NEW YORK, Oct. 3, 2023 /PRNewswire/ — The Automotive Digital Key Market size is projected to increase by USD 777.22 million, accelerating at a CAGR of over 6.76%, during the forecast period. The automotive digital key market is fragmented owing to the presence of many global and regional companies. A few prominent companies that offer automotive digital key market are Apple Inc., Bayerische Motoren Werke AG, Continental AG, DENSO Corp., Ford Motor Co., Giesecke Devrient GmbH, Hyundai Motor Co., IDEMIA France SAS, Infineon Technologies AG, Mercedes Benz Group AG, NXP Semiconductors NV, Robert Bosch GmbH, Samsung Electronics Co. Ltd., STMicroelectronics International N.V., Telefonaktiebolaget LM Ericsson, Tesla Inc., Thales Group, Valeo SA, Volkswagen AG, and Volvo Car Corp. The report provides a full list of key companies, their strategies, and the latest developments. Download Free Sample Report before buying
Technavio has announced its latest market research report titled Global Automotive Digital Key Market 2023-2027
Automotive Digital Key Market 2023 – 2027: Company Offering:
Apple Inc: The company offers automotive digital key such as WWDC20 digital key and WWDC21 UWB based digital car key.
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Automotive Digital Key Market 2023 – 2027: Geographical Analysis:
By Geography, the market is classified as Europe, North America, APAC, South America, and Middle East and Africa. Europe will have the largest share of the market.
Europe is expected to account for 47% of the global market’s growth during the forecast period. One of the primary drivers significantly contributing to the expansion of the global automotive digital key market in Europe is the rising demand within the car sharing and car rental segments. The continuous innovation and increasing awareness of the benefits of automotive digital keys are expected to drive the adoption among car rental and car-sharing service providers.
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Automotive Digital Key Market 2023 – 2027: Market Dynamics:
Impactful driver- The rise of Internet of Things (IoT) technology is the key driver of the automotive digital key market. Various automotive manufacturers are placing increased emphasis on incorporating IoT technology into the industry, creating novel applications and solutions that enhance the intelligence of automobiles. Manufacturers are increasingly embracing IoT to offer connected car features such as fuel tracking, advanced driver assistance systems (ADAS), speed control, and in-vehicle infotainment systems to drivers
Key Trend – Use of smart wearables as digital keys
Major Challenges – Cybersecurity issues
Automotive Digital Key Market 2023 – 2027: Market Segmentation:
The market is segmented by application (personal use, car sharing, and car rental), vehicle type (passenger cars and commercial vehicles).
The personal use segment is estimated to witness significant growth during the forecast period. Automotive digital keys find diverse applications in enhancing convenience, security, and functionality for individual users through technological advancements. The primary role of these digital keys is to provide keyless entry and ignition capabilities.
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Automotive Electrically Adjustable Outside Rear View Mirror (ORVM) Market: The Automotive Electrically Adjustable Outside Rear View Mirror (ORVM) Market size is estimated to grow at a CAGR of 4.81% between 2023 and 2027. The market size is forecast to increase by USD 2,191.71 million.
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Automotive Digital Key Market Scope |
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Report Coverage |
Details |
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Historic period |
2017-2021 |
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Growth momentum & CAGR |
Accelerate at a CAGR of 6.76% |
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YoY growth 2022-2023 (%) |
6.34 |
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Regional analysis |
Europe, North America, APAC, South America, and Middle East and Africa |
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Key countries |
US, Canada, Germany, UK, and Sweden |
TOC:
Executive Summary
Market Landscape
Market Sizing
Historic Market Size
Five Forces Analysis
Market Segmentation by Application
Market Segmentation by Vehicle Type
Market Segmentation by Geography
Customer Landscape
Geographic Landscape
Drivers, Challenges, and Trends
Vendor Landscape
Vendor Analysis
Appendix
About US
Technavio is a leading global technology research and advisory company. Their research and analysis focus on emerging market trends and provide actionable insights to help businesses identify market opportunities and develop effective strategies to optimize their market positions. With over 500 specialized analysts, Technavio’s report library consists of more than 17,000 reports and counting, covering 800 technologies, spanning across 50 countries. Their client base consists of enterprises of all sizes, including more than 100 Fortune 500 companies. This growing client base relies on Technavio’s comprehensive coverage, extensive research, and actionable market insights to identify opportunities in existing and potential markets and assess their competitive positions within changing market scenarios.
Contact US:
Technavio Research
Jesse Maida
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Email: [email protected]
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SOURCE Technavio
