Automotive Digital Key Market Expected To Accelerate At A Whopping 21.9% CAGR, Reaching US$ 16.7 Billion by 2034: Fact.MR Report
Shift in Consumer Expectations toward Convenience and Seamless Driving Experiences Fueling Sales of Smart Automotive Digital Keys
Rockville, Feb. 09, 2024 (GLOBE NEWSWIRE) — As per a new industry analysis by Fact.MR, a market research and competitive intelligence provider, the global automotive digital key market is valued at US$ 2.3 billion in 2024 and is forecasted to reach US$ 16.7 billion by 2034-end.
Automotive digital key sales are witnessing substantial growth driven by technological advancements, changing consumer preferences, and the broader evolution of the automotive industry. The growing preference for convenience among consumers is a primary factor driving demand for advanced digital car keys. Automotive digital keys offer keyless entry, remote start, and personalized settings, aligning with the desire for a seamless and user-friendly driving experience.
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Digital keys also facilitate remote access and control through mobile applications, contributing to the overall connectivity of modern vehicles. The integration of digital keys with emerging technologies such as IoT (the Internet of Things) and AI (artificial intelligence) is boosting the automotive digital key market growth. Features such as predictive user behavior, context-aware customization, and intelligent authentication methods are contributing to the appeal of digital key solutions.
| Report Attribute | Details |
| Value Projection (2034) | US$ 16.7 Billion |
| Growth Rate (2024-2034) | 21.9% CAGR |
| No. of pages | 170 Pages |
| No. of Tables | 84 Tables |
| No. of Figures | 112 Figures |
Key Takeaways from Market Study
- Global demand for automotive digital keys is predicted to increase at a CAGR of 21.9% from 2024 to 2034.
- The automotive digital key market in the United States is forecasted to reach US$ 3.56 billion by 2034-end.
- Germany, with its strong automotive sector and focus on smart mobility, is generating profitable opportunities for automotive digital key producers.
- Demand for automotive digital keys in Japan is estimated at a market value of US$ 224.6 million in 2024.
- Sales of smart key fobs are projected to reach US$ 14.26 billion by 2034-end.
- Demand for automotive digital key cards is projected to rise at a CAGR of 22.5% during the next 10 years.
“In urban environments with high traffic congestion, digital keys offer practical solutions such as keyless entry and remote start, making them attractive to consumers navigating crowded cityscapes,” says a Fact.MR analyst.
Winning Strategy
Leading automotive digital key manufacturers are
- Garmin Ltd.,
- Firstech, LLC,
- Continental AG,
- ALPHA Corporation,
- GARIN System Co., Ltd.,
- Silca S.p.A,
- STMicroelectronics,
- Senturion Key.
Continuous innovation in digital key features and functionalities is a competitive strategy. Leading companies are investing in research and development activities to stay ahead, and the introduction of features such as biometric authentication, predictive analytics, and enhanced connectivity are boosting their revenue growth.
Companies are also focusing on global market expansion, targeting both established automotive markets and emerging economies. This approach ensures a broad market presence and allows companies to tap into diverse consumer demographics.
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More Valuable Insights on Offer
Fact.MR, in its new offering, presents an unbiased analysis of the global automotive digital key market, presenting historical demand data for 2018 to 2023 and forecast statistics for 2024 to 2034.
The study divulges essential insights on the market based on key type (smart key fobs, key cards, smart watches), vehicle type (passenger vehicles, commercial vehicles), and sales channel (OEMs, aftermarket), across six major regions of the world (North America, Latin America, Europe, East Asia, South Asia & Oceania, and MEA).
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About Fact.MR:
Fact.MR is a distinguished market research company renowned for its comprehensive market reports and invaluable business insights. As a prominent player in business intelligence, we deliver deep analysis, uncovering market trends, growth paths, and competitive landscapes. Renowned for its commitment to accuracy and reliability, we empower businesses with crucial data and strategic recommendations, facilitating informed decision-making and enhancing market positioning. With its unwavering dedication to providing reliable market intelligence, FACT.MR continues to assist companies in navigating dynamic market challenges with confidence and achieving long-term success. With a global presence and a team of experienced analysts, FACT.MR ensures its clients receive actionable insights to capitalize on emerging opportunities and stay ahead in the competitive landscape.
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