One Stop Shop For Reports One Stop Shop For Reports
  • All Reports
  • All Sectors
    • Chemicals & Materials
      • Advanced Materials
      • Bulk Chemicals
      • Coatings | Paints and Additives
      • Composites
      • Renewable | Speciality chemicals
    • Consumer Goods
      • Baby Products
      • Consumer Electronics
      • Consumer Packaging
      • Cosmetics & Personal Care
      • Homecare & Decor
      • Luxury & premium products
    • Energy and Power
      • Energy Efficiency and Conservation
      • Green | Renewable Energy
      • Non Renewable | Conventional Energy
      • Power Equipment and Devices
    • Life Science
      • Biotechnology
      • Diagnostics
      • Healthcare
      • Healthcare IT
      • Medical Devices & Supplies
      • Pharmaceuticals
    • Food and Beverage
      • Agriculture & Agri Products
      • Beverages
      • Food Ingredients
      • Food Services and Hospitality
      • Nutraceutical | Wellness Food
      • Processed & Frozen Foods
    • Automotive and Transportation
      • Automotive components
      • Automotive Logistics
      • Automotive systems and accessories
    • Information and Communications Technology
      • E Commerce and Outsourcing
      • Entertainment & Media
      • High Tech | Enterprise & Consumer IT
      • Information & Network Security
      • Mobility | Telecom & Wireless
      • Software and Services
    • Semiconductor and Electronics
      • Semiconductor Materials and Components
      • Display Technology
      • Electronics System and Components
      • Emerging technologies
      • Security and Surveillance
      • Sensors and Controls
    • Building and Construction
      • Construction Materials
      • HVAC
      • Residential Construction and Improvement
      • Roads & Highways
    • Manufacturing
      • Manufacturing Services
      • Heavy Manufacturing
      • Packaging
      • Engineering | Equipment and Machinery
  • Report Library
  • Who Trust Us
  • Datafeature
  • [email protected]
  • +1 718 618 4351 (International)
  • +91 78878 22626 (Asia)

More Results

One Stop Shop For Reports One Stop Shop For Reports
  • All Reports
  • All Sectors
    • Chemicals & Materials
      • Advanced Materials
      • Bulk Chemicals
      • Coatings | Paints and Additives
      • Composites
      • Renewable | Speciality chemicals
    • Consumer Goods
      • Baby Products
      • Consumer Electronics
      • Consumer Packaging
      • Cosmetics & Personal Care
      • Homecare & Decor
      • Luxury & premium products
    • Energy and Power
      • Energy Efficiency and Conservation
      • Green | Renewable Energy
      • Non Renewable | Conventional Energy
      • Power Equipment and Devices
    • Life Science
      • Biotechnology
      • Diagnostics
      • Healthcare
      • Healthcare IT
      • Medical Devices & Supplies
      • Pharmaceuticals
    • Food and Beverage
      • Agriculture & Agri Products
      • Beverages
      • Food Ingredients
      • Food Services and Hospitality
      • Nutraceutical | Wellness Food
      • Processed & Frozen Foods
    • Automotive and Transportation
      • Automotive components
      • Automotive Logistics
      • Automotive systems and accessories
    • Information and Communications Technology
      • E Commerce and Outsourcing
      • Entertainment & Media
      • High Tech | Enterprise & Consumer IT
      • Information & Network Security
      • Mobility | Telecom & Wireless
      • Software and Services
    • Semiconductor and Electronics
      • Semiconductor Materials and Components
      • Display Technology
      • Electronics System and Components
      • Emerging technologies
      • Security and Surveillance
      • Sensors and Controls
    • Building and Construction
      • Construction Materials
      • HVAC
      • Residential Construction and Improvement
      • Roads & Highways
    • Manufacturing
      • Manufacturing Services
      • Heavy Manufacturing
      • Packaging
      • Engineering | Equipment and Machinery
  • Report Library
  • Who Trust Us
  • Datafeature
Home ➤ Automotive and Transportation ➤ Automotive systems and accessories ➤ Automotive Digital Key Market
Automotive Digital Key Market
Automotive Digital Key Market
Published date: June 2023 • Formats:
Request Sample Schedule a Call
  • Home ➤ Automotive and Transportation ➤ Automotive systems and accessories ➤ Automotive Digital Key Market

Global Automotive Digital Key Market By Vehicle Type (Passenger Vehicles and Commercial Vehicles), By Application (Multi-Function and Single-Function), By Connectivity (Near Field Communication (NFC), Bluetooth, Wi-Fi, Remote Cloud Key Access, and Other Connectivity), By Distribution Channel (Original Equipment Manufacturer (OEM) and Aftermarket), By Region and Companies - Industry Segment Outlook, Market Assessment, Competition Scenario, Trends, and Forecast 2023-2032

  • Published date: June 2023
  • Report ID: 99418
  • Number of Pages: 209
  • Format:
  • Overview
  • Table of Contents
  • Major Market Players
  • Request a Sample
  • Quick Navigation

    • Report Overview
    • Driving Factors
    • Restraining Factors
    • Opportunity
    • Trending Factors
    • COVID-19 Impact Analysis
    • Vehicle Type Analysis
    • Application Analysis
    • Connectivity Analysis
    • Distribution Channel Analysis
    • Key Market Segments
    • Regional Analysis
    • Market Share & Key Players Analysis:
    • Report Scope:

    Report Overview

    The global automotive digital key market was valued at US$ 1.44 billion in 2022 and expected to grow US$ 7.7 billion. Between 2023 and 2032, this market is estimated to register a CAGR of 18.8%.

    An automotive digital key is an electronic key that enables one to unlock and start a vehicle using a device such as a smartphone or a smartwatch. Due to technological advancements in recent years, vehicle keys have seen significant changes. Digital keys offer several advantages over their analog counterparts, including convenience, security, and flexibility; they use Bluetooth, near-field communication (NFC), and other wireless technologies to communicate with the car’s onboard systems. Furthermore, digital keys can easily be revoked or updated if lost or stolen, significantly reducing the risk of unauthorized entry into your vehicle.

    global automotive digital key market growth

    Driving Factors

    Increasing Digitization and Automation of devices

    Automotive digital key technology offers the convenience of keyless entry and starting, eliminating the need to carry a physical key. Drivers can access their keys through mobile devices, smartwatches, or other electronic devices with ease; making it simpler than ever for them to get into and start their vehicles. The demand for digitization and automation of devices is on the rise in developing economies due to an increase in disposable income among the population. With increased disposable income, consumers demand more advanced features that enhance convenience and safety. Furthermore, government policies promote digital key markets within vehicles to reduce carbon emissions and enhance fuel efficiency.

    Restraining Factors

    Rising Cybersecurity Risks

    Digital keys can be vulnerable to cybersecurity risks like hacking or unauthorized access, which could pose a risk for both the vehicle and its driver. Automotive digital key technology relies on wireless communication, which may be disrupted by signal interference or other environmental elements. This can lead to reliability issues such as difficulty unlocking or starting the vehicle. It can be expensive to develop and implement, increasing the cost of vehicles for consumers. Furthermore, retrofitting older vehicles with digital key technology may pose additional hurdles for those wanting to update their ride. Automotive digital key technology must meet stringent regulatory requirements, such as cybersecurity standards and data privacy laws. Adhering to these demands can add complexity and expense to the development and implementation of digital key technology.

    Opportunity

    Innovation and Technological Advancements

    Automotive digital key technology presents an ideal platform for collaboration between automotive companies, technology firms, and mobile device makers. These collaborations can foster innovation and enhance the functionality and accessibility of digital key technology. The COVID-19 pandemic has driven demand for contactless technologies, such as automotive digital key technology. As consumers seek to reduce physical contact and maintain safety and convenience, digital key technology provides a secure and convenient alternative to traditional physical keys. Digital key technology can improve user experiences by offering a more personalized and convenient way to access and start vehicles. Furthermore, these keys may also be utilized for additional services like remote vehicle monitoring and control that further enhance this benefit. Automotive digital key technology also helps reduce the environmental impacts of traditional keys by eliminating the need for physical keys – thus decreasing waste production and conserving resources for consumers as well as society at large.

    Trending Factors

    Investments in Advanced Encryption Technology

    Digital key solutions are becoming growingly used in luxury vehicles and the mid-range segment due to the rise of connected cars. Digital keys can be seamlessly integrated with connected car technologies, enabling users to control various functions remotely such as locking/unlocking doors, starting the engine, and setting the temperature. The exposure of mobile-based solutions in the digital key market is spurring innovation. These services offer greater convenience and security, as users can remotely manage access to their vehicles. As these systems become more commonplace, cybersecurity has become a top concern for automakers. To protect against cyberattacks and guarantee the safety of digital key solutions, manufacturers are investing in advanced encryption technologies.

    COVID-19 Impact Analysis

    The production and distribution of automotive digital key components have been severely hindered by the COVID-19 epidemic, which disrupted worldwide supply chains. As a result, delivery timeframes for digital key solutions have been delayed, leading to higher pricing. Furthermore, there has been an abrupt decrease in car sales which directly impacts demand for these services: fewer units were sold resulting in decreased supplies and higher prices as demand diminished.

    In light of the COVID-19 outbreak, remote access systems for vehicles have seen an uptick in demand. Automotive digital key solutions offer drivers the ability to operate their cars remotely without making physical contact, though its long-term effect on this market remains uncertain. Nonetheless, digital technologies have seen exponential growth within the automotive industry – which appears likely to continue even post-pandemic.

    Vehicle Type Analysis

    The Passenger Vehicles Segment is Dominant

    Based on vehicle type, the market for an automotive digital key is segmented into passenger vehicles and commercial vehicles. Among these types, the passenger vehicles segment is the most lucrative in the global automotive digital key market, with a projected CAGR of 19.2%. The total revenue share of passenger vehicles-type automotive digital key is 74% in 2022. Followed by commercial vehicles-type, its estimated market share is 26.0% in 2022. The growing population with more disposable income has driven up demand for passenger cars with digital features. Consumer spending on luxury vehicles equipped with automated systems has grown as people strive to improve their standard of living and social standing, leading to expansion in this segment of the automotive digital key market.

    Application Analysis

    The Multi-Function Segment is Dominant

    By application, the automotive digital key market is further classified as multi-function and single-function. The multi-function segment is expected to be the most lucrative segment in the global automotive digital key market with a share of 55% and a projected CAGR of 16.8% by 2022. Followed by single-function, it holds 45% of the total global market share. The growing demand for passenger vehicles that offer all features on one device in developing economies has dominated the market segment. The digital key requires effective network infrastructure for successful implementation which foster quality and enhance functionality and accessibility.

    global automotive digital key market

    Connectivity Analysis

    The Near Field Communication (NFC) Segment is Dominant

    Based on connectivity, the automotive digital key market is divided into near-field communication, wi-fi, Bluetooth,  remote cloud key access, and other connectivity. Among this connectivity, the near field communication (NFC) segment is estimated to be the most attractive segment in terms of profitability in the global automotive digital key market with the largest revenue share of 30.5% and a projected CAGR of 19.5% during the forecast period. Near Field Communication (NFC) is a mid-range wireless communication technology that enables data exchange between two devices located close to each other. NFC utilizes encryption during transmission, making it difficult for unauthorized parties to intercept or steal sensitive information. NFC systems offer an advantage over other technologies in terms of security features and will continue driving the growth of this market.

    Distribution Channel Analysis

    The Original Equipment Manufacturer (OEM) Segment is Dominant

    Based on the distribution channel, the market is further divided into original equipment manufacturer (OEM) and aftermarket. Among these distribution channels, the original equipment manufacturer (OEM) segment is estimated to be the most lucrative segment in the global automotive digital key market, with the largest revenue share of 57% and a projected CAGR of 17.7% during the forecast period. OEMs develop and sell many automotive digital key solutions. Customers can purchase this technology either as an optional feature or as standard equipment on new vehicles through the OEM’s dealership network.  Followed by the aftermarket, its estimated market share is 43% in 2022. Some companies specialize in developing and selling digital key technology that can be retrofitted to existing vehicles. These aftermarket suppliers may sell their products online, through automotive retailers, or partnerships with installation service providers.

    Key Market Segments

    Based on Vehicle Type

    • Passenger Vehicles
    • Commercial Vehicles

    Based on Application

    • Multi-Function
    • Single-Function

    Based on Connectivity

    • Near Field Communication (NFC)
    • Bluetooth
    • Wi-Fi
    • Remote Cloud Key Access
    • Other Connectivity

    Based on Distribution Channel

    • Original Equipment Manufacturer (OEM)
    • Aftermarket

    Regional Analysis

    The APAC is the Most Dominant Region in the Global Automotive Digital Key Market

    Asia Pacific is estimated to be the most lucrative market in the global automotive digital key with the largest revenue share of 37% and is expected to register a CAGR of 17.5% during the forecast period. The region shows substantial growth in the respected market owing to the increasing demand for connected cars and advanced digital technologies in developing economies such as China and India. China leads the automotive digital key market in the region. Also, North America is one of the largest automotive digital key markets with prominent automotive manufacturers and technology firms that are investing heavily in developing cutting-edge digital key solutions.

    global automotive digital key market region

    Key Regions and Countries Covered in this Report:

    • North America
      • The US
      • Canada
      • Mexico
    • Western Europe
      • Germany
      • France
      • The UK
      • Spain
      • Italy
      • Portugal
      • Ireland
      • Austria
      • Switzerland
      • Benelux
      • Nordic
      • Rest of Western Europe
    • Eastern Europe
      • Russia
      • Poland
      • The Czech Republic
      • Greece
      • Rest of Eastern Europe
    • APAC
      • China
      • Japan
      • South Korea
      • India
      • Australia & New Zealand
      • Indonesia
      • Malaysia
      • Philippines
      • Singapore
      • Thailand
      • Vietnam
      • Rest of APAC
    • Latin America
      • Brazil
      • Colombia
      • Chile
      • Argentina
      • Costa Rica
      • Rest of Latin America
    • Middle East & Africa
      • Algeria
      • Egypt
      • Israel
      • Kuwait
      • Nigeria
      • Saudi Arabia
      • South Africa
      • Turkey
      • United Arab Emirates
      • Rest of MEA

    Market Share & Key Players Analysis:

    The global automotive digital key market is highly competitive, with several key players operating within it. These firms are employing various strategies such as partnerships and collaborations to strengthen their positions in the market. For instance, Denso Corporation and NTT Docomo Inc. collaborated on a smartphone-based digital key solution that allows users to lock/unlock their cars remotely and start the engine using smartphones; Continental AG followed suit in 2015 by launching an electronic key solution that allowed users to access their cars using smartphones.

    Recent Developments:

    • Hyundai’s digital key technology was launched in September 2021, enabling drivers to unlock and start their Hyundai cars using a smartphone. It uses near-field communication (NFC) technology for communication with the car and is available for select Hyundai models.
    • Volkswagen announced in February 2021 that they had joined forces with Samsung to create a digital key platform. This platform works with Samsung smartwatches and smartphones equipped with NFC technology.

    Listed below are some of the most prominent automotive digital key industry players.

    Market Key Players:

    • Hyundai Mobis
    • Volkswagen AG
    • Denso Corporation
    • Samsung Electronics Co. Ltd.
    • HELLA
    • Robert Bosch
    • GmbH
    • Tesla Inc.
    • Infineon Technologies
    • BMW AG
    • STMicroelectronics
    • Continental AG
    • Daimler AG
    • Ericsson
    • Valeo SA
    • Other Key Players

    Report Scope:

    Report FeaturesDescription
    Market Value (2022)USD 1.4 Bn
    Forecast Revenue (2032)USD 7.7 Bn
    CAGR (2023-2032)18.8%
    Base Year for Estimation2022
    Historic Period2016-2022
    Forecast Period2023-2032
    Report CoverageRevenue Forecast, Market Dynamics, COVID-19 Impact, Competitive Landscape, Recent Developments
    Segments CoveredBy Vehicle Type (Passenger Vehicles and Commercial Vehicles), By Application (Multi-Function and Single-Function), By Connectivity (Near Field Communication (NFC), Bluetooth, Wi-Fi, Remote Cloud Key Access, and Other Connectivity), By Distribution Channel (Original Equipment Manufacturer (OEM) and Aftermarket)
    Regional AnalysisNorth America – The US, Canada, & Mexico; Western Europe – Germany, France, The UK, Spain, Italy, Portugal, Ireland, Austria, Switzerland, Benelux, Nordic, & Rest of Western Europe; Eastern Europe – Russia, Poland, The Czech Republic, Greece, & Rest of Eastern Europe; APAC – China, Japan, South Korea, India, Australia & New Zealand, Indonesia, Malaysia, Philippines, Singapore, Thailand, Vietnam, & Rest of APAC; Latin America – Brazil, Colombia, Chile, Argentina, Costa Rica, & Rest of Latin America; Middle East & Africa – Algeria, Egypt, Israel, Kuwait, Nigeria, Saudi Arabia, South Africa, Turkey, United Arab Emirates, & Rest of MEA
    Competitive LandscapeHyundai Mobis, Volkswagen AG, Denso Corporation, Samsung Electronics Co. Ltd., HELLA, Robert Bosch, GmbH, Tesla Inc., Infineon Technologies, BMW AG, STMicroelectronics, Continental AG, Daimler AG, Ericsson, Valeo SA, Other Key Players
    Customization ScopeCustomization for segments, region/country-level will be provided. Moreover, additional customization can be done based on the requirements.
    Purchase OptionsWe have three licenses to opt for: Single User License, Multi-User License (Up to 5 Users), Corporate Use License (Unlimited User and Printable PDF)

    Frequently Asked Questions (FAQ)

    Who are the key players in automotive smart key market?

    ALPHA Corporation, Continental AG, Denso Corporation, Heights Security, Inc., HELLA GmbH & Co. KGaA, Hyundai Mobis, Minda Corporation, Mitsubishi Electric Corporation, NXP Semiconductors, Robert Bosch GmbH, Samsung, Silca, STMicroelectronics, Telefonaktiebolaget LM Ericsson, and Valeo SA.

    What is the projected market size for automotive digital key market?

    In 2022, the global automotive digital key market was valued at US$ 1.44 billion and expected to grow US$ 7.7 billion in 2032.

    What is the projected growth rate of the Automotive Digital Key Market?

    Between 2023 and 2032, this market is estimated to register a CAGR of 18.8%.

    Automotive Digital Key Market
    Automotive Digital Key Market
    Published date: June 2023
    add_shopping_cartBuy Now get_appDownload Sample
    keyboard_arrow_up
    • Hyundai Mobis
    • Volkswagen AG
    • Denso Corporation
    • Samsung Electronics Co. Ltd.
    • HELLA
    • Robert Bosch
    • GEA Group (Bock Gmbh) Company Profile
    • Tesla Inc.
    • Infineon Technologies
    • BMW AG
    • STMicroelectronics
    • Continental AG
    • Daimler AG
    • Ericsson
    • Valeo SA
    • Other Key Players
  • settingsSettings

Related Reports

  • Nebulizer Market
  • Energy-as-a-Service Market
  • Restaurant Digitalization Market
  • Artificial Intelligence in Oncology Market
  • FPSO Market
  • Connected Logistics Market

Our Clients

  • Our Clients
Inquiry Before Buying

Automotive Digital Key Market
  • 99418
  • June 2023
    • ★★★★★
      ★★★★★
    • (65)
add_shopping_cart Buy Now
Trusted by more than 17382 organizations globally
  • Client Logo
  • Client Logo
  • Client Logo
✖
Request a Sample Report
We'll get back to you as quickly as possible

Single User
$4,599
$3,499
USD / per unit
save 24%
Multi User
$5,999
$4,299
USD / per unit
save 28%
Corporate User
$7,299
$4,999
USD / per unit
save 32%
e-Access
Report Library Access
Data Set (Excel)
Print
Company Profile Library Access
Interactive Dashboard
Free Custumization No up to 10 hrs work up to 30 hrs work
Accessibility 1 User 2-5 User Unlimited
Analyst Support up to 20 hrs up to 40 hrs up to 50 hrs
Benefit Up to 20% off on next purchase Up to 25% off on next purchase Up to 30% off on next purchase
Buy Now ($ 3,499)Buy Now ($ 4,299)Buy Now ($ 4,999)
  • location_on420 Lexington Avenue, Suite 300 New York City, NY 10170,
    United States
  • phone+1 718 618 4351 (International)
  • phone+91 78878 22626 (Asia)
  • email[email protected]
  • Facebook Logo
  • Twitter Logo
  • LinkedIn Logo
Find Help
  • Contact Us
  • How to Order
Legal
  • Privacy Policy
  • Refund Policy
  • Frequently Asked Questions
  • Terms and Conditions
Explore
  • About Us
  • All Reports
  • All Sectors
  • Infographics
  • Statistics and Facts
  • Companies
  • Report Library
Secured Payment Options
Secured Payment Options

© 2023 Market.Us. All Rights Reserved.