Automotive OEM Key Market 2024 | Technological Innovations, Improvements in COVID-19 Vaccines Boost Market Growth

Carmakers across the globe are seeing initial signs of improvement in automotive sales post the coronavirus pandemic. However, stakeholders in the auto industry are still concerned about long-term recovery of the market. Hence, companies in the automotive OEM key market are banking on technological innovations, such as the introduction of remote keyless entry systems to contain the spread of the novel coronavirus.

Improvements in COVID-19 vaccines are in the pipeline, thereby triggering vehicles sales in the first and second quarter of 2021. The reopening of manufacturing plants and fully-operational facilities with employees working at break-neck speeds to strengthen car prices and demand are strategies being used by carmakers. Such strategies are becoming necessary to revive growth in the automotive OEM key market, since cars and other vehicles fall under the list of non-essential goods.

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Over-the-Air Software Updates Help Troubleshoot Keyless Systems in Vehicles

As Tesla gains popularity for its robust autonomous technology, concerns regarding its keyless system being hacked are surfacing in the market landscape. Thus, Tesla released an over-the-air software update to strengthen the security of the keyless system. In this way, manufacturers in the automotive OEM key market should team up with researchers and experts to troubleshoot issues in keyless systems.

Companies in the automotive OEM key market are collaborating with researchers to advance in keyless systems to prevent hacking of vehicles. Software innovations in automotive OEM key systems are anticipated to become commonplace during the forecast period.

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Virtual Car Keys Enhance Customer Digital Experience During Journey

The automotive OEM key market is estimated to reach the valuation of US$ 280 Mn by the end of 2030. As such, remote key less entry systems are projected to hold a higher revenue share as compared to conventional key entry systems. This trend is anticipated to grow with the introduction of digital car keys. Thales Group— a French multinational company that designs and builds electrical systems, is shifting its R&D focus in virtual car keys that easily unlock cars using smartphone.

Virtual car keys are enhancing the digital experience of a customer’s journey for private cars, rental cars, and vehicle fleets. As such, passenger vehicles are estimated to dictate the highest revenue share among all vehicle types in the automotive OEM key market.

Push Buttons, Electronic Key Fobs Omit Need of Keys, Key Inserts

Cars with electronic key fobs are eliminating the hassle to search for keys while boarding or leaving vehicles. Companies in the automotive OEM key market are increasing their R&D muscle in key fobs that allow the user to unlock the vehicle from a significantly long distance. They are innovating in key fobs that are lightweight, and facilitate the add-on of starting the engine before the vehicle owner enters it.

Manufacturers in the automotive OEM key market are developing push button start and stop of vehicles. This eliminates the issue of looking around to locate the key insert in order to get the vehicle going.

Smart Keys Make Car Journey Safe, Convenient for Vehicle Owners

Smart keys are featuring as one of the most popular technologies in the automotive sector, which is making cars safer and technologically sound for owners. Innovative sensors are playing a key role in the smart key technology sector. Companies in the automotive OEM key market are increasing the availability of smart key systems that can disengage the immobilizer in a vehicle and activate the ignition without putting a key into the ignition.

The proliferation of electric and hybrid vehicles is contributing to the growth of the automotive OEM key market. On the other hand, carmakers such as Mercedes-Benz are making advancements in keyless technology by publicizing its transponder built into the vehicle that identifies the driver’s key.

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