The Automotive Remote Keyless Entry System Market is being driven by Rise in electronic content for value proposition
The Automotive Remote Keyless Entry System Market is expected to grow at a CAGR of 11.4% during 2023 and 2028. During this period, the market is also expected to show a growth of USD 993.9 million. In the automotive industry, there has been a significant focus on enhancing the functionality of remote keyless entry systems. One such advancement emerged around the turn of the millennium, integrating an engine ignition system with keyless entry, thereby eliminating the need for a mechanical key for engine start-up. Traditionally, the ignition system required a mechanical key to connect two electric circuits, ensuring engine security and ignition. However, with the advent of electronics, the modern ignition system has evolved into a push-button feature, significantly increasing consumer convenience. This transformation has revolutionized vehicle access and starting processes, offering a seamless and advanced automotive experience.
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Which Factors Are Causing a Surge in Market Growth?
The market is segmented based on Vehicle Type (Passenger cars, Commercial vehicles) End-user (OEMs, Aftermarket) Geography (North America, Europe, APAC, Middle East and Africa, South America).
According to Technavio, There are several factors that are causing the market to flourish during the forecast period, which are as follows:
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Key Features in Automotive Remote Keyless Entry System Market Research Report
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The Automotive Remote Keyless Entry System Market encompasses advanced security solutions for automobiles, enabling functions such as locking and unlocking, tailgate opening, and light control through digital car keys or smart devices using Bluetooth, RFID, or Ultra-Wideband (UWB) technology. This system enhances vehicle security, including car alarms, against theft, and offers features like multimedia files, access control, and autonomous driving for passenger cars, LCVs, and heavy commercial vehicles. The market caters to both OEM and aftermarket, with smart technology integration, such as ADAS, linked mobility, and vehicle safety, offering a seamless user experience.
The global automotive components and equipment market encompasses businesses producing parts and accessories for various automobile segments, including passenger cars (PCs), electric vehicles (EVs), commercial vehicles (CVs), heavy-duty vehicles, off-road vehicles, motorcycles, scooters, quad bikes, and three-wheelers. According to Technavio, market size is determined by the consolidated revenue generated by automotive components and equipment manufacturers. Key growth drivers for this market include the surge in electronic components adoption in automobiles, fueled by the escalating sales of EVs, motorcycles, and PCs. This trend has significantly boosted the demand for electronic control units (ECUs) and other electrical components over the past decade. Furthermore, the integration of advanced technologies such as automotive remote keyless entry systems, tailgate opening, car alarms, light control, multimedia files, and automotive security systems in modern vehicles enhances vehicle security and convenience, thereby fueling market growth.. Industries are leveraging the products belonging to the market for customer engagement, transactional notifications, and promotional offers.
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