Automotive Digital Key Market by Application and Geography - Forecast and Analysis 2021-2025

  • Published: Mar 2021
  • Pages: 120
  • SKU: IRTNTR43684
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The automotive digital key market has the potential to grow by 1034.84 thousand units during 2021-2025, and the market’s growth momentum will accelerate at a CAGR of 6.66%.

This automotive digital key 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 market segmentation by application (personal use and car sharing and car rental) and geography (Europe, North America, APAC, South America, and MEA). The report also offers information on several market vendors, including BMW AG, Continental AG, Daimler AG, DENSO Corp., and Hyundai Motor Co., among others.

What will the Automotive Digital Key Market Size be in 2021?

Automotive-Digital-Key-Market-Market-Size-2020-2025

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Automotive Digital Key Market: Key Drivers and Trends

Based on our research output, there has been a negative impact on the market growth during and post COVID-19 era. The increasing demand for car-sharing and car rental services is notably driving the automotive digital key market growth, although factors such as digital keys are not a complete replacement for mechanical keys may impede market growth. To unlock information on the key market drivers and the COVID-19 pandemic impact on the automotive digital key industry get your FREE report sample now.

  • The increasing demand for car-sharing and car rental services has been identified as one of the major factors that will drive the growth of the global automotive digital key market in the coming years.
  • Automotive digital key offers the advantage of sharing the digital key with other users through a mobile phone app.
  • The global automotive digital key market is also expected to grow in line with the growth of the car-sharing and car rental market.
  • The use of digital keys for all connected systems is one of the key automotive digital key market trends that will gain traction in the forthcoming years. The trend will also have a positive impact on the market growth.
  • The digital key can be connected to all the connected devices in the vehicle such as infotainment systems, seats, lighting, and dashboard setup.
  • The user’s settings are then stored and get activated whenever the user enters the vehicle along with digital key access.

This automotive digital key market analysis report also provides detailed information on upcoming trends and challenges that will have a far-reaching effect on the market growth. Get detailed insights on the trends and challenges, which will help companies evaluate and develop growth strategies.

Who are the Major Automotive Digital Key Market Vendors?

The report analyzes the market’s competitive landscape and offers information on several market vendors, including:

 

  • BMW AG
  • Continental AG
  • Daimler AG
  • DENSO Corp.
  • Hyundai Motor Co.
  • Robert Bosch GmbH
  • Samsung Electronics Co. Ltd.
  • Tesla Inc.
  • Valeo SA
  • Volkswagen AG

 

The automotive digital key market is fragmented and the vendors are deploying growth strategies such as technological advancement to compete in the market. Click here to uncover other successful business strategies deployed by the vendors. 

To make the most of the opportunities and recover from 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.

Download a free sample of the automotive digital key market forecast report for insights on complete key vendor profiles. The profiles include information on the production, sustainability, and prospects of the leading companies. 

Which are the Key Regions for Automotive Digital Key Market?

Automotive-Digital-Key-Market-Market-Share-by-Region-2020-2025

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48% of the market’s growth will originate from Europe during the forecast period. Germany and the UK are the key markets for automotive digital key in Europe. Market growth in this region will be slower than the growth of the market in North America.

The faster adoption of technological innovations from European automotive manufacturers will facilitate the automotive digital key market growth in Europe over the forecast period. To garner further competitive intelligence and regional opportunities in store for vendors, view our sample report.

What are the Revenue-generating Application Segments in the Automotive Digital Key Market?

Automotive-Digital-Key-Market-Market-Share-by-Application-2020-2025

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The automotive digital keys for personal use can be shared with other family members, which can save time. The digital key can be shared during package delivery with a customized form by allowing access only to the trunk of the car for delivering the package. Volvo teamed-up with PostNord, the Nordic regions communication and logistics supplier, Lekmer.com, Nordic regions online toy and baby goods store, and Mat.se, a Swedish online grocery retailer, and delivered Christmas gifts directly in the car. The growth of the personal use market segment is expected to be significant during the forecast period.

Fetch actionable market insights on post COVID-19 impact on each segment. This report provides an accurate prediction of the contribution of all the segments to the growth of the automotive digital key market size.

 

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What are the Key Factors Covered in this Automotive Digital Key Market Report?

  • CAGR of the market during the forecast period 2021-2025
  • Detailed information on factors that will drive automotive digital key market growth during the next five years
  • Precise estimation of the automotive digital key market size and its contribution to the parent market
  • Accurate predictions on upcoming trends and changes in consumer behavior
  • The growth of the automotive digital key industry across Europe, North America, APAC, South America, and MEA
  • A thorough analysis of the market’s competitive landscape and detailed information on vendors
  • Comprehensive details of factors that will challenge the growth of automotive digital key market vendors

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Automotive Digital Key Market Scope

Report Coverage

Details

Page number

120

Base year

2020

Forecast period

2021-2025

Growth momentum & CAGR

Accelerate at a CAGR of 7%

Market growth 2021-2025

1034.84 th units

Market structure

Fragmented

YoY growth (%)

5.34

Regional analysis

Europe, North America, APAC, South America, and MEA

Performing market contribution

Europe at 48%

Key consumer countries

US, Germany, UK, Sweden, and China

Competitive landscape

Leading companies, competitive strategies, consumer engagement scope

Companies profiled

BMW AG, Continental AG, Daimler AG, DENSO Corp., Hyundai Motor Co., Robert Bosch GmbH, Samsung Electronics Co. Ltd., Tesla Inc., Valeo SA, and Volkswagen AG

Market Dynamics

Parent market analysis, Market growth inducers and obstacles, Fast-growing and slow-growing segment analysis, COVID 19 impact and future consumer dynamics, market condition analysis for forecast period,

Customization purview

If our report has not included the data that you are looking for, you can reach out to our analysts and get segments customized.

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Executive Summary

    Market Landscape

    • Market ecosystem
    • Value chain analysis

    Market Sizing

    • Market definition
    • Market segment analysis
    • Market size 2020
    • Market outlook: Forecast for 2020 - 2025

    Five Forces Analysis

    • Five forces summary
    • Bargaining power of buyers
    • Bargaining power of suppliers
    • Threat of new entrants
    • Threat of substitutes
    • Threat of rivalry
    • Market condition

    Market Segmentation by Application

    • Market segments
    • Comparison by Application
    • Personal use - Market size and forecast 2020-2025
    • Car sharing and car rental - Market size and forecast 2020-2025
    • Market opportunity by Application

    Customer landscape

      Geographic Landscape

      • Geographic segmentation
      • Geographic comparison
      • Europe - Market size and forecast 2020-2025
      • North America - Market size and forecast 2020-2025
      • APAC - Market size and forecast 2020-2025
      • South America - Market size and forecast 2020-2025
      • MEA - Market size and forecast 2020-2025
      • Key leading countries
      • Market opportunity by geography
      • Market drivers
      • Market challenges
      • Market trends

      Vendor Landscape

      • Vendor Landscape
      • Landscape disruption

      Vendor Analysis

      • Vendors covered
      • Market positioning of vendors
      • BMW AG
      • Continental AG
      • Daimler AG
      • DENSO Corp.
      • Hyundai Motor Co.
      • Robert Bosch GmbH
      • Samsung Electronics Co. Ltd.
      • Tesla Inc.
      • Valeo SA
      • Volkswagen AG

      Appendix

      • Scope of the report
      • Currency conversion rates for US$
      • Research methodology
      • List of abbreviations

      Research Framework

      Technavio presents a detailed picture of the market by way of study, synthesis, and summation of data from multiple sources. The analysts have presented the various facets of the market with a particular focus on identifying the key industry influencers. The data thus presented is comprehensive, reliable, and the result of extensive research, both primary and secondary.

      TechnavioINFORMATION SOURCES

      Primary sources

      • Manufacturers and suppliers
      • Channel partners
      • Industry experts
      • Strategic decision makers

      Secondary sources

      • Industry journals and periodicals
      • Government data
      • Financial reports of key industry players
      • Historical data
      • Press releases
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      TechnavioDATA ANALYSIS

      Data Synthesis

      • Collation of data
      • Estimation of key figures
      • Analysis of derived insights

      Data Validation

      • Triangulation with data models
      • Reference against proprietary databases
      • Corroboration with industry experts
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      TechnavioREPORT WRITING

      Qualitative

      • Market drivers
      • Market challenges
      • Market trends
      • Five forces analysis

      Quantitative

      • Market size and forecast
      • Market segmentation
      • Geographical insights
      • Competitive landscape
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      The automotive digital key market growth will increase by $1.45 million units during 2019-2024.
      The automotive digital key market is expected to grow at a CAGR of 6.44% during 2019-2024.
      Technavio has segmented the automotive digital key market by application (Personal use and Car sharing and car rental) and geographic (Europe, North America, APAC, South America, and MEA).
      BMW AG, Continental AG, Daimler AG, DENSO Corp., Hyundai Motor Co., Robert Bosch GmbH, Samsung Electronics Co. Ltd., Tesla Inc., Valeo SA, Volkswagen AG are a few of the key vendors in the automotive digital key market.
      Europe will register the highest growth rate of 48.28% among the other regions. Therefore, the automotive digital key market in Europe is expected to garner significant business opportunities for the vendors during the forecast period.
      The key factors driving the automotive digital key market growth are:
      • Vulnerability in existing keyless entry systems
      • Digital key accessibility when smart device runs out of charge
      The automotive digital key market vendors should focus on grabbing business opportunities from the personal use segment as it accounted for the largest market share in the base year.
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