ReportsnReports.com adds "Automotive Keyless Entry System Market - Global Outlook and Forecast 2018-2023" report to its research store.
Pune, India -- (SBWIRE) -- 12/12/2018 -- This market research report on automotive keyless entry system market offers analysis on market size & forecast, market share, industry trends, growth drivers, and vendor analysis. The market study also includes insights on segmentation by product (RKE systems and PKE systems), by end-user type (OEM market and aftermarket), vehicle type (passenger cars, LCVs, and HCVs), and by geography (APAC, Europe, North America, Latin America, and MEA).
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Automotive Keyless Entry System Market - Overview
The introduction of high-end advanced electronic entry systems using integrated circuits that communicate through electromagnetic signals to lock or unlock the vehicle door is propelling the growth of the automotive keyless entry system market. The increasing proliferation of automotive electronic solutions that offer consumers centralized controls and seamless exchange of data among various systems will revolutionize the automotive industry.
The rising demand for connected cars and integration of smartphones will encourage vendors to launch advanced and integrated electronic systems in the global market. Furthermore, the increasing regulatory policies that focus on vehicular safety is driving the global automotive security market. The adoption of vehicle security systems in developed nations such as the US and Western Europe and emerging nations such as China and India will boost the demand for these systems in the global market. The implementation of telematics, keyless entry systems, digital clusters, and high-end infotainment systems is gaining immense traction in the global automotive market.
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The leading OEMs are focusing on introducing these vehicular safety systems in the mass mid-segment vehicles such as hatchbacks and light commercial vehicles to attract more consumers and sustain the competition in the global market. The development of innovative and advanced technology will create lucrative opportunities for key players in the industry. The global automotive keyless entry system market is estimated to grow at CAGR of over 7% during 2017-2023.
The automotive keyless entry system market by products is segmented into RKE systems and PKE systems. Remote keyless entry (RKE) systems dominate the market share in 2017 and are projected to grow at a CAGR of around 6% during the forecast period. The increasing investments to improve the RKE technology to develop systems that used high-range frequency signals to operate is propelling the growth of this segment in the global market.
The adoption of advanced RKE systems in the LCV and HCV vehicle segment will propel the demand for these systems and help leading vendors to gain a larger share in the global market. The OEMs are also developing systems with high functionality and added safety features to sustain the competition in the market. Furthermore, it is estimated the passive keyless entry (PKE) systems will gain traction in the global market over the next few years.
The end-user type segment in the automotive keyless entry system market is classified into OEM market and aftermarket. OEM segment dominated the majority market share in 2017 and is estimated to grow at a CAGR of over 6% during the forecast period. The increasing economic growth, implementation of safety regulations, and dynamic consumers buying patterns are some of the factors attributing to the growth of this market segment. The LCVs and HCVs vehicle segment are the revenue contributor in the OEM market. The leading OEMs are changing their marketing and advertising strategies to attract consumers in the car sharing, carpooling, and taxi services market segment. The introduction of digital key integrated with smartphones eliminating the need for a physical exchange will transform the automotive market.
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The geographical segment in the automotive keyless entry system market consists of APAC, Europe, North America, Latin America, and MEA. North America dominated the market share in 2017 and is projected to grow at a CAGR of over 6% during the forecast period. The growing demand for electric vehicles and hybrid vehicles in the US and Canada is fueling the development of the market in North America. The growing need for advanced and sophisticated electronic solutions will revolutionize the automotive industry in North America. The US, Canada, and Mexico are the largest revenue contributors in the North American market. The launch of electric and hybrid powertrain-based vehicles will boost the demand for advanced systems in the North American market during the forecast period.
Key Countries Profiled
5. South Korea
Key Vendor Analysis
The rapid technological advancement and upgrades are intensifying the competition in the global automotive keyless entry system market. The key vendors are leveraging technology to create a unique value proposition to sustain the competition in the global market. The market is highly fragment, and the top players dominated over 50% of the total market share. The introduction of sophisticated systems with high functionality and designs will help companies attract larger consumer base and expand their businesses to new regions in the global market. The increasing number of M&A. R&D activities and commercialization of systems will boost the revenues in the global market over next few years.
The major vendors in the global market are:
- Continental AG
- ZF TRW Automotive
Other prominent vendors include Advanced Keys, Alps Electric, Bosch, Calsonic Kansei, Denso, Directed Electronics, Hyundai Mobis, Lear Corporation, Marquardt, Microchip Corporation (Atmel), Mitsubishi Electric, OMRON Automotive Electronics, Panasonic, Tokai Rika, and Voxx International.
Complete report available with table of contents at https://www.reportsnreports.com/reports/1730926-automotive-keyless-entry-system-market-global-outlook-and-forecast-2018-2023.html.
Key market insights include
1. The analysis of automotive keyless entry system market provides market size and growth rate for the forecast period 2018-2023.
2. It offers comprehensive insights on current industry trends, trend forecast, and growth drivers about the automotive keyless entry system market.
3. The report provides the latest analysis of market share, growth drivers, challenges, and investment opportunities.
4. It offers a complete overview of market segments and the regional outlook for automotive keyless entry system market.
5. The report offers a detailed overview of the vendor landscape, competitive analysis, and key market strategies to gain competitive advantage.
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