The Business Research Company's global market reports are now updated with the latest market sizing information for the year 2023 and forecasted to 2032
LONDON, Aug. 11, 2023 /PRNewswire/ -- As per The Business Research Company, automotive keyless entry system global market report 2023, the global automotive keyless entry system market has witnessed significant growth, expanding from $1.4 billion in 2022 to $1.57 billion in 2023, showcasing a compound annual growth rate (CAGR) of 12.1%. This trend is projected to continue as the market is expected to surge to $2.48 billion by 2027, maintaining a steady CAGR of 12.1%. The driving force behind this market expansion is the increasing emphasis on safety and security in vehicles, coupled with the proliferation of technologically advanced in-vehicle security systems.
Rising Safety Concerns Propel Automotive Keyless Entry System Market Growth
In response to the escalating concerns about safety and security, the automotive keyless entry system market has experienced notable growth. Modern vehicle owners are increasingly inclined towards safeguarding their valuable assets, thereby fueling the demand for advanced security solutions. To counter the rising threat of theft, manufacturers are integrating safety features into vehicles across all price ranges, including entry-level models. Keyless entry systems, which utilize radio frequency signals to remotely manage vehicle access and ignition, are becoming indispensable in providing both security and convenience. According to the Federal Bureau of Investigation (FBI), vehicle thefts in 2020 totaled 810,400, resulting in significant financial losses. This alarming statistic underscores the pressing need for robust security measures, driving the growth of automotive keyless entry system market.
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Technologically Advanced In-Vehicle Security Systems Transform the Landscape
As a burgeoning trend in the automotive keyless entry system market, manufacturers are focused on delivering cutting-edge in-vehicle security systems. Companies operating within this space are prioritizing the development of keyless entry systems equipped with advanced features such as engine start/off, AC control, and more. Auto manufacturers are also investing heavily in integrating keyless entry technology into new vehicle models, obviating the need for customers to purchase separate systems. Renault India, a prominent player in the automotive industry, exemplified this trend by introducing a new model of Renault Duster with an integrated keyless entry system and additional safety features. This system not only enhances security but also offers users the convenience of activating air conditioning remotely.
Automotive Keyless Entry System Market Leaders
Prominent players in the automotive keyless entry system market are Denso Corporation, HELLA GmbH & Co KGaA, ZF Friedrichshafen AG, Continental AG, and others. These industry leaders are at the forefront of innovation, contributing to the evolution of automotive security systems and shaping the market's trajectory.
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Diverse Segmentation and Regional Dynamics
In 2022, North America led the automotive keyless entry system market, showcasing its robust demand and technological adoption. The global market spans multiple regions, including Asia-Pacific, Western Europe, Eastern Europe, South America, the Middle East, and Africa.
The automotive keyless entry system market is intricately segmented by product (Passive Keyless Entry Systems, Remote Keyless Entry Systems), vehicle type (Passenger Cars, LCV, HCV), and end-users (Aftermarket, Original Equipment Manufacturers).
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