Automotive Keyless Entry System Market Forecast 2024-2033: Growth Rate, Drivers, And Trends

The Automotive Keyless Entry System Global Market Report 2024 by The Business Research Company provides market overview across 60+ geographies in the seven regions – Asia-Pacific, Western Europe, Eastern Europe, North America, South America, the Middle East, and Africa, encompassing 27 major global industries. The report presents a comprehensive analysis over a ten-year historic period (2010-2021) and extends its insights into a ten-year forecast period (2023-2033).

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According to The Business Research Company’s Automotive Keyless Entry System Global Market Report 2024, The automotive keyless entry system market size has grown rapidly in recent years. It will grow from $1.53 billion in 2023 to $1.7 billion in 2024 at a compound annual growth rate (CAGR) of 11.5%. The growth in the historic period can be attributed to consumer demand, automotive industry growth, regulatory standards, increasing vehicle production, growing awareness of vehicle security.

The automotive keyless entry system market size is expected to see rapid growth in the next few years. It will grow to $2.65 billion in 2028 at a compound annual growth rate (CAGR) of 11.7%. The growth in the forecast period can be attributed to smart connectivity, emerging markets, electric and autonomous vehicles, rising consumer expectations, global increase in vehicle ownership. Major trends in the forecast period include integration with connected car technologies, technological advancements, continued technological innovations, biometric integration, advanced encryption techniques.

The rising inclination towards safety and security in vehicles is driving the growth of the automotive keyless entry system market. There is more interest in the safety and security of vehicles to avoid any theft of systems within the vehicle or the vehicle itself. The safety features are being bundled and made standard on even the cheapest vehicles, trucks, and crossovers to enable safety and security. The rising interest in the safety and security of vehicles creates more need for keyless entry systems as these systems use radio frequency signals to remotely lock, unlock, and start the vehicle’s engine to enable protection while also offering convenience. For instance, according to the According to Insurance Information Institute In 2022, 1,001,967 vehicles were stolen in the US, which is a 7% increase from 2021. Thus, the rising proclivity towards safety and security in vehicles will drive the automotive keyless entry system market growth.

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The automotive keyless entry system market covered in this report is segmented –

1) By Product: Passive Keyless Entry Systems, Remote Keyless Entry Systems

2) By Vehicle Type: Passenger Cars, LCV, HCV

3) By End-Users: Aftermarket, Original Equipment Manufacturer (OEMs)

Major companies operating in the automotive keyless entry systems market are increasing their focus on introducing phone-as-key systems to gain a competitive edge in the market. Phone-as-key refers to a technology that allows a mobile phone to serve as a virtual key, enabling users to lock, unlock, and start a vehicle using a smartphone. For instance, in June 2021, Hella, a US-based automotive supplier, launched a digital car key with ultra-wideband (UWB) technology that enables hands-free access to the vehicle. The HELLA Smart Car Access system is a phone-as-key system that allows typical access control such as door control and engine start, as well as more advanced features such as digital management of access authorizations for car sharing or fleet providers.

The automotive keyless entry system market report table of contents includes: