Market Size of Automotive Keyless Entry Access Systems Industry
| Study Period | 2019 - 2029 |
| Base Year For Estimation | 2023 |
| CAGR | > 10.00 % |
| Fastest Growing Market | Asia-Pacific |
| Largest Market | Europe |
| Market Concentration | High |
Major Players
*Disclaimer: Major Players sorted in no particular order |
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Automotive Keyless Entry Access System Market Analysis
The Automotive keyless entry access system market was valued at USD 1.6 billion in 2021 and is anticipated to reach USD 2.68 billion by 2027, at a CAGR of more than 10% during the forecast period.
The COVID-19 pandemic had brought unprecedented disruptions to many industries, and the automobile industry was among the most disrupted ones. Vehicle production and sales decreased across the world in 2020 due to lockdowns and a halt in manufacturing activities across the world. However, by 2021 the market started picking up pace and is expected to grow significantly during the forecast period.
Over the medium term, growing demand for connected cars and the integration of smartphones are expected to encourage vendors to launch advanced and integrated electronic systems in the market creating a positive outlook for the market. Additionally, the increasing regulatory policies that focus on vehicle safety and increased sales of luxury cars are also likely to augment market growth.
Further, the implementation of vehicle security systems in developed countries (such as the United States and Western Europe) and emerging countries (such as China and India) is expected to boost the demand for these systems in the market. The implementation of telematics, keyless entry systems, digital clusters, and high-end infotainment systems is gaining immense traction in the global automotive market.
Moreover, data communication between these keyless access systems and the vehicle is generally powered by RF or Bluetooth signal, thereby increasing the risk of cyberattacks. In addition, the limited availability of service centers and the high cost of repair and maintenance are expected to restrain the market growth.
Europe and North American regions followed by the Asia-Pacific region expected to play a significant role in the market during the forecast period. The growth in revenue and share of these regions is owed to increased participation of the region's leading automotive companies, and favorable technological infrastructure coupled with rising consumer inclination towards safety and comfort features in vehicles.
