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Vehicle Digital Key Market Segmented By technology such as Bluetooth, NFC, Others with Component such as Proximity Sensors, Control Unit, Software
Rapid increase in demand for luxury vehicles in recent times has had a positive impact on the vehicle digital key market. As companies are now investing more in luxury vehicles, a sudden boom in the vehicle digital key market is being noticed. Companies are constantly working on incorporating exciting features in their vehicles.
The strategies followed by the companies in the vehicle digital key market are related to being the first point of contact for the clients. This has been possible as the companies are expanding geographically to be accessible to the client in every region.
The other strategy that companies are opting for is by giving the clients fast and easy product evaluation. For this, companies are trying to give a comprehensive product portfolio and are providing customers with easy-to-use evaluation kits for effortless use of vehicle digital keys with particular technology.
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One of the drivers promoting growth in the market is increasing demand for car sharing and car rental services. Vehicle digital keys allow users to share a digital key with other users through a mobile phone app. The ability to share a vehicle digital key with other users, such as friends or family, has been made possible by the use of technology. Monetizing this technology is the latest development being witnessed in this market. The ability to share key digitally will ease the work of car-sharing and car rental companies.
However, a big challenge in the vehicle digital key market is ensuring security of a car as one a key is shared, the car becomes a part of the digital system where the possibility of cyber-security threat looms large. It is important that along with innovations in technology, security of vehicles is also improved. Technological advancements in the vehicle digital key market should go hand-in-hand with security developments.
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The vehicle digital key market, currently, is considerably competitive, with continuous product and technology developments being made by established as well as new players. Some of the key players in the vehicle digital key market are Gemalto, Ericsson, Volvo, Continental Corporation, Robert Bosch GmbH, Valeo, BMW, Samsung Group, Volkswagen, Daimler and others.
These companies are constantly evolving their portfolios with newer technological developments and upgrades. For instance, BMW recently announced a digital key service that can lock and unlock BMW cars with a smartphone. The service, which will start in July, can only be used by users of Samsung smartphones with NFC (near field communication) functions.
In December 2017, Continental helped AVIS’ rental car services with the Vehicle Digital key. This partnership demonstrated the growing demand for innovative solutions for seamless mobility services.
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On the basis of geography, the vehicle digital key market can be segmented into North America, Latin America, Europe, East Asia, South Asia, Oceania and Middle East & Africa. Among the various regions, the Europe and South Asia vehicle digital key markets are expected to dominate during the forecast period owing to the presence of many local vendors in the region.
Europe is expected to hold a major share in the global vehicle digital key market because of high demand from the high disposable income group and also the adoption of these vehicle digital key from the upper middle class population in these region. Europe and South Asia is expected to be followed by North America during the forecast period owing to increased spending on research for the vehicle digital keys.
The Vehicle Digital Key market report is a compilation of first-hand information, qualitative, and quantitative assessment by industry analysts, inputs from industry experts and industry participants across the value chain.
The report provides in-depth analysis of parent market trends, macro-economic indicators and governing factors along with market attractiveness as per segments. The report also maps the qualitative impact of various market factors on market segments and geographies.
