Global Virtual Car Key Market

Global Virtual Car Key Market

Global Virtual Car Key Market By Type (Smartphone, Smartwatch), By Application (Passenger Car, Commercial Vehicle) And By Geography – Covid-19 Impact Analysis, Post Covid Analysis, Opportunities, Trends And Forecast From 2020 to 2032

The global Virtual Car Key market was valued at $1988.4 million in 2021 and is anticipated to grow at a CAGR of 18.59% from 2020 to 2032. This growth is attributed to several macro and microeconomic factors such as

Increase in car theft & car robbery

The major factor driving the Virtual Car Key market is the increase in car theft and car robbery. Lately, the number of car thefts and car robberies are increasing due to the growing security concerns in the US & other major countries. Most car owners have a fear of their car being stolen or being robbed due to which the component manufacturers and software developers deployed a solution with technological innovation that complements the car security. This led to the development of a virtual car key system for car owners. Virtual car key is an easy yet very complete solution consisting of several inventive services which manage to enhance security measures by preventing both physical theft and robbery. Especially with the decline of physical keys, car owners are searching for more secure methods of protecting their vehicles. This innovative development allows cyber experts to safeguard physical key sources and protect cars against electronic criminals before they can reach their target. Also, the car sharing concept has become more safer with very less chances of car theft. Installing a virtual car key system may helps the car owners to protect their most valuable belongings against theft and can protect against losing the physical keys of the car making the car tracking easier via inbuilt GPS. These has led to a surge in the demand for virtual car keys.

Further several factors restraining the market growth include

Lack of awareness about the mobile app among consumerMany people do not realize the importance of the mobile app and thus limit the growth of virtual car key market. Since most people use smartphones and tablets, a mobile app is essential to reach consumers and to enhance their lifestyle. The mobile app for virtual car key can be found on the Google Play Store and app store in Apple iOS, which can be used after installation of keyless entry system in vehicle. However, lack of promotion among the users primarily in the developing countries is expected to be a key challenge to market growth. The developing countries including India and Brazil are one of the most growing automotive sectors. Significant promotion activities in these countries can be a major opportunity for companies to increase their market share. In the current scenario, the consumers in the developing countries are unaware of the existence of a virtual car key. Thus, the lack of awareness among consumers is currently a major challenge which can be overcome by a high level of marketing activities to reach a wider consumer base in the developing region.

Collaborations and Alliances in the Virtual Car Key market is expected to generate higher avenues during the forecast period.

In the wake of the COVID-19 pandemic, supply chain disruptions have led to supply shortages or lower demand in the Virtual Car Key market. The pandemic has caused a decline in new orders and a corresponding decrease in production.

This section will analyze how COVID-19 has impacted supply chains, leading to shortages and lower demand for Virtual Car Keys.

In terms of COVID 19 impact, the Virtual Car Key market report also includes the following data points:

Impact on Virtual Car Key market size
Operating Weights Trend, Preferences, and Budget Impact
Regulatory Framework/Government Policies
Key Players Strategy to Tackle Negative Impact/Post-COVID Strategies
Opportunity in Virtual Car Key market

Key Insight in the report:

The global Virtual Car Key market report covers executive summary, market dynamics, COVID impact & post COVID scenario, market size and forecast, competitive intelligence, market positioning, and product offerings.

Our report covers extensive competitive intelligence which includes the following data points:

Business Overview
Business Segment Data
Financial Data
Product Segment Analysis and Specification
Recent Development and Company Strategy Analysis
SWOT Analysis

Virtual Car Key Market Segmentation:

Type
Smartphone
Smartwatch
Application
Passenger Car
Commercial Vehicle

Region/ Countries Covered:

North America
US
Canada
Mexico
Europe
UK
Germany
France
Italy
Rest of Europe
Asia Pacific
China
Japan
India
South Korea
Rest of Asia Pacific
Rest of the World
South America
Middle East & Africa

Key Players Analyzed in the Report:

Valeo
Audi
Robert Bosch
Tesla
Continental AG
Car Chabi
BMW
Volkswagen
Hyundai motor
Thales Group (Gemalto)

REPORT CONTENT:

High-level analysis of the current and future market trends and opportunities
Detailed analysis on current market drivers, restraining factors, and opportunities in the future
Virtual Car Key market estimates for 2019 and forecast from 2020 to 2027
Vendor market share analysis at each product level
Competitor analysis with a detailed insight into its product segment, financial strength, and strategies adopted.

Target Audience

Manufacturers
Suppliers and traders
Government, associations, and industrial bodies
Investors and trade experts
Consulting Firms or Individual Consultant
Anyone interested in understanding the industry dynamics of the Virtual Car Key market