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Automotive Digital Key Market by Application and Geography - Forecast and Analysis 2022-2026

  • Published: Feb 2022
  • Pages: 120
  • SKU: IRTNTR43684
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The automotive digital key market share is expected to increase by USD 640.39 million from 2021 to 2026, and the market’s growth momentum will accelerate at a CAGR of 6.25%.

This automotive digital key market research report extensively covers automotive digital key market segmentation by application (personal use and car-sharing and car rental) and geography (Europe, North America, APAC, South America, and the Middle East and Africa). The automotive digital key market report also offers information on several market vendors, including BMW AG, Continental AG, Daimler AG, Ford Motor Co., General Motors Co., Giesecke + Devrient GmbH, HELLA GmbH and Co. KG, Hyundai Motor Co., Infineon Technologies AG, Robert Bosch GmbH, RoboArt Inc., Samsung Electronics Co. Ltd., STMicroelectronics NV, Telefonaktiebolaget LM Ericsson, Tesla Inc., Toyota Motor Corp., Valeo SA, Volkswagen AG, Volvo Car Corp., Apple Inc., and DENSO Corp. among others.

What will the Automotive Digital Key Market Size be During the Forecast Period?

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Automotive Digital Key Market: Key Drivers, Trends, and Challenges

Based on our research output, there has been a negative impact on the market growth during and post COVID-19 era. The standardization for using smart devices as keys is notably driving the automotive digital key market growth, although factors such as difficulties in insurance claims may impede the market growth. Our research analysts have studied the historical data and deduced the key market drivers and the COVID-19 pandemic impact on the automotive digital key industry. The holistic analysis of the drivers will help in deducing end goals and refining marketing strategies to gain a competitive edge.

Key Automotive Digital Key Market Driver 

One of the key factors driving the global automotive digital key market growth is the standardization for using smart devices as keys. The security provided when accessing the vehicles using smart devices and the need for standardizing the technical requirements are encouraging organizations such as the Car Connectivity Consortium (CCC) to work toward security and standardization. The effort has been taken by the CCC based on the existing standard technologies such as global platform, Groupe Speciale Mobile Association (GSMA), Bluetooth, and NFC. In May 2020, CCC announced that the next generation of a digital key is under development. This new specification is expected to leverage Bluetooth low energy and ultra-wideband wireless connectivity to support passive, location-aware keyless access, providing vehicle owners with more convenience and innovative features. Such factors are expected to drive the adoption of the automotive digital key market during the forecast period.

Key Automotive Digital Key Market Trend

Another key factor driving the global automotive digital key market growth is the use of smart wearables as digital keys. The accessibility of the digital key through a smartphone is in the innovation phase. However, some OEMs have started providing digital key accessibility with smart wearables. For instance, Jaguar Land Rover has come up with a new smart wearable and named it Activity key. It was introduced in the new model Jaguar F-Pace as an optional add-on, which would be available at an extra cost of USD 1,200. Similarly, Hyundai supports an Android Wear watch that connects to its Blue Link systems to lock or unlock the car doors and to start the car engine. Furthermore, in June 2020, Apple Inc. introduced digital car keys for wirelessly unlocking cars using iPhone or Apple Watch. This trend of using smart wearables as digital keys will have a positive impact on the global automotive digital key market in the coming years.

Key Automotive Digital Key Market Challenge

One of the key challenges to the global automotive digital key market growth is the difficulties in insurance claims. According to the Society of Motor Manufacturers and Traders, as the signal between the key fob and the vehicle can be hacked, it becomes easy for thieves to bypass the security. This has raised concerns about vehicle security not only among consumers but also among insurance providers. Insurance providers have to add additional requirements in insurance terms of vehicles equipped with keyless entry systems and digital key systems. They are unwilling to cover vehicles with keyless entry systems or digital keys unless the driver combines the insurance with household insurance, which hedges against the risk taken by the insurance provider. Such factors are expected to negatively impact the market growth during the forecast period.

This automotive digital key 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.

Parent Market Analysis

Technavio categorizes the global automotive digital key market as a part of the global automotive components and accessories 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 digital key market during the forecast period.

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
  • Ford Motor Co.
  • General Motors Co.
  • Giesecke + Devrient GmbH
  • HELLA GmbH and Co. KG
  • Hyundai Motor Co.
  • Infineon Technologies AG
  • Robert Bosch GmbH
  • RoboArt Inc.
  • Samsung Electronics Co. Ltd.
  • STMicroelectronics NV
  • Telefonaktiebolaget LM Ericsson
  • Tesla Inc.
  • Toyota Motor Corp.
  • Valeo SA
  • Volkswagen AG
  • Volvo Car Corp.
  • Apple Inc.
  • DENSO Corp.

This statistical study of the automotive digital key market encompasses successful business strategies deployed by the key vendors. The automotive digital key market is fragmented and the vendors are deploying organic and inorganic growth strategies to compete in the market.

Product Insights and News

  • Samsung Electronics Co. Ltd. - The company offers an automotive digital key that includes Samsung pass to control the vehicle systems remotely via their smartphone through Bluetooth low energy communication in which users can lock and unlock the vehicle, activate the alarm, and start the engine.

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.

The automotive digital key market forecast report offers in-depth insights into key vendor profiles. The profiles include information on the production, sustainability, and prospects of the leading companies.

Automotive Digital Key Market Value Chain Analysis

Our report provides extensive information on the value chain analysis for the automotive digital key market, which vendors can leverage to gain a competitive advantage during the forecast period. The end-to-end understanding of the value chains is essential in profit margin optimization and evaluation of business strategies. The data available in our value chain analysis segment can help vendors drive costs and enhance customer services during the forecast period.

Which are the Key Regions for Automotive Digital Key Market?

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46% of the market’s growth will originate from Europe during the forecast period. Germany and UK are the key markets for automotive digital keys in Europe. Market growth in this region will be faster than the growth of the market in South America, MEA, and APAC.

The significant increase in the demand for the automotive digital key owing to the increase in the market for car sharing and car rental will facilitate the automotive digital key market growth in Europe over the forecast period. This market research report entails detailed information on the competitive intelligence, marketing gaps, and regional opportunities in store for vendors, which will assist in creating efficient business plans.

COVID Impact and Recovery Analysis

The outbreak of COVID-19 in 2020 is one of the key factors that affected the sales of automotive digital keys in the region. In 2020, the automotive industry, especially the car segment, witnessed the sharpest drop, an all-time low, due to the pandemic. However, the governments of several countries lifted lockdown restrictions in the third quarter of 2020 with the decreasing COVID-19 cases, which led to the resumption of business operations of various automobile manufacturers and auto component and accessory providers. The European Automobile Manufacturers Association (ACEA) estimated that 2021 marked the first step on the path to recovery, with sales rising by about 10% from the sales registered in 2020.

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

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The automotive digital key market share growth by the personal use segment will be significant during the forecast period. The increase in usage of the automotive digital keys will support the segment growth during the forecast period. Moreover, the automotive digital keys for personal use can be shared with other family members, which will also save time.

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

Automotive Digital Key Market Scope

Report Coverage

Details

Page number

120

Base year

2021

Forecast period

2022-2026

Growth momentum & CAGR

Accelerate at a CAGR of 6.25%

Market growth 2022-2026

$ 640.39 million

Market structure

Fragmented

YoY growth (%)

6.02

Regional analysis

Europe, North America, APAC, South America, and the Middle East and Africa

Performing market contribution

Europe at 46%

Key consumer countries

US, Canada, China, Germany, UK, and Sweden

Competitive landscape

Leading companies, Competitive strategies, Consumer engagement scope

Key companies profiled

BMW AG, Continental AG, Daimler AG, Ford Motor Co., General Motors Co., Giesecke + Devrient GmbH, HELLA GmbH and Co. KG, Hyundai Motor Co., Infineon Technologies AG, Robert Bosch GmbH, RoboArt Inc., Samsung Electronics Co. Ltd., STMicroelectronics NV, Telefonaktiebolaget LM Ericsson, Tesla Inc., Toyota Motor Corp., Valeo SA, Volkswagen AG, Volvo Car Corp., Apple Inc., and DENSO Corp.

Market dynamics

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

Customization purview

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

  • CAGR of the market during the forecast period 2022-2026
  • 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 the Middle East and Africa
  • 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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1 Executive Summary

  • 1.1 Market overview
    • Exhibit 01: Executive Summary – Chart on Market Overview
    • Exhibit 02: Executive Summary – Data Table on Market Overview
    • Exhibit 03: Executive Summary – Chart on Global Market Characteristics
    • Exhibit 04: Executive Summary – Chart on Market by Geography
    • Exhibit 05: Executive Summary – Chart on Market Segmentation by Application
    • Exhibit 06: Executive Summary – Chart on Incremental Growth
    • Exhibit 07: Executive Summary – Data Table on Incremental Growth
    • Exhibit 08: Executive Summary – Chart on Vendor Market Positioning

2 Market Landscape

  • 2.1 Market ecosystem
    • Exhibit 09: Parent market
    • Exhibit 10: Market Characteristics

3 Market Sizing

  • 3.1 Market definition
    • Exhibit 11: Offerings of vendors included in the market definition
  • 3.2 Market segment analysis
    • Exhibit 12: Market segments
  • 3.3 Market size 2021
    • 3.4 Market outlook: Forecast for 2021-2026
      • Exhibit 13: Chart on Global - Market size and forecast 2021-2026 ($ million)
      • Exhibit 14: Data Table on Global - Market size and forecast 2021-2026 ($ million)
      • Exhibit 15: Chart on Global Market: Year-over-year growth 2021-2026 (%)
      • Exhibit 16: Data Table on Global Market: Year-over-year growth 2021-2026 (%)

    4 Five Forces Analysis

    • 4.1 Five forces summary
      • Exhibit 17: Five forces analysis - Comparison between 2021 and 2026
    • 4.2 Bargaining power of buyers
      • Exhibit 18: Bargaining power of buyers – Impact of key factors in 2021 and 2026
    • 4.3 Bargaining power of suppliers
      • Exhibit 19: Bargaining power of suppliers – Impact of key factors in 2021 and 2026
    • 4.4 Threat of new entrants
      • Exhibit 20: Threat of new entrants – Impact of key factors in 2021 and 2026
    • 4.5 Threat of substitutes
      • Exhibit 21: Threat of substitutes – Impact of key factors in 2021 and 2026
    • 4.6 Threat of rivalry
      • Exhibit 22: Threat of rivalry – Impact of key factors in 2021 and 2026
    • 4.7 Market condition
      • Exhibit 23: Chart on Market condition - Five forces 2021 and 2026

    5 Market Segmentation by Application

    • 5.1 Market segments
      • Exhibit 24: Chart on Application - Market share 2021-2026 (%)
      • Exhibit 25: Data Table on Application - Market share 2021-2026 (%)
    • 5.2 Comparison by Application
      • Exhibit 26: Chart on Comparison by Application
      • Exhibit 27: Data Table on Comparison by Application
    • 5.3 Personal use - Market size and forecast 2021-2026
      • Exhibit 28: Chart on Personal use - Market size and forecast 2021-2026 ($ million)
      • Exhibit 29: Data Table on Personal use - Market size and forecast 2021-2026 ($ million)
      • Exhibit 30: Chart on Personal use - Year-over-year growth 2021-2026 (%)
      • Exhibit 31: Data Table on Personal use - Year-over-year growth 2021-2026 (%)
    • 5.4 Car sharing and car rental - Market size and forecast 2021-2026
      • Exhibit 32: Chart on Car sharing and car rental - Market size and forecast 2021-2026 ($ million)
      • Exhibit 33: Data Table on Car sharing and car rental - Market size and forecast 2021-2026 ($ million)
      • Exhibit 34: Chart on Car sharing and car rental - Year-over-year growth 2021-2026 (%)
      • Exhibit 35: Data Table on Car sharing and car rental - Year-over-year growth 2021-2026 (%)
    • 5.5 Market opportunity by Application
      • Exhibit 36: Market opportunity by Application ($ million)

    6 Customer Landscape

    • 6.1 Customer landscape overview
      • Exhibit 37: Analysis of price sensitivity, lifecycle, customer purchase basket, adoption rates, and purchase criteria

    7 Geographic Landscape

    • 7.1 Geographic segmentation
      • Exhibit 38: Chart on Market share by geography 2021-2026 (%)
      • Exhibit 39: Data Table on Market share by geography 2021-2026 (%)
    • 7.2 Geographic comparison
      • Exhibit 40: Chart on Geographic comparison
      • Exhibit 41: Data Table on Geographic comparison
    • 7.3 Europe - Market size and forecast 2021-2026
      • Exhibit 42: Chart on Europe - Market size and forecast 2021-2026 ($ million)
      • Exhibit 43: Data Table on Europe - Market size and forecast 2021-2026 ($ million)
      • Exhibit 44: Chart on Europe - Year-over-year growth 2021-2026 (%)
      • Exhibit 45: Data Table on Europe - Year-over-year growth 2021-2026 (%)
    • 7.4 North America - Market size and forecast 2021-2026
      • Exhibit 46: Chart on North America - Market size and forecast 2021-2026 ($ million)
      • Exhibit 47: Data Table on North America - Market size and forecast 2021-2026 ($ million)
      • Exhibit 48: Chart on North America - Year-over-year growth 2021-2026 (%)
      • Exhibit 49: Data Table on North America - Year-over-year growth 2021-2026 (%)
    • 7.5 APAC - Market size and forecast 2021-2026
      • Exhibit 50: Chart on APAC - Market size and forecast 2021-2026 ($ million)
      • Exhibit 51: Data Table on APAC - Market size and forecast 2021-2026 ($ million)
      • Exhibit 52: Chart on APAC - Year-over-year growth 2021-2026 (%)
      • Exhibit 53: Data Table on APAC - Year-over-year growth 2021-2026 (%)
    • 7.6 South America - Market size and forecast 2021-2026
      • Exhibit 54: Chart on South America - Market size and forecast 2021-2026 ($ million)
      • Exhibit 55: Data Table on South America - Market size and forecast 2021-2026 ($ million)
      • Exhibit 56: Chart on South America - Year-over-year growth 2021-2026 (%)
      • Exhibit 57: Data Table on South America - Year-over-year growth 2021-2026 (%)
    • 7.7 Middle East and Africa - Market size and forecast 2021-2026
      • Exhibit 58: Chart on Middle East and Africa - Market size and forecast 2021-2026 ($ million)
      • Exhibit 59: Data Table on Middle East and Africa - Market size and forecast 2021-2026 ($ million)
      • Exhibit 60: Chart on Middle East and Africa - Year-over-year growth 2021-2026 (%)
      • Exhibit 61: Data Table on Middle East and Africa - Year-over-year growth 2021-2026 (%)
    • 7.8 US - Market size and forecast 2021-2026
      • Exhibit 62: Chart on US - Market size and forecast 2021-2026 ($ million)
      • Exhibit 63: Data Table on US - Market size and forecast 2021-2026 ($ million)
      • Exhibit 64: Chart on US - Year-over-year growth 2021-2026 (%)
      • Exhibit 65: Data Table on US - Year-over-year growth 2021-2026 (%)
    • 7.9 Germany - Market size and forecast 2021-2026
      • Exhibit 66: Chart on Germany - Market size and forecast 2021-2026 ($ million)
      • Exhibit 67: Data Table on Germany - Market size and forecast 2021-2026 ($ million)
      • Exhibit 68: Chart on Germany - Year-over-year growth 2021-2026 (%)
      • Exhibit 69: Data Table on Germany - Year-over-year growth 2021-2026 (%)
    • 7.10 UK - Market size and forecast 2021-2026
      • Exhibit 70: Chart on UK - Market size and forecast 2021-2026 ($ million)
      • Exhibit 71: Data Table on UK - Market size and forecast 2021-2026 ($ million)
      • Exhibit 72: Chart on UK - Year-over-year growth 2021-2026 (%)
      • Exhibit 73: Data Table on UK - Year-over-year growth 2021-2026 (%)
    • 7.11 Sweden - Market size and forecast 2021-2026
      • Exhibit 74: Chart on Sweden - Market size and forecast 2021-2026 ($ million)
      • Exhibit 75: Data Table on Sweden - Market size and forecast 2021-2026 ($ million)
      • Exhibit 76: Chart on Sweden - Year-over-year growth 2021-2026 (%)
      • Exhibit 77: Data Table on Sweden - Year-over-year growth 2021-2026 (%)
    • 7.12 Canada - Market size and forecast 2021-2026
      • Exhibit 78: Chart on Canada - Market size and forecast 2021-2026 ($ million)
      • Exhibit 79: Data Table on Canada - Market size and forecast 2021-2026 ($ million)
      • Exhibit 80: Chart on Canada - Year-over-year growth 2021-2026 (%)
      • Exhibit 81: Data Table on Canada - Year-over-year growth 2021-2026 (%)
    • 7.13 China - Market size and forecast 2021-2026
      • Exhibit 82: Chart on China - Market size and forecast 2021-2026 ($ million)
      • Exhibit 83: Data Table on China - Market size and forecast 2021-2026 ($ million)
      • Exhibit 84: Chart on China - Year-over-year growth 2021-2026 (%)
      • Exhibit 85: Data Table on China - Year-over-year growth 2021-2026 (%)
    • 7.14 Market opportunity by geography
      • Exhibit 86: Market opportunity by geography ($ million)

    8 Drivers, Challenges, and Trends

    • 8.1 Market drivers
      • 8.2 Market challenges
        • 8.3 Impact of drivers and challenges
          • Exhibit 87: Impact of drivers and challenges in 2021 and 2026
        • 8.4 Market trends

          9 Vendor Landscape

          • 9.1 Overview
            • 9.2 Vendor landscape
              • Exhibit 88: Overview on Criticality of inputs and Factors of differentiation
            • 9.3 Landscape disruption
              • Exhibit 89: Overview on factors of disruption
            • 9.4 Industry risks
              • Exhibit 90: Impact of key risks on business

            10 Vendor Analysis

            • 10.1 Vendors covered
              • Exhibit 91: Vendors covered
            • 10.2 Market positioning of vendors
              • Exhibit 92: Matrix on vendor position and classification
            • 10.3 BMW AG
              • Exhibit 93: BMW AG - Overview
              • Exhibit 94: BMW AG - Business segments
              • Exhibit 95: BMW AG - Key news
              • Exhibit 96: BMW AG - Key offerings
              • Exhibit 97: BMW AG - Segment focus
            • 10.4 Continental AG
              • Exhibit 98: Continental AG - Overview
              • Exhibit 99: Continental AG - Business segments
              • Exhibit 100: Continental AG - Key news
              • Exhibit 101: Continental AG - Key offerings
              • Exhibit 102: Continental AG - Segment focus
            • 10.5 Daimler AG
              • Exhibit 103: Daimler AG - Overview
              • Exhibit 104: Daimler AG - Business segments
              • Exhibit 105: Daimler AG - Key news
              • Exhibit 106: Daimler AG - Key offerings
              • Exhibit 107: Daimler AG - Segment focus
            • 10.6 DENSO Corp.
              • Exhibit 108: DENSO Corp. - Overview
              • Exhibit 109: DENSO Corp. - Business segments
              • Exhibit 110: DENSO Corp. - Key news
              • Exhibit 111: DENSO Corp. - Key offerings
              • Exhibit 112: DENSO Corp. - Segment focus
            • 10.7 Hyundai Motor Co.
              • Exhibit 113: Hyundai Motor Co. - Overview
              • Exhibit 114: Hyundai Motor Co. - Business segments
              • Exhibit 115: Hyundai Motor Co. - Key offerings
              • Exhibit 116: Hyundai Motor Co. - Segment focus
            • 10.8 Robert Bosch GmbH
              • Exhibit 117: Robert Bosch GmbH - Overview
              • Exhibit 118: Robert Bosch GmbH - Business segments
              • Exhibit 119: Robert Bosch GmbH - Key news
              • Exhibit 120: Robert Bosch GmbH - Key offerings
              • Exhibit 121: Robert Bosch GmbH - Segment focus
            • 10.9 Samsung Electronics Co. Ltd.
              • Exhibit 122: Samsung Electronics Co. Ltd. - Overview
              • Exhibit 123: Samsung Electronics Co. Ltd. - Business segments
              • Exhibit 124: Samsung Electronics Co. Ltd. - Key news
              • Exhibit 125: Samsung Electronics Co. Ltd. - Key offerings
              • Exhibit 126: Samsung Electronics Co. Ltd. - Segment focus
            • 10.10 Tesla Inc.
              • Exhibit 127: Tesla Inc. - Overview
              • Exhibit 128: Tesla Inc. - Business segments
              • Exhibit 129: Tesla Inc. - Key offerings
              • Exhibit 130: Tesla Inc. - Segment focus
            • 10.11 Valeo SA
              • Exhibit 131: Valeo SA - Overview
              • Exhibit 132: Valeo SA - Business segments
              • Exhibit 133: Valeo SA - Key news
              • Exhibit 134: Valeo SA - Key offerings
              • Exhibit 135: Valeo SA - Segment focus
            • 10.12 Volkswagen AG
              • Exhibit 136: Volkswagen AG - Overview
              • Exhibit 137: Volkswagen AG - Business segments
              • Exhibit 138: Volkswagen AG - Key offerings
              • Exhibit 139: Volkswagen AG - Segment focus

            11 Appendix

            • 11.1 Scope of the report
              • 11.2 Inclusions and exclusions checklist
                • Exhibit 140: Inclusions checklist
                • Exhibit 141: Exclusions checklist
              • 11.3 Currency conversion rates for US$
                • Exhibit 142: Currency conversion rates for US$
              • 11.4 Research methodology
                • Exhibit 143: Research methodology
                • Exhibit 144: Validation techniques employed for market sizing
                • Exhibit 145: Information sources
              • 11.5 List of abbreviations
                • Exhibit 146: List of abbreviations
              • from counterfeit auto parts and equipment: Counterfeiting in auto parts and equipment is a major challenge for OEMs, as it is a lucrative business. Airbags, engine and drivetrain components, brake pads, body parts, electrical components, wheels including aluminum alloy wheels, and windscreens are some of the auto parts and equipment that are counterfeited in large volumes. It is difficult to distinguish a fake auto part or equipment from the original, legitimate automotive part because the external appearance looks strikingly similar. Consequently, consumers unknowingly purchase counterfeit products, which could be sub-standard and unsafe. o

                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
                Technavio

                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
                Technavio

                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 $640.39 million during 2021-2026.
                The automotive digital key market is expected to grow at a CAGR of 6.25% during 2021-2026.
                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 Middle East and Africa).
                BMW AG, Continental AG, Daimler AG, Ford Motor Co., General Motors Co., Giesecke + Devrient GmbH, HELLA GmbH and Co. KG, Hyundai Motor Co., Infineon Technologies AG, Robert Bosch GmbH, RoboArt Inc., Samsung Electronics Co. Ltd., STMicroelectronics NV, Telefonaktiebolaget LM Ericsson, Tesla Inc., Toyota Motor Corp., Valeo SA, Volkswagen AG, Volvo Car Corp., Apple Inc., DENSO Corp. are a few of the key vendors in the automotive digital key market.
                Europe will register the highest growth rate of 45.67% 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:
                • Standardization for using smart devices as keys
                • Use of smart wearables as digital keys
                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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