Automotive Digital Key Market Size to Reach USD 6.23 Billion by 2030 - Customized Design, User Friendly, Standard Conform, Company Profiles, End Users, Industry Insights and Statistical Forecast: The Brainy Insights

Rising demand for digitization and automation combined with a fiscal push from the governments will contribute to the automotive digital key market's growth.

Newark, May 02, 2022 (GLOBE NEWSWIRE) -- As per the report published by The Brainy Insights, the global automotive digital key market is expected to grow from USD 1.46 billion in 2021 to USD 6.23 billion by 2030, at a CAGR of 17.5% during the forecast period 2022-2030.
The growing digitization and automation of products and processes across industries have increased the production efficiency & effectiveness of the businesses. Similarly, the automotive industry is also looking at different aspects of its production, assembly, and aftersales service to retain customer loyalty and improve brand reputation.*Request for a sample of research report at: https://www.thebrainyinsights.com/enquiry/sample-request/12735*The growing demand for vehicles with advanced digital features and driving assistance is gaining traction as it is convenient and practical. The automotive digital key is one such feature that allows consumers to operate their cars via their smartphones. Automotive digital keys also allow consumers to control certain functions like temperature, engine, and doors, among other things. The growing consumers' demand for automotive digital keys and the rising digitization of the automotive industry will drive the growth of the global automotive digital key market. However, automotive digital keys utilize various software and systems that are more prone to cyber-attacks than conventional lock systems. The vulnerability to cyber-attacks raises consumers' safety & security concerns which can hamper the market's growth. New technological advancements that enhance the features of the digital keys to include more car functions will provide lucrative opportunities for the market players. Also, the instances of automotive digital keys malfunctioning without proper connectivity or the presence of physical barriers between the key and the car can challenge the growth of the market.*Explore Complete Report Description and TOC of Automotive Digital Key Market Report at: https://www.thebrainyinsights.com/enquiry/sample-request/12735 **Competitive Strategy*To enhance their market position in the global automotive digital key market, the key players are now focusing on adopting the strategies such as product innovations, mergers & acquisitions, recent developments, joint ventures, collaborations, and partnerships.• Apple has expanded its market by allowing apple’s iPhone to operate lock/unlock functions of the following cars: Kia Niro, Genesis G90, and Genesis GV60. Apple collaborates with various other top automobile manufacturers to provide advanced automotive digital key features to its consumers.

*Market Growth & Trends*An increase in the demand for smart vehicles in the developing economies attributed to the rise in disposable income of the population & rising fuel prices will contribute to the growth of the automotive digital key market. Smart vehicles will dominate the automotive market in the coming years as they are more fuel-efficient & thereby reduce emissions. Government subsidies & incentives provided for the production & consumption of smart digitized vehicles will encourage the integration of automotive digital keys in the aftersales by market players. Increasing concern about climate change has led to a shift in government policies to become more environment-friendly and sustainable. Digitization & automation of vehicles has become the need of the hour; advanced digital systems improve fuel efficiency. Government policies aimed at promoting & encouraging the digitization of vehicles by providing subsidies & incentives are driving the sale of smart vehicles globally. Over the past few years, the digitization with advanced features embedded in digital keys with the help of IoT will increase, indicating the expansion of the global automotive digital key market.*Request for Report Customization: https://www.thebrainyinsights.com/enquiry/request-customization/12735 **Key Findings*• In 2021, the passenger vehicle segment dominated the market with the largest market share of 76% and market revenue of 1.10 billion.
The vehicle type segment is divided into the commercial vehicle & passenger vehicles. In 2021, the passenger vehicle segment dominated the market with the largest market share of 76% and market revenue of 1.10 billion.
• The near field communication (NFC) segment is expected to grow at the fastest CAGR of 19.5% over the forecast period.
The technology segment is divided into Bluetooth, biometric, Wi-Fi, remote cloud key access, & near field communication. Over the forecast period, the near-field communication segment is expected to grow at the fastest CAGR of 19.5%.
• In 2021, the multi-function segment accounted for the largest share of the market, with 53% and market revenue of 0.77 billion.
The application type segment can be divided into single function & multi-function. In 2021, the multi-function segment accounted for the largest share of the market, with 53% and market revenue of 0.77 billion.
• In 2021, the original equipment manufacturer (OEM) segment accounted for the largest share of the market, with 55% and a market revenue of 0.80 billion.The sales channel type segment is divided into aftersales and original equipment manufacturer (OEM). In 2021, the original equipment manufacturer (OEM) segment accounted for the largest share of the market, with 55% and a market revenue of 0.80 billion.*Regional Segment Analysis of the Automotive Digital Key Market*• North America (U.S., Canada, Mexico)
• Europe (Germany, France, U.K., Italy, Spain, Rest of Europe)
• Asia-Pacific (China, Japan, India, Rest of APAC)
• South America (Brazil and the Rest of South America)
• The Middle East and Africa (UAE, South Africa, Rest of MEA)Among all regions, the Asia Pacific region emerged as the largest market for the global automotive digital key market, with a market share of around 36.4% and 0.53 billion of the market revenue in 2021. The Asia Pacific is expected to be the largest market during the forecast period. The automotive digital key market in the Asia Pacific has been expanding rapidly. China dominates the automotive digital key in the Asia Pacific. The increasing demand for vehicles in the developing economies, which is catered by these economies' equally rising production capacity, contributes to the growth of the automotive digital key market. China is the world's leading automobile manufacturer, intending to reduce carbon emissions by improving fuel efficiency; the Chinese market is shifting towards manufacturing smart vehicles. Increasing infrastructure development is making India an ideal choice for automobile manufacturing. In addition to these, the favorable government policies for the manufacture of smart & digitized vehicles will help this region maintain its dominance in the global automotive digital key market during the forecast period.*Key players operating in the global automotive digital key market are:*• Heights Security Inc.
• HELLA GmbH and Co. KG
• Robert Bosch GmbH
• Tesla Inc.
• BMW AG
• Hyundai Motor Co.
• ALPHA Corporation
• Continental AG
• DENSO Corporation
• Tokai Rika Co. Ltd.This study forecasts revenue at global, regional, and country levels from 2019 to 2030. The Brainy Insights has segmented the global automotive digital key market based on the below-mentioned segments:*Global Automotive Digital Key Market by Vehicle Type:*• Commercial Vehicle
• Passenger Vehicle*Global Automotive Digital Key Market by Technology:*• Bluetooth
• Biometric
• Wi-Fi
• Remote Cloud Key Access
• Near Field Communication*Global Automotive Digital Key Market by Application:*• Single Function
• Multi-Function*Global Automotive Digital Key Market by Sales Channel:*• Aftersales
• Original Equipment Manufacturer (OEM)*Enquire before purchasing this report at: https://www.thebrainyinsights.com/buy-now/12735/single **About the report:*The global automotive digital key market is analyzed based on value (USD Billion). All the segments have been analyzed worldwide, regional, and country basis. The study includes the analysis of more than 30 countries for each part. The report offers an in-depth analysis of driving factors, opportunities, restraints, and challenges for gaining critical insight into the market. The study includes porter's five forces model, attractiveness analysis, raw material analysis, supply, demand analysis, competitor position grid analysis, distribution, and marketing channels analysis.*About The Brainy Insights:*The Brainy Insights is a market research company, aimed at providing actionable insights through data analytics to companies to improve their business acumen. We have a robust forecasting and estimation model to meet the clients' objectives of high-quality output within a short span of time. We provide both customized (clients' specific) and syndicate reports. Our repository of syndicate reports is diverse across all the categories and sub-categories across domains. Our customized solutions are tailored to meet the clients' requirement whether they are looking to expand or planning to launch a new product in the global market.*Contact Us*Avinash D
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