Global Automotive Keyless Entry System Market to Manufacture 180 million units by 2024- Market Research by AriztonPosted:
The demand for passenger cars across emerging nations are contributing to the revenues in the global automotive keyless entry system market
CHICAGO, IL, UNITED STATES, April 10, 2019 /EINPresswire.com/ -- According to Arizton’s recent research report, the global automotive keyless entry system market is expected to produce around 180 million units by 2024, growing at a CAGR of approximately 8% during 20182024.
Key Highlights Offered in the Report:
1. Cloud-based keyless entry systems are expected to overtake PKE systems in next 56 years.
2. Europe and North America are leading the keyless entry system market; however, the next growth spurt is likely to come from the APAC region, which is expected to offer growth opportunities of more than 16 million units to vendors.
3. The increasing growth of luxury car market - which is more than 11% during the period 2018-2024 is expected to have a positive effect on the keyless entry market in next five years.
4. The increase in the car thefts is a key driver for the adoption of keyless entry systems the average vehicle theft rate worldwide stood at 105 during the period 20032016.
5. The increasing IoT integration in the automotive sector will emerge as a game-changer by 2024. The demand for keyless entry systems to grow 1.5 times in the next five years.
6. PKE systems are expected to witness more than 95% incremental growth in the next five years due to the increasing demand from emerging economies.
Market Size & Forecast by Units | 20182024
Market Dynamics Leading trends, growth drivers, restraints, and investment opportunities
Market Segmentation A detailed analysis by product types, end-user types, vehicle types, and geographies.
Competitive Landscape Profile of 5 key vendors and 18 prominent players.
Automotive Keyless Entry System Market Segmentation
This market research report includes detailed segmentations of the market by product types, end-user types, vehicle types, and geography.
The remote keyless entry system (RKE) segment dominated the automotive keyless entry system market in 2018, and is expected to grow at a CAGR of over 6% by 2024.
The passenger car segment is the largest market for keyless entry system, occupying more than 80% of the total market share.
Market Segmentation by Product Types
Market Segmentation by End-user Type
Market Segmentation by Vehicles
Automotive Keyless Entry System Market Dynamics
Convenience, safety, and ease of usage are the most important benefits offered by keyless entry systemsto end-users. The adoption of keyless entry system is growing in the low- and mid-segment vehicles due to the reduced cost and easy availability in the both OE and aftermarket.
Key Drivers and Trends Fueling the Growth of the Global Market:
Increasing sales of luxury cars and autonomous vehicles that are driving growth of safety systems
Rising demand for connected cars and AVI systems
Growing adoption of advanced sensors and entry-and-go Keyless systems
Automotive Keyless Entry System Market Geography
North America dominated the global automotive keyless entry system market. With the increasing popularity of keyless entry systems, developed markets such as Japan, the US, and Western European countries; and the growing demand from emerging countries will further drive the market during the forecast period.
Market Segmentation by Geography
o South Korea
o South Africa
Geographical Market Size & Forecast | 20182024
Major Vendors in the Global Market:
ZF TRW Automotive
Other prominent vendors include Advanced Keys, Alps Electric, Bosch, Calsonic Kansei, Denso, Directed Electronics, Hyundai Mobis, Lear Corp., Marquardt, Microchip Technology (Atmel), Mitsubishi Electric, OMRON Automotive Electronics, Panasonic, Tokai Rika, Voxx International, Silicon Laboratories, Schaffner Holding, and Automotive Data Solutions.
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