Global Automotive Digital Key Market is expected to reach maximum USD by 2022. Automotive digital key is an authorization system and electronic access that allows smart devices like smart watches and smart phones to act as a digital key for any vehicle. Also, allows drivers to unlock, lock, start the engine and share the access to the car. It may be connected to devices in the vehicle like dashboard setup, infotainment systems, lighting, and seats. The Automotive Digital Key Market is estimated to grow at a CAGR of 10.53% over the forecast period as the scope and its applications are rising enormously across the globe.
Rising use of enhanced technology in day-to-day life, easy sharing of digital key with others users using mobile application, and rising digitalization and enhancement in technology are documented as major factors of Automotive Digital Key Market that are estimated to enhance the growth in the years to come.
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In addition, converting the component hardware-driven automotive sector to a software and solutions, and growth in car rental and sharing services are other factors that may boost overall market in the upcoming period. However, cyber security related issues and misuse of digital key are the factors that may restrain Automotive Digital Key in the upcoming period. Automotive Digital Key Industry is segmented based on product type and region.
Car rental, personal use, and car sharing are the product types that could be explored in Automotive Digital Key in the forecast period. Personal use products sector accounted for the substantial market share of Automotive Digital Key and is estimated to lead the overall market in the upcoming period. This may be because of rising use of luxury vehicles and its several benefits.
Globally, EMEA accounted for the substantial market share of Automotive Digital Key and is estimated to lead the overall market in the upcoming period. The reason behind the overall market could be acceptance of technological changes and rapidly rising car sharing market in European countries. Instead, North America and the Asia Pacific are also estimated to have a positive influence on the future growth.
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North America is the second largest region with significant market share. However, Asia Pacific is estimated to grow at fastest pace with the highest CAGR in the foremost period. The developing countries like India and China are the major consumers of Automotive Digital Key in this region.
The key players of Automotive Digital Key Market are Valeo, Bosch, Samsung, Continental, and Ericsson. These players are concentrating on inorganic growth to sustain themselves amongst fierce competition. As companies all over the world have to believe that alliance with a market would permit them proportional market existence and authority to declare the leadership position.
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The market is divided into the following segments based on geography:
• Americas
• APAC
• EMEA
Global Automotive Digital Key Market 2018-2022, has been prepared based on an in-depth market analysis with inputs from industry experts. The report covers the market landscape and its growth prospects over the coming years. The report also includes a discussion of the key vendors operating in this market.
Key vendors
• Bosch
• Continental
• Ericsson
• SAMSUNG
• Valeo
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