What is Vehicle Digital Key Market Scope?
The use of a car key is useful for locking and unlocking the vehicle. Because of technological advances, car keys are undergoing creative changes. One such invention is the digital car key, which enables the owner to securely share vehicle details through a smartphone application. The car digital key is a tool/technology that allows smartphones to be used as a car key to unlock/lock vehicle doors and start/stop the vehicle engine using Bluetooth or near field communication (NFC). With the aid of a digital key, the driver can gain access to the entire vehicle and all of its components. In recent years, the rapid rise in demand for luxury vehicles has had a positive effect on the automotive digital key industry. A sudden boom in the vehicle digital key market has been found as businesses spend more in luxury vehicles. Vehicle manufacturers are actively working on new and innovative features to include in their cars.
Influencing Trend:
Sharing a Digital Key with Other Users through a Mobile Phone App
Market Growth Drivers:
Increasing Urbanisation and Increasing Standard of Living and Gradual Shift from Transportation to Comfortable/Convenient Transportation
Challenges:
One of the biggest challenges facing vehicle digital key technology is ensuring that it is secure enough to prevent unauthorized access. Any vulnerabilities in the system could lead to car theft or other security breaches.
Restraints:
Higher Cost of these cars
Opportunities:
Increasing Demand For Car Sharing And Car Rental Services and Growing Technological Advancement in the Automobile industry
The Vehicle Digital Key market study is being classified by Type (Single Function and Multi-Function), by Application and major geographies with country level break-up.
The companies are exploring the market by adopting mergers & acquisitions, expansions, investments, new service launches and collaborations as their preferred strategies. The players are exploring new geographies through expansions and acquisitions to avail a competitive advantage through combined synergies. Analysts at AMA predicts that Vendors from European will contribute to the maximum growth of Global Vehicle Digital Key market throughout the predicted period.
Continental AG (Germany), Daimler AG (Germany), DENSO Corp. (Japan), Hyundai Motor Co. (South Korea), Robert Bosch GmbH (Germany), Samsung Electronics Co. Ltd. (South Korea), Tesla Inc. (United States), Valeo SA (France), Volkswagen AG (United States), Tokai Rika Co. Ltd (Japan) and NXP(Netherlands) are some of the key players profiled in the study.
Segmentation Analysis
Analyst at AMA have segmented the market study of Global Vehicle Digital Key market by Type, Application and Region.
On the basis of geography, the market of Vehicle Digital Key has been segmented into South America (Brazil, Argentina, Rest of South America), Asia Pacific (China, Japan, India, South Korea, Taiwan, Australia, Rest of Asia-Pacific), Europe (Germany, France, Italy, United Kingdom, Netherlands, Rest of Europe), MEA (Middle East, Africa), North America (United States, Canada, Mexico).
Market Influencers and their Development Strategies
From SoftBank, Hyundai Motor Group buys a majority stake in Boston Dynamics. The group anticipates that company synergies will hasten the creation of cutting-edge robotics with superior mobility, manipulation, and vision capabilities.
January 2021 – Samsung partners with Audi, BMW, Ford, and Genesis to turn your phone into a car key. The dream of using phone to unlock the car may be available as soon as August 2021. And excitingly, those digital car keys should work with Apple iPhones and across other Android brands, too. and March 2020 – NXP has announced the availability of an automotive digital key solution that enables smartphones, key fobs and other mobile devices to “securely communicate, store, authenticate and share digital keys with vehicles.”
Key Target Audience
Automotive Manufacturers, Auto Part Manufacturers, Technology Investors and Others
Vehicle Digital Key Market Study: Important Years
Attributes | Details |
---|
Study Period | 2018-2028 |
Base Year | 2022 |
Forecast Period | 2023-2028 |
Historical Period | 2018-2022 |
Unit | Value (USD Million) |
Customization Scope | Avail customization with purchase of this report. Add or modify country, region & or narrow down segments in the final scope subject to feasibility |
Major Highlights of Market Study
Demand Determinants: Identifying top-notch application and business segments that seek high growth potentials in Vehicle Digital Key Market.
Key Strategic Developments: To target untapped regions more aggressively by focusing on product/service developments, innovation and R & D, new launches, Merger & acquisitions, JVs & partnerships.
Forces & Market Dynamics: Growth drivers, restraints & opportunities available in Vehicle Digital Key industry is examined with reference relevant market sectors and sub-sectors.
Customization available in this Study:
The Study can be customized to meet your requirements. Please connect with our representative, who will ensure you get a report that suits your needs.
To compete effectively, companies also require quantitative estimates of the future growth and qualitative nature of the market. AMA Research features not just specific market sizing estimates, but also includes significant value-added commentary on Technological Trends and Innovations, Regulatory Policies, Market Maturity Indicators, Market Share Movements, New Entrants into the Market & Entry/Exit Barriers, Consumer Demographics, Supporting Company Financial and Cash Flow Planning, Open Up New Markets, To Seize Powerful Market Opportunities, Key Decision in Planning and to Further Expand Market Share, Identify Key Business Segments, Market Proposition & Gap Analysis.