Automotive Digital Key Market to Grow by 1.45 Million Units during 2020-2024, Driven by Demand for Car-Sharing and Car Rental Services

Strategic Insights -

The automotive digital key market is poised to experience significant growth, driven by the increasing demand for car-sharing and car rental services. According to a report by Technavio, the market is expected to grow by 1.45 million units during 2020-2024, progressing at a CAGR of over 6% during the forecast period. The market is characterized by its fragmentation, with key players such as BMW AG, Continental AG, Daimler AG, DENSO Corp., Hyundai Motor Co., Robert Bosch GmbH, Samsung Electronics Co. Ltd., Tesla Inc., Valeo SA, and Volkswagen AG.

Key Takeaways:

  • The market is driven by the demand for car-sharing and car rental services, which is expected to grow significantly during the forecast period.
  • The vulnerability in existing keyless entry systems has been instrumental in driving the growth of the market.
  • The market is segmented into three main application areas: Personal Use, Car Sharing and Car Rental, and Geography, which includes Europe, North America, APAC, South America, and MEA.
  • The key players in the market offer various features and functionalities to cater to the needs of different customers.
  • The market is expected to witness significant growth in the coming years, driven by the increasing demand for car-sharing and car rental services.

Statistics:

  • The market is expected to grow by 1.45 million units during 2020-2024.
  • The CAGR of the market during the forecast period is over 6%.
  • The market is characterized by its fragmentation, with a high degree of competition among key players.
  • The demand for car-sharing and car rental services is expected to grow significantly during the forecast period.
  • The key players in the market are offering various innovative features and functionalities to cater to the needs of different customers.

Sources:

  • Technavio, "Global Automotive Digital Key Market 2020-2024" (Graphic: Business Wire)
  • Business Wire, "Technavio Publishes Research Report on Automotive Digital Key Market 2020-2024: Growth, Trends, and Forecasts" (https://www.businesswire.com/news/home/20200520005373/en/)
  • Technavio, "Automotive Digital Key Market 2020-2024: Scope, Size, Drivers, Trends, and Forecasts"