ALBANY, N.Y., June 16, 2021 /PRNewswire/- Automotive Digital Key Market – Overview. The digitization of vehicles is reckoned to bring a dramatic change in the automotive industry. GPS vehicle tracking, in-car entertainment systems, and vehicle-to-vehicle communication are some digital electronic systems that are increasingly becoming common for an improved driving experience. Moreover, automobiles equipped with digital technologies generate significant value for the automotive industry and for the society. Beyond this, the concept of automotive digital key, which is yet at conception stage is considered to take vehicle ownership, and benefits around it to the next level.
Meanwhile, to bring the concept to fruition, leading automobile manufacturers, smart device vendors, security companies, and rental companies have come together to set the technical standards of smartphones based vehicle digital key. Besides this, these collaborations among these companies is to develop automotive digital keys that provide advanced features over conventional keys such as connected automobiles, keyless entry, and driver safety features among others. This is attracted massive investments, R&D for digital car key technology and its applications with the foremost goal of improving vehicle safety. Emerging from a niche segment of the automotive industry, automotive digital key is today a multi-million dollar business sector, which with prospects of continued growth is projected to be worth more than US$ 11.6 Bn by 2031.
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Automotive Digital Key Market –Key Findings of the Report
Entry of Luxury Automobile Brands to Develop Technology to Attract Impressive Demand
The digital car key developed by BMW is gaining popularity as it is now on the iPhone in cooperation with Apple. Taking cue, companies in the automotive digital key market are marching toward one-device-does-all scenario, and to develop the technology for the car key to be compatible on a smartphone.
To enhance the virtues of digital keys, companies in the automotive digital key market are making efforts to develop ultra-wide band (UWB) enabled digital keys that send short signals between the mobile device and the connected vehicle. Such pursuits are undertaken collaborating with smartphone brands, which is a win-win for both phone and car brands for revenue gains.
Meanwhile, for maximum security and data protection, companies in the automotive digital key market are increasing their research in near field communication (NFC) technology for high level of data protection. Furthermore, these companies are focused on for innovating digital keys that require the Internet only for setup purpose, and not at all times during their use. This collectively is favorable for the automotive digital key market.
Innovations in the Form of Activity Keys to Help Overcome Limitations of First-gen Automotive Digital Keys
Companies in the automotive digital key market are focused on to create supplementary keys in the form of activity bands and are being promoted by luxury automobile brands such as Jaguar Land Rover. Using activity keys, car owners can leave their standard physical keys, phones, and wallet safely at home or in the dash box. This benefits the automotive digital key market.
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Manufacturers turn to Ecommerce to Reduce Impact of Backlash from the Automotive Sector hit by COVID-19
The declining automobile sales in the ongoing COVID-19 pandemic has compelled stakeholders in the automotive industry to unlock the revenue potential of eCommerce. Manufacturers in the automotive digital key market are marketing automotive digital keys emphasizing on their use increase vehicle safety, and added benefits of compact size, reliability, and effectiveness for car remote locking systems.
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Attractive marketing and deals offered by automobile companies, car dealers is slowly gaining acceptance among buyers to buy big-tickets items such as cars via virtual sales channels.
Automotive Digital Key Market – Growth Drivers
- Increasing deployment of in-car digital technologies to increase vehicle safety, improve overall on-the roads quality to present copious opportunities.
- Advantage of direct access from cloud, eliminating the use of smart key fobs to attract vehicle owners.
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Automotive Digital Key Market – Key Players
- ALPHA Corporation
- Denso Corporation
- HELLA GmbH & Co. KGaA
- Minda Corporation
- NXP Semiconductors
- Samsung Silca
- Telefonaktiebolaget LM Ericsson
- Continental AG
- Heights Security Inc.
- Hyundai Mobis
- Mitsubishi Electric Corporation
- Robert Bosch GmbH
- STMicroelectronics
- Valeo SA
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