New York, April 24, 2023 (GLOBE NEWSWIRE) -- The Keyless Entry System Market sales were projected to reach $4.49 billion in 2022; by the end of 2033, they are anticipated to reach US$14.02 billion. Sales of keyless entry systems are predicted to reach US$5.01 billion in 2023 and then grow at a CAGR of 10.8% through 2033.
The market growth can be attributed to several factors, including increasing consumer demand for advanced security solutions, rising adoption of smart homes and smart cities concept, growing automotive industry, and technological advancements in the field of access control systems.
The keyless entry system is a modern technology that allows users to access and secure their vehicles or premises without using a traditional physical key. Instead, keyless entry systems use electronic or digital methods, such as remote key fobs, smartphones, biometric authentication, or a combination of these, to unlock and lock doors or start and stop engines. Keyless entry systems have gained widespread popularity in various applications, including automotive, residential, commercial, and industrial sectors, due to their convenience, security, and ease of use.
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Market Drivers
- Increasing consumer demand for advanced security solutions, driven by rising concerns about theft, burglary, and unauthorized access, especially in residential and commercial settings.
- Growing adoption of smart homes and smart cities concept, where keyless entry systems play a crucial role in enhancing security, convenience, and remote access control.
- Advancements in technology, such as the Internet of Things (IoT), artificial intelligence (AI), and biometrics, enabling more sophisticated and secure keyless entry systems
- Rapidly growing automotive industry, where keyless entry systems are becoming a standard feature in many vehicles, offering convenience and enhanced security to vehicle owners.
- Increasing awareness about the benefits of keyless entry systems, such as improved security, convenience, and remote access control, driving their adoption across various end-user segments.
Market Challenges
- High initial costs associated with the installation and setup of keyless entry systems, which can limit their adoption in price-sensitive markets or by budget-conscious consumers.
- Concerns about cybersecurity and data privacy, as keyless entry systems rely on digital technology and can be vulnerable to hacking or unauthorized access.
- Limited compatibility and interoperability among different types of keyless entry systems, which can create difficulties in integrating them into existing infrastructure or systems.
Market Opportunities
- Advancements in biometric authentication methods, such as facial recognition and iris scanning, offering higher security and convenience, and driving their adoption in keyless entry systems.
- Increasing integration of keyless entry systems with other smart technologies, such as smart homes, smart cities, and connected cars, creating new opportunities for seamless and integrated access control solutions.
- Growing demand for keyless entry systems in the hospitality and tourism industry, where hotels, resorts, and rental properties are adopting advanced access control solutions for enhanced security and convenience.
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Market Segmentation
By Type:
- Remote Keyless Entry (RKE) System: This type of keyless entry system uses a remote key fob that allows users to lock or unlock doors or start and stop engines remotely. RKE systems are widely used in automotive applications and are also gaining traction in residential and commercial sectors.
- Keypad/Lockset: This type of keyless entry system uses a keypad or lockset with a digital or touch-based interface that requires a passcode or PIN to unlock doors. Keypad/lockset systems are commonly used in residential, commercial, and industrial applications.
- Biometric Access Control System: This type of keyless entry system uses biometric authentication methods, such as fingerprint, iris, or facial recognition, to grant access. Biometric access control systems are gaining popularity in high-security applications, such as government and military sectors, as well as in some residential and commercial settings.
- Smartphone App-Based: This type of keyless entry system uses a smartphone app as a digital key to unlock or lock doors. Smartphone app-based systems are becoming increasingly popular in the automotive industry, especially in car-sharing and rental services.
By End-User:
- Automotive: This includes passenger vehicles, commercial vehicles, and other automotive applications, where keyless entry systems are widely used for convenience and security purposes.
- Residential: This includes homes, apartments, and residential complexes, where keyless entry systems are gaining popularity for enhancing home security, improving convenience, and enabling remote access control.
- Commercial: This includes offices, commercial buildings, hotels, retail stores, and other commercial applications, where keyless entry systems are used for access control, security, and convenience.
- Industrial: This includes factories, warehouses, and other industrial settings, where keyless entry systems are used for restricted access, security, and efficient workflow management.
Regional Analysis
The North American region, including the United States and Canada, is expected to hold a significant share in the global keyless entry system market. This can be attributed to the widespread adoption of advanced technologies, increasing consumer awareness about smart home security, and the presence of key industry players in the region. Additionally, the growing trend of connected cars and the increasing demand for smart city solutions are also driving the growth of the keyless entry system market in North America.
Competitive Landscape
The global keyless entry system market is highly competitive, with several players operating in the market. These players are focusing on product innovation, strategic partnerships, and mergers and acquisitions to gain a competitive edge in the market. Some of the key players in the global keyless entry system market include Assa Abloy AB, Safran Group, Gemalto, NEC Corporation, Suprema, Inc., Aware, Inc., Daon, INc., Vivint Smart Home Inc., Anviz Global
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Recent Developments
- A wireless digital key system that fully satisfies the Car Connectivity Consortium's global requirements will be made available in April 2022 by The Alps Alpine Ltd. and the international security technology organisation.
- The Genesis SUV GV60 will be the first vehicle in the world to have cutting-edge facial recognition technology for biometric car entrance and engine start when it makes its debut in December 2022. This will be the first SUV ever made.
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