The global automotive digital key market is likely to grow at a higher CAGR of 10.53% during the period 2018-2022. The digital services have changed the facet of automotive industry. Passenger transportation sector seems booming at present with the rise in use of SMART apps. It implies that the digital services have empowered the customers and will bring a revolution to the automotive industry in the next ten years than it witnessed in the last fifty years.
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The economic value within the automotive industry and adjacent verticals seem to experience a drastic change leading to new trends for companies to follow. The inception of automotive digital key comes with embedded features such as standing firmly in marketplace to offer mobility as a service. The digital key is a simple concept wherein a user operates (lock/unlock) his car via smartphone. The app allows the user to share his car with other user connected within the network.
Automotive digital key market is driven by factors such as rising trends in IoT, tremendous improvements in the automotive sector, and effective use of digital devices for autonomous cars. In addition, automotive sector is in its evolutionary phase to witness some drastic changes pertaining to safety and functionality. However, mounting costs, technical loopholes and associated complexity is likely to trigger the market growth during the forecast period.
Segmentation by feature for automotive digital key market includes personal use, car rental and car sharing. Geographical segmentation for automotive digital key market includes North America, South America, Europe, Asia-Pacific, Middle East and Africa. North American and European market is likely to grow at a staggering CAGR in the forecast period due to rise in use of digital sensors and proliferation of smartphones and mobiles.
Asia-Pacific’s market is expected to rise at a higher CAGR in the forecast period owing to a wider presence of automotive industry. Changing scenarios pertaining to safety and functionality is likely to propel the market growth in the forecast period. The key players in the automotive digital key market include Bosch, Ericcson, SAMSUNG and Valeo.
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About Automotive Digital Key
The automotive digital key is a technology where the smart phones can be used as the vehicle key to lock/unlock the doors and start the engine using near field communication (NFC) or Bluetooth technology.
Covered in this report
The report covers the present scenario and the growth prospects of the global automotive digital key market for 2018-2022. To calculate the market size, the report presents a detailed picture of the market by way of study, synthesis, and summation of data from multiple sources.
The market is divided into the following segments based on geography:
Global Automotive Digital Key Market 2018-2022, has been prepared based on an in-depth market analysis with inputs from industry experts. The report covers the market landscape and its growth prospects over the coming years. The report also includes a discussion of the key vendors operating in this market.
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