LONDON--(BUSINESS WIRE)--The global automotive digital key market is expected to grow at a CAGR of close to 11% from 2018-2022, according to a new market research report by Technavio.
Global automotive digital key market segmentation by application and geography
Technavio’s report on the global automotive digital key market analyses the business dimensions and presents a comprehensive breakdown in terms of market segmentation by product type, which includes personal use and car sharing and car rental. As projected in 2017, around 70% of the market share originated from the personal use segment. The automotive digital key is used in personal vehicles that have connected infotainment systems and support digital key platforms. Most users of digital keys are users with luxury vehicles. Digital keys provide benefits like eliminating the chances of key loss and enhanced vehicle security.
Based on geography, the global automotive digital key market has been segmented into Americas, APAC, and EMEA. As of 2017, 63% of the market share came from EMEA.
“The dominance of EMEA in the automotive digital key market can be attributed to the fast adoption of technological changes, digital key innovation from European automotive manufacturers, and rapidly growing car sharing market in European countries. Following EMEA, the automotive digital key market has higher adoption in the Americas. Although the production volume of automotives is higher in the APAC region, the adoption of the digital key in this region is the least,” says a senior analyst at Technavio for automotive electronics research.
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Increasing demand for car sharing and car rental services: key market driver
Automotive digital key offers the advantage of sharing the digital key with other users through a mobile phone app. Sharing the digital key of the vehicle with other users like friends or family would be the outcome of this technology, whereas monetizing this technology would become the development of this market. The global automotive digital key market is also expected to grow in line with the growth of the car sharing and car rental market. As the digital key can be shared with another person through smartphones, it is expected to enhance and enable the service provided by car sharing and car rental service providers.
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Some of the other topics covered in the report:
- Cyber security issues
- Digital key accessibility when smart device runs out of charge
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