to lucrative growth opportunities in the future with the rising demand for Automotive Digital Key in the global market.

The report also includes the profiles of key companies along with their SWOT analysis and market strategies in the Automotive Digital Key market. In addition, the report focuses on leading industry players with information such as company profiles, components, and services offered, financial information of the last 3 years, the key development in the past five years.

• BMW AG
• Continental AG
• Daimler AG
• Giesecke+Devrient GmbH
• Huf Hülsbeck and Fürst GmbH and Co. KG
• Hyundai Motor Company
• Robert Bosch GmbH
• VALEO 
• Volkswagen AG
• Vouch 

The Insight Partner's dedicated research and analysis team consist of experienced professionals with advanced statistical expertise and offer various customization options in the existing study.

Automotive Digital Key Report Scope