Portland, OR, Dec. 09, 2023 (GLOBE NEWSWIRE) — According to the report published by Allied Market Research, the global automotive keyless entry system market generated $1.57 billion in 2020, and is anticipated to reach $4.95 billion by 2030, manifesting a CAGR of 13.1%. The report offers a detailed analysis of the market size, emerging and current trends, future estimations, and key players.
Acceptance of smart technology to improve vehicle safety and convenience and product development to cater to the changing demand trends fuel the global automotive keyless entry system market. On the other hand, high cost of the keyless entry system and decline in production and sale of automotive hinder the market growth. On the contrary, agreements with automotive OEMs for long-term profit and the progress of developing nations create market opportunities.
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COVID-19 Scenario:
- The pandemic has created an interruption in the global automotive keyless entry system market attributed to disturbed supply chains.
- Countries have imposed lockdown, travel restrictions and businesses have paused or shut their operations to curb the spread of the COVID-19 infection. This has impacted overall production and sales.
- Production loss during the pandemic was significant. Global automotive production witnessed a decline in 2020 as compared to the production in 2019.
The report segments the global automotive keyless entry system market on the basis of vehicle type, sales channel, product type, and region.
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Based on vehicle type, the passenger cars segment accounted for the largest market share in 2020, contributing to more than half of the total share, and is expected to maintain the lead throughout the forecast period. The segment is estimated to witness the fastest CAGR of 13.8% from 2023 to 2030. The report also covers the segments such as LCV and HCV.
Based on sales channel, the OEM segment contributed to the highest market share in 2020, attributing to more than half of the total market share, and is anticipated to dominate the market during the forecast period. On the other hand, the aftermarket segment is expected to manifest the fastest CAGR of 13.7% from 2023 to 2030.
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Based on region, the Asia-Pacific, followed by North America, contributed to the highest share in 2020, holding more than one-third of the total share, and is anticipated to maintain dominance throughout the forecast period. The global automotive keyless entry system market across the Asia-Pacific is anticipated to exhibit the fastest CAGR of 14.7% during the forecast period.
Key players of the global automotive keyless entry system market analyzed in the research include Continental AG, Alps Electric Co. Ltd, DENSO Corporation, Microchip Technology Inc., Hella KGaA Hueck & Co., Mitsubishi Electric Corporation, NXP Semiconductors, Valeo, ZF Friedrichshafen AG, and Robert Bosch GmbH.
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