The Global Keyless Ignition Systems market is expected to record a CAGR of over 9% during the forecast period (2022 - 2027).
A keyless vehicle access control system is a fully automated system that contains an electronic appearance feature, which secures access to the vehicle electronically and replaces the conventional mechanical key. It allows physical access to the vehicle to the user and allows the locking and unlocking operation without using the conventional mechanical key for safety and great convenience for the driver. The keyless entry system unlocks the vehicle using Bluetooth unlocking systems, RFID locks, electronic locks, and biometric scanning, which ensure access to the vehicle.
The growing demand for connected cars and smartphone integration will encourage marketers to bring advanced and integrated electronic systems to market. Additionally, increased regulatory policies focused on vehicle safety and increased sales of luxury cars are also driving a market boom.
Market Drivers:
The growing demand for keyless entry and exit systems is driving the growth of the automotive keyless ignition systems market. The rising emphasis on increasing the functionality of these systems by integrating them with other vehicle components is supposed to initiate the launch of new product portfolios to the market. Despite multiple disapprovals and failures since its inception, keyless ignition is gradually entering the market and is now available on various conventional vehicles equipped with turbocharged gasoline direct injection engines. Although adoption levels remain lower due to cases of carbon monoxide poisoning, keyless ignition is expected to gain traction in the automotive market with the growing preference for convenience in car models. Additionally, the keyless ignition has been successfully released amid past reminders of ignition problems. Recent death incidents and a lack of universal standards for keyless ignition are likely to affect adoption levels. However, according to NHTSA, by following basic safety guidelines and the dealer's manual, vehicles equipped with automotive keyless ignition systems are likely to be successful on the roads for years to come.
Market Restraints:
The reliability of automotive ignition systems is always in doubt due to past incidents of faulty automotive ignition systems and related recalls by giants of the automotive industry. On the list of auto-ignition system recalls, General Motors, Nissan, Chrysler, and Toyota, among others, are highly regarded for the reliability of their auto parts. Thousands of passengers, as well as commercial vehicles, have been recalled due to ignition switch problems. Although innovations are at the center of the automotive ignition systems market, recalls related to automotive ignition systems continue to call into question the reliability of long-term innovations in the global keyless ignition systems market.
Market Recent Developments:
Atmel® Corporation (NASDAQ: ATML), a leader in microcontroller and touch technology solutions, launched its next-generation 4-channel PKE (Passive Keyless Entry) coil controllers with an integrated immobilizer base station. Upgradable to 8 channels of low frequency (LF), the new Atmel ATA5291 is the world's most integrated passive input coil driver, enabling automakers to offer the latest cutting-edge technology in a variety of PKE applications.
Atmel® Corporation (NASDAQ: ATML), a leader in microcontrollers and touch screen solutions, today announced the availability of a new secure ultra-low-power micromodule transponder based on an Atmel AVR® microcontroller (MCU).
TRW Automotive Holdings Corp. (NYSE: TRW), the world leader in automotive security systems, announced the launch of its first integrated remote keyless control (RKE) and direct tire pressure monitoring (TPMS) system with a major Japanese automaker. The system offers RKE and TPM functions with fewer parts.
Market Segmentation:
Passenger cars
Light commercial vehicle
Heavy commercial vehicle
OEM
Aftermarket
Passive keyless entry system
Remote keyless entry system
Market Regional Analysis:
The Global Keyless Ignition System Market Report includes the segmentation of regions:
The North American automotive keyless ignition systems market had the largest share of the global market, due to the preference for luxury vehicles and the increasing adoption of these systems for vehicle safety in the area. Asia-Pacific is expected to record the highest growth rate due to increased demand for automotive security systems in countries such as China, India, and Japan. China is one of the largest automotive markets in the world. In 2018, vehicle production and sales volumes were lower than expected at the beginning of the year, due to political and microeconomic factors. However, sales of new energy vehicles continued to increase rapidly, while exports also grew rapidly. The demand for keyless access systems in the Chinese market, as well as the Indian market, is increasing rapidly as several Chinese and Indian companies launch vehicles with keyless entry functions, which will lead to the growth of the automotive market of keyless in China and India.
The COVID-19 pandemic has pushed the global economy into an unexpected financial crisis. In their efforts to stop this pandemic, several companies have implemented strict lockdown conditions. While the lockdown may have helped limit the spread of the virus, it has severely affected the economy, disrupting the entire value chain of most major industries in the worldwide automotive industry. The automotive sector had already experienced a considerable slowdown in the last 12-18 months due to structural changes, which now faced an impact due to this sudden outbreak. The COVID-19 lockdown has had a multiplier effect: The industry has been almost completely paralyzed since March 24. A prolonged cut-off in consumer demand due to foreclosure has drastically affected revenue and cash flow for automakers. In response, most companies are starved of R&D funding to support basic operations, which could delay progress on alternative fuels and mobility technologies by two to four quarters. Over time, some companies may even accept a strategic call to exit unprofitable vehicle markets and segments. Auto dealers were unable to deliver vehicles during the lockdown phase and reported 30 to 45 days of finished goods inventory, which could be drastically reduced after the lockdown.
Market Key Players:
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