Accepted Benefits of Increased Vehicle Safety, Improved Overall On-the-Road Quality to Extend Copious Growth Opportunities for Automotive Digital Key Market, Growth Projected at Outstanding 21.5% CAGR from 2021 - 2031, TMR

- Upgrade in technology that enables easy access from the cloud to attract huge demand

- Product releases from luxury car brands in cooperation with world's leading smartphone companies to witness adoption from the affluent class for safety of high-end vehicles

ALBANY, N.Y., June 16, 2021 /PRNewswire/ --

Automotive Digital Key Market – Overview

The digitization of vehicles is reckoned to bring a dramatic change in the automotive industry. GPS vehicle tracking, in-car entertainment systems, and vehicle-to-vehicle communication are some digital electronic systems that are increasingly becoming common for an improved driving experience. Moreover, automobiles equipped with digital technologies generate significant value for the automotive industry and for the society. Beyond this, the concept of automotive digital key, which is yet at conception stage is considered to take vehicle ownership, and benefits around it to the next level.

Meanwhile, to bring the concept to fruition, leading automobile manufacturers, smart device vendors, security companies, and rental companies have come together to set the technical standards of smartphones based vehicle digital key. Besides this, these collaborations among these companies is to develop automotive digital keys that provide advanced features over conventional keys such as connected automobiles, keyless entry, and driver safety features among others. This is attracted massive investments, R&D for digital car key technology and its applications with the foremost goal of improving vehicle safety. Emerging from a niche segment of the automotive industry, automotive digital key is today a multi-million dollar business sector, which with prospects of continued growth is projected to be worth more than US$ 11.6 Bn by 2031.

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Automotive Digital Key Market –Key Findings of the Report

Entry of Luxury Automobile Brands to Develop Technology to Attract Impressive Demand

The digital car key developed by BMW is gaining popularity as it is now on the iPhone in cooperation with Apple. Taking cue, companies in the automotive digital key market are marching toward one-device-does-all scenario, and to develop the technology for the car key to be compatible on a smartphone.