COVID-19 IMPACT ANALYSIS ON EUROPE AUTOMOTIVE DIGITAL KEY MARKET
The exclusive COVID-19 impact analysis report by Axiom MRC provides a 360-degree analysis of micro and macro-economic factors in the Europe Automotive Digital Key market. In addition, complete analysis of changes in the Europe Automotive Digital Key market expenditure, economic and international policies on the supply and demand side. The report also studies the impact of a pandemic on Europe economies, international trade, business investments, GDP, and marketing strategies of key players present in the market. The recent outbreak of the Covid-19 by pandemic forced most businesses around the world to close due to mandatory quarantine and forced people to stay at home. Mandatory quarantine caused a drop in car sales. Then the global digital car key contract. However, the global digital power of the automotive industry is expected to increase from 2021 due to economic measures by governments to compensate for the financial losses caused by the forced suspension of business activities during the Covid-19 pandemic in 2020.
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MARKET OVERVIEW- EUROPE AUTOMOTIVE DIGITAL KEY MARKET
The automotive digital key market covers the comprehensive analysis of the market based on connectivity, hardware, technology, application, and geography. In this digital era, in the automotive sector, one of the most popular technology features users can find with new cars is the digital key. The automotive digital key is a fundamental component of digitization in the automotive space and the world of connected cars. It is simple and easy to use. In addition, the benefits of the digital car key particularly usability are obvious. Furthermore, the increasing digitization and automation of products and processes across sectors have surged the effectiveness & production efficiency of the businesses. Furthermore, the increasing demand for automotive vehicles with advanced digital features and driving assistance is also gaining traction as it is practical and convenient. The automotive digital key is one such function that enables consumers to operate their cars via their smartphones. Automotive digital keys also allow car owners to control certain functions like engine, temperature, and doors, among other things. The increasing consumers demand automotive digital keys and the growing digitization of the automotive sector will impel the growth of the global automotive digital key market.
MARKET DRIVERS
The Europe Automotive Digital Key market is driven by standardization for using smart devices as keys. The need to standardize technical standards and safety when accessing vehicles via smart devices is motivating groups like the Car Connectivity Consortium (CCC) to work on safety and standardization. Car Connectivity Consortium (CCC) worked with existing standard technologies such as Global Platform, Groupe Special Mobile Association (GSMA), Bluetooth, and NFC.
MARKET OPPORTUNITIES
The market is expected to have a new opportunity such as the use of smart wearables as digital keys. Using a smartphone to access a digital key is still in the early stages of development. However, some manufacturers are starting to add digital access keys to smart devices. For example, Jaguar Land Rover introduced a new smart Activity Key. In addition, Apple Inc In June 2020, the company launched digital additional costs come users to unlock cars wirelessly. In the coming years, the trend of using smart clothing as digital keys will benefit the global automotive digital keys market.
MARKET RESTRAINTS
The market has major restraining factors like the High Cost of Replacement. Replacement costs of the lost fob is much more than a traditional key. Furthermore, electronic components wear down over time, which then means replacement of either the system or key repair. Therefore, this is a pretty heavy price to pay just to unlock the car. In addition, it's worth noticing that there are some additional costs that come with owning a car with a digital key technology.
MARKET GROWTH CHALLENGES
The high Cost of Replacement to a major extent has created a major challenge for the market growth. Replacement costs of the lost fob are much more than a traditional key. Furthermore, electronic components wear down over time, which then means replacement of either the system or key repair. Therefore, this is a pretty heavy price to pay just to unlock the car. In addition, it's worth noticing that there are some additional costs that come with owning a car with digital key technology.
CUMULATIVE GROWTH ANALYSIS
The report provides an in-depth analysis of the Europe Automotive Digital Key market, market size, and compound annual growth rate (CAGR) for the forecast period of 2022-2028, considering 2021 as the base year. With the increasing demand for various Automotive Digital keys in various applications has led to the increasing demand for the market and is expected to witness growth at a CAGR at specific CAGR from 2021-2028.
AUTOMOTIVE DIGITAL KEY MARKET SEGMENTAL OVERVIEW
The Europe Automotive Digital Key market comprises the different market segments like connectivity, hardware, technology, application and Country.
AUTOMOTIVE DIGITAL KEY MARKET BY CONNECTIVITY
By connectivity, the Automotive Digital Key includes a key segments of
· Remote Cloud Key Access
· Biometric
· Bluetooth
· Wifi
· Ultra-wideband (UWB)
· Others
On the basis of different technology of connectivity, Bluetooth technology holds the major share in the market, since it is one of the most common connecting platforms which is available in almost every class of vehicles, also manufacturers prefer it owing to its easy set-up, less-costly installation and provides secure connectivity as well. On the other hand, Bluetooth is considered to be very popular for connectivity, since it doesn’t require the internet to connect and it is very easy to pair with vehicles and electronic devices. Moreover, many automotive manufacturers in developing countries are also introducing Bluetooth connectivity in their automobiles.
AUTOMOTIVE DIGITAL KEY MARKET BY HARDWARE
The Automotive Digital Key market has major hardware in
· Remote Key Entry Devices
· Mobile Phones
· Others
The remote key entry devices segment is having the largest share among the others. The automotive industry has seen significant growth with the adoption of advanced technologies such as ADAS systems, self-driving, and connected mobility. This is the reason for growing the market for remote key entry devices. This integration of smart technology creates demand for advanced vehicle access management solutions for efficient operation, improved vehicle safety, and more convenient solutions. The remote keyless entry (RKE) system is the standard solution for convenient remote locking and unlocking of doors and cargo compartments. anti-theft and immobilization systems that can be switched on and off in the same way. Continental car keys and identifiers provide maximum safety and comfort for all vehicle classes. It also includes other features such as extra comfort when opening and closing windows, hatches, sliding doors, and tailgates. An "emergency button" is integrated into the key for added security.
AUTOMOTIVE DIGITAL KEY MARKET BY TECHNOLOGY
The Automotive Digital Key market has technology like
· Passive Keyless Entry System
· Remote Keyless Entry System
The remote keyless entry system segment dominated the market in 2021 and is expected to maintain its dominance during the forecast period. The most cutting-edge remote keyless entry systems are normally named smart keys or advanced keys. These keys employ radio frequency identification (RFID) technology. A vehicle with a digital key can detect when the key is within a particular range of the vehicle and then will lock and unlock the driver’s car door or wait till the driver touches a specific section of the door. Nowadays some remote entry systems enable the user to use their smartphone to replace their key fob or key. In addition, some novel smart key fobs offer users with remote access to vehicle data while assisting to confirm the security of the data exchange. In some cases, this data can be accessed through a portable device such as a smartwatch or a smartphone. Thus, increasing the benefits of the remote keyless entry system is propelling market growth.
AUTOMOTIVE DIGITAL KEY MARKET BY END USERS
The Automotive Digital Key market has major end users like
· Vehicle Engine
· Fleet Management
· Others
In recent years, the use of digital keys is gradually increasing in almost every class of vehicle to provide a smooth start to the engine, and as the demand for premium features in cars is increasing, it is expected that the automotive digital keys to be used for vehicle engine would grow further. Apart from that, the market has been followed by vehicle security, as the cases of vehicle theft are increasing in almost various parts of the globe, automotive manufacturers, as well as end-users, are looking for the effective solution to avoid car theft, thus the popularity of automotive digital key has been increased drastically. These keys are protected with passcodes or biometrics due to which only authorized people have vehicle access, moreover, as the technological advancements are growing rapidly, the manufacturers are also enabling more advancements in these keys so that the cases of vehicle theft can be minimized.
AUTOMOTIVE DIGITAL KEY MARKET BY COUNTRY
The Europe Automotive Digital Key market is studied for the following region
· Uk
· Germany
· France
· Spain
· Italy
· Rest of Europe
Germany is a leader in the automotive industry, with German automakers producing 4.6 million vehicles in 2019, second only to Spain with 2.3 million vehicles in Germany. Germany's electric car industry is leading the way thanks to its research, infrastructure, and subsidies for car buyers. Likewise, the number of AC charging stations in the country is growing and will reach 70,000 by 2020. According to the Nationale Plattform Elektromobilität (NPE), public subsidies available to car buyers amount to around 1.2 billion euros. In addition, another 300 million euros will be spent on the development of electronic transport infrastructure. Tax benefits for EV owners include ten years of zero car tax and income tax for charging at work. Meanwhile, the government has set a target of converting 20 percent of its cars to electric vehicles by 2020.
COMPETITIVE LANDSCAPE ANALYSIS
The competitive landscape analysis of the Automotive Digital Key market is majorly focused on expanding the Europe growth of Automotive Digital Key with new product innovation, business expansion, and the increasing presence of a range of manufacturers operating in Automotive Digital Key has led to the growing demand for the market. Besides, the market offers a range of products in different applications to fulfill the required demand of consumers which is further contributing to healthy growth in the market.
The key players studied in the market are
· Continental AG
· ZF Friedrichshafen AG
· Denso Corporation
· Valeo SA
· HELLA GmbH & Co. KGaA
· Hyundai Mobis
· Silca Group
· Tokai Rika Co., Ltd.
· Robert Bosch Gmbh
RECENT DEVELOPMENT:
March 2020: NXP Semiconductors has unveiled its new digital key solution that allows cars to be unlocked and started from smartphones, fobs, smartwatches, and fitness trackers. The new system works on Near Field Communication (NFC) technology.
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