Global Digital Car Key Market

Global Digital Car Key Market Size More Than Triples to Touch USD 4.4 Billion by 2029

Published | 27 April 2023

Global digital car key market is gaining traction because of the rise in the integration of luxury features in vehicles and the deepening penetration of wireless connectivity in vehicles.

BlueWeave Consulting, a leading strategic consulting and market research firm, in its recent study, estimated the global digital car key market size at USD 1.39 billion in 2022. During the forecast period between 2023 and 2029, the global digital car key market size is projected to grow at a robust CAGR of 18% reaching a value of USD 4.39 billion by 2029. The development and invention by manufacturers to offer more contemporary features than traditional keys, such as enhanced driver safety features, networked autos, and keyless entry, are major growth factors for the global digital car key market. It is expected that as thin, environmentally friendly materials are used more often for smart keys' internal chips and buttons, the market for digital car keys will experience new growth opportunities.

Global Digital Car Key Market – Overview

The ability to utilize smart devices as keys is provided by the digital key function. Like a real key or key fob, a digital key may be used in the same manner. It is mostly used to lock and unlock doors. The user often has to install the automobile manufacturer's application in order to utilize a digital car key. Through a wireless network, generally NFC, Bluetooth, or Bluetooth Low Energy (BLE), the application connects to the car. The Digital Key offers far greater defense against car thefts since it makes use of more sophisticated communication technologies like UWB and BLE, neither of which are susceptible to MITM assaults.

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Global Digital Car Key Market – By Technology

Based on technology, the global digital car key market is segmented into Bluetooth, biometric, Wi-Fi, remote cloud key access, and near-field communication (NFC). The NFC segment accounts for the highest market share. The NFC technology used by the digital key initiative enables safe connections between smart gadgets and moving cars. When NFC and the digital key project are used in the automobile industry, designers have the option of including yet another practical way to start, enter, or even share access to vehicles, which plays a crucial factor in propelling its market growth.

Impact of COVID-19 on Global Digital Car Key Market

The outbreak of COVID-19 had a detrimental impact on the expansion of the global market for digital automobile keys. Lockdowns in major auto-producing nations, such as India, China, and Japan, interrupted market operations and had an immediate impact on the suppliers of digital vehicle keys. Furthermore, the cessation of research activities is expected to have a significant negative impact on the global digital car key market in the long run because the market is still emerging and is still undergoing extensive research and development.

Competitive Landscape

Major players operating in the global digital car key market include ALPHA Corporation, Continental AG, Denso Corporation, Heights Security, Inc., HELLA GmbH & Co. KGaA, Hyundai Mobis, Minda Corporation, Mitsubishi Electric Corporation, NXP Semiconductors, Robert Bosch GmbH, Samsung, Silca, STMicroelectronics, Telefonaktiebolaget LM Ericsson, and Valeo SA. To further enhance their market share, these companies employ various strategies, including mergers and acquisitions, partnerships, joint ventures, license agreements, and new product launches.

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The in-depth analysis of the report provides information about growth potential, upcoming trends, and the Global Digital Car Key Market. It also highlights the factors driving forecasts of total market size. The report promises to provide recent technology trends in the Global Digital Car Key Market and industry insights to help decision-makers make sound strategic decisions. Furthermore, the report also analyzes the growth drivers, challenges, and competitive dynamics of the market.

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