Increase in product development to cater to the changing demand patterns and use of smart technology for vehicle safety and improved convenience drive the global automotive keyless entry system market.
PORTLAND, Ore., July 25, 2022 /PRNewswire/ — Allied Market Research recently published a report, titled, “Automotive Keyless Entry System Market by Sales Channel (OEM and Aftermarket), Vehicle Type (Passenger Cars, LCV, and HCV), and Product Type (Remote Keyless Entry (RKE) System, and Passive Keyless Entry (PKE) System): Global Opportunity Analysis and Industry Forecast, 2022–2031″. As per the report, the global automotive keyless entry system industry was accounted for $1.72 billion in 2021, and is expected to reach $5.36 billion by 2031, growing at a CAGR of 12.8% from 2022 to 2031.
Major determinants of the market growth
Product development to cater to the changing demand patterns and adoption of smart technology for vehicle safety and improved convenience have boosted the growth of the global automotive keyless entry system market. However, decrease in production and sale of automotive and high cost of keyless entry system hinder the market growth. On the contrary, growth in developing nations and agreements and contracts with automotive OEMs for long term business operations would open new opportunities in the future.
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Covid-19 scenario:
- The Covid-19 pandemic severely affected the automotive industry due to strict lockdown regulations and ban on import-export of essential raw materials items. This led to sudden reduction in availability of important raw materials for automotive keyless entry system.
- The disrupted supply chain and interrupted in production schedules lockdown hampered the market growth even more.
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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 are coming up with the keyless entry as a standard function in their vehicles. However, the aftermarket segment is estimated to register the highest CAGR of 13.5% during the forecast period, owing to growth in popularity of the keyless entry system amongst the vehicle owners and increase in demand for improved convenience.
The passenger cars segment to portray the highest CAGR through 2031
By sales channel, the passenger cars segment is projected to manifest the highest CAGR of 13.4% from 2022 to 2031. In addition, the segment held the largest share in 2021, contributing to more than half of the global automotive keyless entry system market, due to rise in adoption of the smart technology in passenger cars by automotive OEMs and present passenger car fleet across the globe. The report includes analysis of the LCV and HCV segments as well.
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Asia-Pacific, followed by North America, held the lion’s share
By region, the global automotive keyless entry system market across Asia-Pacific dominated in 2021, accounting for more than one-third of the market. In addition, the region is expected to register the highest CAGR of 14.7% during the forecast period, due to presence of automotive OEMs and changing automotive production outlook. The market across North America would showcase the CAGR of 14.7% during the forecast period.
Major market players
- Alps Alpine Co., Ltd.
- Continental AG
- Denso Corporation
- HELLA GmbH & Co. KGaA.
- Microchip Technology Inc.
- Mitsubishi Electric Corporation
- NXP Semiconductors
- Robert Bosch GmbH
- Valeo and Tokai Rika
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