Automotive Keyless Entry Systems Market size will witness gains owing to its extensive usage in automobiles. The product is an electric lock that controls access to vehicle without using traditional mechanical keys. It performs function of a standard car key without physical contact, within the diameter of few miles. It is commonly used in all the automobiles for high security and convenience to driver.
Sales increase of global car sales industry has triggered automotive keyless entry systems market. It is an essential component of the vehicle which provides security and accessibility to the car without physical contact. Fiscal backdrop around the world and positive sales position raised demand of the component. 2016 was record breaking year for global car sales and it further expecting growth in near future. It registered over 4% hike in sales of vehicles worldwide. Growing investment on luxury cars has positively impacted demand of the product.
Growth in the automobile industry is accelerating automotive keyless entry systems market. Luxury car sector is anticipating high growth in forecast time, due to rise in disposable income, growing population are major factors boosting growth. Technological innovation, advanced features, status and prestige highly influences demand for luxury vehicles. With enlarging desire for luxury cars, product demand is rising parallel.
Convenience and technologies are providing foundation for rise in desire for the product. Consumers are demanding advanced features that makes the car easier to operate and pleasurable to own. The product is one of the most required innovation in automotive keyless entry systems market. Increasing features, fear of theft drives demand for the feature and boosts the market.
Increasing threat associated with steeling of vehicle and high cost of this additional feature is hindering growth of the product. Pricing of product depends highly on brand, feature and model of the vehicle. Various car brands charge differently for the feature.
Automotive keyless entry systems market is segmented by its product type into alarm, immobilizer, remote entry, passive entry and central locking. It is further divided based on technology such as global positioning system, global mobile communication, face detection, and real-time location. Its areas of application include automobiles specifically cars.
Asia Pacific led by India and China are major contributors in automotive keyless entry systems market. These regions are largest producers of automobiles, rising disposable income, increasing population are the major factors boosting product demand. China vehicle sales will grow over 4.5% in 2017 as tax cut reduced on small engine cars. The country hosts almost all big brands and models' car manufacturers such as Audi and Venucia. The product is featured by all the car brand making it most desirable feature in a vehicle.
Europe automotive keyless entry systems market will witness robust growth owing to rising cases of car theft in the region. Switzerland accounts for highest cases of car theft in the world. People in the country incurs huge loss in terms of car theft, technological advancement, easy hacking are factors that ease the cases of theft in the country.
North America automotive keyless entry systems market dominated by the U.S. is the largest manufacturer of luxury cars. The product is optional in the low budget cars but is mandatory in all the luxury cars. This system provides ease in accessibility, handling and adds value and prestige in vehicle. With rising technological advancement, low employment rate and high demand for luxury cars drives automotive keyless entry systems market in the region.