NEW
YORK, June 25, 2024 /PRNewswire/ -- The
global automotive digital key market size is estimated
to grow by USD 891 million from
2024-2028, according to Technavio. The market is estimated to grow
at a CAGR of over 7.22% during the forecast
period. Standardization for using smart devices as
keys is driving market growth, with a trend
towards use of smart wearables as digital keys.
However, complexity of integration with existing
infrastructure poses a challenge. Key market players include
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..
Get a detailed analysis on regions, market segments, customer
landscape, and companies - Click for the snapshot of this
report
Forecast
period
|
2024-2028
|
Base Year
|
2023
|
Historic
Data
|
2018 - 2022
|
Segment
Covered
|
Application (Personal
use and Car sharing and car rental), Vehicle Type (Passenger cars
and Commercial vehicles), and Geography (Europe, North America,
APAC, South America, and Middle East and Africa)
|
Region
Covered
|
Europe, North America,
APAC, South America, and Middle East and Africa
|
Key companies
profiled
|
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.
|
Key Market Trends Fueling Growth
The automotive digital key market is advancing with OEMs
offering digital keys alongside mechanical ones. Accessibility
through smartphones and wearables is a developing trend. Jaguar
Land Rover's Activity Key and Hyundai's Android Wear watch are
examples. Apple's digital car keys using NFC technology are also
gaining traction, expected to be supported by BMW 5 Series. This
use of smart wearables as digital keys is projected to boost the
market growth.
The Automotive Digital Key market is experiencing significant
growth with technologies like Bluetooth, NFC, and Ultra-Wideband
gaining popularity. Smartphones are becoming digital keys, enabling
contactless vehicle access and starting. Companies are focusing on
convenience and security features, such as keyless entry,
push-button start, and location tracking. The market is also
witnessing the integration of vehicle systems and mobile apps,
offering services like vehicle diagnostics and remote engine start.
Additionally, the use of biometric authentication and geofencing
technology is on the rise, enhancing security and convenience. The
future of the Automotive Digital Key market lies in the development
of more advanced and integrated solutions.
Research report provides comprehensive data on impact of trend.
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Market Challenges
- The integration of digital key solutions into the intricate
automotive infrastructure poses a significant challenge for the
global automotive digital key market. With vehicles consisting of
multiple hardware and software components from various
manufacturers, ensuring compatibility and seamless integration is
essential. Retrofitting existing vehicles with digital key
capabilities is more complex than integrating them into new models
due to differences in technologies and architectures. Communication
protocols used in vehicles must be considered to avoid disruptions.
Intuitive and user-friendly digital key interfaces must be designed
to integrate with existing infotainment systems and controls. These
complexities may hinder market growth during the forecast
period.
- The Automotive Digital Key market faces several challenges.
Technology convergence in cars requires seamless integration of
digital keys with various systems such as telematics, connectivity,
and security. Keyless entry and start systems using digital keys
are becoming increasingly popular, but ensuring secure transmission
and protection against hacking is a major concern. Additionally,
ensuring compatibility with various car models and makes, as well
as integrating digital keys with mobile apps, adds to the
complexity. Regulations and standards for digital keys are still
evolving, which can hinder market growth. Lastly, consumer
acceptance and trust in using digital keys instead of traditional
physical keys is a significant challenge that needs to be
addressed.
For more insights on driver and
challenges - Download a Sample Report
Segment Overview
This automotive digital key market report extensively covers
market segmentation by
- Application
- 1.1 Personal use
- 1.2 Car sharing and car rental
- Vehicle Type
- 2.1 Passenger cars
- 2.2 Commercial vehicles
- Geography
- 3.1 Europe
- 3.2 North America
- 3.3 APAC
- 3.4 South America
- 3.5 Middle East and
Africa
1.1 Personal use- The automotive digital key
market is experiencing significant growth due to the numerous
benefits it offers for personal use. Digital keys provide keyless
entry and start capabilities, enabling users to unlock and start
their vehicles using smartphones or wearable devices. This
technology enhances convenience and security by eliminating the
need for physical keys and allowing temporary access to be granted.
Additionally, digital keys offer seamless sharing and access
control for multiple users, making them an essential component of
modern technological conveniences. Companies like Giesecke+Devrient
GmbH provide simple and easy-to-use digital key solutions that
integrate with existing vehicle entry systems and support various
functions, contributing to the market's growth.
For more information on market segmentation with geographical
analysis including forecast (2024-2028) and historic data (2018 -
2022) - Download a Sample Report
Research Analysis
The Automotive Digital Key market is experiencing significant
growth as the automotive industry shifts towards vehicle
digitization. Digital keys, such as those utilizing RFID
technology, key cards, smart key fobs, wearable smart keys, and
even facial or finger vein recognition, are increasingly popular in
both high-end luxury cars and budget models. These digital keys
offer a keyless experience, enhancing convenience and security.
Connected cars, with their advanced keyless entry systems and
driver safety features, are driving the demand for digital keys.
The market for these innovative security systems is expected to
expand rapidly, offering engine start/stop and door lock/unlock
capabilities, among other features. The integration of digital keys
into the automotive landscape is revolutionizing the way we
interact with our vehicles, prioritizing both convenience and
safety.
Market Research Overview
The Automotive Digital Key market refers to the technology that
enables vehicle owners to unlock, start, and operate their cars
using a digital key on their smartphones. This innovative solution
offers convenience, security, and contactless access to vehicles.
The technology consists of various components such as Near Field
Communication (NFC), Bluetooth, and Ultra-Wideband (UWB)
technology. The market is driven by factors like increasing
smartphone penetration, growing demand for contactless solutions,
and advancements in automotive technology. The integration of
digital keys in ride-hailing and car-sharing services is also
expected to boost market growth. Additionally, the development of
standardized digital key protocols by organizations like Car
Connectivity Consortium (CCC) and Global Automakers is further
fueling market expansion.
Table of Contents:
1 Executive Summary
2 Market Landscape
3 Market Sizing
4 Historic Market Size
5 Five Forces Analysis
6 Market Segmentation
- Application
-
- Personal Use
- Car Sharing And Car Rental
- Vehicle Type
-
- Passenger Cars
- Commercial Vehicles
- Geography
-
- Europe
- North America
- APAC
- South America
- Middle East And Africa
7 Customer Landscape
8 Geographic Landscape
9 Drivers, Challenges, and Trends
10 Company Landscape
11 Company Analysis
12 Appendix
About Technavio
Technavio is a leading global technology research and advisory
company. Their research and analysis focuses on emerging market
trends and provides 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.
Contacts
Technavio Research
Jesse Maida
Media & Marketing Executive
US: +1 844 364 1100
UK: +44 203 893 3200
Email: media@technavio.com
Website: www.technavio.com/
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SOURCE Technavio