The global automotive digital key market is projected to witness notable growth opportunities in the Asia Pacific region. This growth can attributed to many factors including the existence of emerging economies, which have the availability of various R&D facilities focused on digital keys.
The emergence of COVID-19 pandemic has impacted the way of car buying processes that were followed earlier. In order to boost the sales number, several companies operating in the automotive digital key market are utilizing different strategies. For instance, many market organizations are growing their dependence on virtual test drive videos, digital showrooms, and online customer reviews.
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Major enterprises in the global automotive digital key market are growing focus on the eCommerce in order to improve the safety of vehicles against robberies. Over the period of past few years, the popularity of car remote locking systems is increasing owing to many advantages it offers including their reliability, compact size, and effectiveness. As a result, there is notable growth in the adoption of the FICBOX car remote control central locking system, which are known as LED (Light Emitting Diode) indicator and direction light flashing.
Organizations Utilize Partnership Strategy to Develop UWB Enabled Digital Keys
Some of the key players operating in the global automotive digital key market are Continental AG, ALPHA Corporation, Heights Security, Inc., Denso Corporation, Hyundai Mobis, HELLA GmbH & Co. KGaA, Mitsubishi Electric Corporation, NXP Semiconductors, and Minda Corporation.
The presence of many enterprises makes the competition landscape of this market quite fierce. As a result, players are utilizing strategies such as mergers and acquisitions in order to gain the leading market position.
Several enterprises in the global automotive digital key market are entering into partnership agreements with smartphone manufacturers. Main motive of these partnerships is the development of UWB enabled digital keys, which can send short pulses between the paired car and the mobile device. Thus, the companies from both the industries are boosting their revenues through the development of advanced UWB technology, which allows for automatic car doors unlocking with no need to pull out the keys.
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