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The automotive remote keyless entry system market is projected to grow by USD 1.13 billion with a CAGR of 12.6% during the forecast period 2021 to 2026.
This automotive remote keyless entry system market research report provides valuable insights on the post-COVID-19 impact on the market, which will help companies evaluate their business approaches. Furthermore, this report extensively covers the automotive remote keyless entry system market segmentation by vehicle type (passenger cars and commercial vehicles), end-user (OEMs and aftermarket), and geography (North America, Europe, APAC, the Middle East and Africa, and South America). The automotive remote keyless entry (RKE) system market report also offers information on several market vendors, including Alps Alpine Co. Ltd, ARCO Lock and Security ENTERN LLC, CK Holdings Co. Ltd., Continental AG, Denso Corp., HELLA GmbH & Co. KG, Hyundai Motor Group, Marquardt GmbH, Microchip Technology Inc., Mitsubishi Electric Corp., NXP Semiconductors NV, Robert Bosch Stiftung GmbH, Texas Instruments Inc., Tokai Rika Co. Ltd, Valeo SA, VOXX International Corp., and ZEPPELIN GmbH among others.
Download Report Sample to Unlock the Automotive Remote Keyless Entry System Market Size for the Forecast Period and Other Important Statistics
Our researcher studied the historical data for years, with 2021 as the base year and 2022 as the estimated year, and produced drivers, trends, and challenges for the automotive remote keyless entry system market. During the COVID-19 pandemic, the automotive remote keyless entry system market demand has been impacted greatly. A holistic analysis of drivers will help in predicting exact demands and refining marketing strategies to gain a competitive advantage.
Key Automotive Remote Keyless Entry System Market Driver
The rise in electronic content makes RKE systems a better value proposition and is one of the key drivers supporting the automotive remote keyless entry (RKE) system market growth. Automotive electronics have rapidly evolved over the past decade with the electrification of mechanical components and the introduction of electronics related to safety, security, and propulsion technologies. In luxury and alternative powertrain vehicles such as hybrid and fully electric vehicles, the electronic content has increased significantly to account for over 35% of the manufacturing costs. Although these features have been used in the luxury segment in the past, OEMs and Tier-1 suppliers have been actively investing in exploring means to reduce the cost of these features to introduce them in mass mid-size segment vehicles. Hence, numerous innovations in automotive semiconductors have been undertaken in the past couple of years that have influenced the use of keyless entry systems.
Key Automotive Remote Keyless Entry System Market Trend
Integration of RKE systems with ignition systems, leading to add-on functionalities, is one of the key automotive remote keyless entry (RKE) system market trends contributing to the market growth. Primarily, the US is expected to remain a major market for automotive remote keyless entry systems during the forecast period due to the wide acceptance of this technology. In a survey conducted by an online automotive site in the US, four out of ten people who did not have this system in their existing vehicle wanted their next vehicle to be equipped with a remote keyless entry and go system. In the same survey, the remote keyless entry and go system was ranked as the third top feature desired by US consumers after infotainment and GPS systems. Apart from North America, emerging markets such as India, Vietnam, Thailand, and China are expected to witness a high adoption rate of automotive remote keyless entry and go systems during the forecast period.
Key Automotive Remote Keyless Entry System Market Challenge
The vulnerability of remote keyless entry systems is one of the factors hindering the automotive remote keyless entry (RKE) system market growth. Automotive OEMs and Tier 1 suppliers have been developing technologies to prevent hacking into the automotive remote keyless entry system, although they have been unable to develop a completely fool-proof system. However, it is expected that OEMs, Tier 1 suppliers, and automotive remote keyless entry system manufacturers will collaborate and invest in solutions that cannot be compromised. Thus, the vulnerability in automotive remote keyless entry systems poses a threat to automobile manufacturers. Thus, it can lead to a decline in sales of automobiles in the market during the forecast period.
This automotive remote keyless entry system market analysis report also provides detailed information on other upcoming trends and challenges that will have a far-reaching effect on the market growth. The actionable insights on the trends and challenges will help companies evaluate and develop growth strategies for 2022-2026.
Technavio categorizes the global automotive remote keyless entry market as a part of the global auto parts and equipment market. Our research report has extensively covered external factors influencing the parent market growth potential in the coming years, which will determine the levels of growth of the automotive remote keyless entry system market during the forecast period.
The report analyzes the market’s competitive landscape and offers information on several market vendors, including:
This statistical study of the automotive RKE system market encompasses successful business strategies deployed by the key vendors. The automotive RKE system market is fragmented, and the vendors are deploying organic and inorganic growth strategies to compete in the market.
To make the most of the opportunities and recover from the post-COVID-19 impact, market vendors should focus more on the growth prospects in the fast-growing segments while maintaining their positions in the slow-growing segments.
The vendor profiles are designed to help clients improve their market position and information on production and sustainability along with this the report provides a detailed analysis of several leading Companies.
Our In-house experts produce extensive information on the value chain and parent market of the automotive RKE system market which vendors can leverage to gain a competitive advantage during the forecast period. The Value Chain information provides an end-to-end understanding of product insight and profit and also the optimization and evaluation of business strategies The players across the value chain includes selective data and analysis from entire research findings as per the scope of the report.
1 Executive Summary
2 Market Landscape
3 Market Sizing
4 Five Forces Analysis
5 Market Segmentation by Vehicle Type
6 Market Segmentation by End-user
7 Customer Landscape
8 Geographic Landscape
9 Drivers, Challenges, and Trends
10 Vendor Landscape
11 Vendor Analysis
12 Appendix
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