Transparency Market Research
A car key is helpful to lock and unlock the vehicle. Car keys are witnessing innovative changes owing to advancements in technology. One such innovation is the digital car key, which helps the owner to share the information of his vehicle securely through the smartphone application. The car digital key is a tool/technology in which smartphones are likely to be utilized as a car key to unlock/lock vehicle doors and start/stop the vehicle engine using Bluetooth technology or near field communication (NFC) technology. The driver can access the entire vehicle and every component of the vehicle with the help of a digital key. Development of digital sensors, quicker mobile connectivity, and compact innovative components are enabling cars to be a part of Internet of Things (IoT).
Usage of start-stop module, which inevitably halts and restarts the internal combustion (IC) engine and reduces fuel consumption and vehicle emissions, is increasing rapidly. It is a major factor drives the automotive digital key market. Surge in vehicle sales complemented by increasing demand for comfort, increase in penetration, and rise in demand for advanced driver assistance system (ADAS) equipped cars, standards by regulatory bodies related to toxic waste and initiations taken for implementation of electric vehicles, and rise in demand of more comfortable vehicles are major factors driving the automotive digital key market. This is likely to be due to the increase in demand for vehicles incorporated with innovative technological features. Major original equipment manufacturers (OEM) are focusing on boosting the production of vehicles having such functionalities in order to encounter the rise in demand from customers.
A digital key is more likely to face cyber security issues, as a digital key is connected to the vehicle through the smartphone that employs software technology for its operation. Anyone can hack the code for the digital key and break into the vehicle through any device.
The global automotive digital key market can be segmented based on technology, application, vehicle type, vehicle class type, and geography.
In terms of technology, the automotive digital key market can be classified into NFC and two other segments. Smartphone devices can lock/unlock the vehicle only with a unique smartphone device due to the advancements in NFC technology, thereby, leading to less cyber security issues. However, using a unique device to lock/unlock the vehicle is likely to cause inconvenience in case of an emergency.
The digital key for automotive has various applications including locking or unlocking the doors and to start and stop the vehicle engine.
Based on vehicle type, the automotive digital key market can be segregated into passenger vehicle and commercial vehicle. The passenger vehicle segment can be further sub-segmented into hatchback, sedan, and SUV/MPV.
In terms of passenger vehicle, the market can be divided into premium, luxury, mid, and entry class vehicles.
Europe is likely to account for a larger share for the automotive digital key market, as compared to the other regions. This is due to the region being a pioneer in vehicle technology and early introduction of the technology in the region. North America, Asia Pacific, Middle East & Africa, and Latin America are other regions of the automotive digital key market.
Key manufacturers operating in the global automotive digital key market include Continental AG (Germany), Hyundai Mobis (Korea), Samsung (South Korea), Robert Bosch (Germany), Ericsson (Sweden), Valeo (France), Denso Corporation (Japan), HELLA, STMicroelectronics (Switzerland), and Infineon Technologies (Singapore).
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