Trends In Virtual Car Key Market, Top Share, Forecast To 2027

Despite a significant drop in product sales during the initial phase of the pandemic's spread and lockdown restrictions across the region, the market is expected to grow at a
CAGR of nearly 21 %
between 2020− 2027.

The physical device that allows the user to start and unlock the vehicle is called a virtual car key. It is a cutting-edge technology developed by automakers to provide efficient customer service. These keys look like regular car keys, but they only work when paired with an app on a smartphone or a companion wearable. A virtual car (also known as a self-driving car or driverless car) is a system that uses sensors, radar, cameras, and artificial intelligence to drive between locations without the assistance of a human operator (AI). A vehicle can only be classified as autonomous if it meets the required parameters, such as driving automatically to a predetermined location without changing components.

The rise in car theft and robbery is the primary driver of the virtual car key market Car thefts and robberies rose as security concerns in the United States and other significant countries grew. Because most car owners are concerned about their vehicles being stolen or robbed, component manufacturers and software developers implemented a solution based on technological innovation to supplement vehicle security. It has resulted in creating a virtual car key system for car owners. A virtual car key is a versatile and straightforward solution that consists of several innovative services that improve security by preventing theft and robbery.

Strait's research report covers market dynamics, value chain analysis, and PORTER analysis of the Virtual Car Key market, likely to impact the region's market growth. The study also discusses the fundamental dynamics affecting the current Virtual Car Key market and the global market's future position with a list of notable suppliers and their key strategies.

Sales in North America are expected to exceed
USD 280 million in 2020. This growth can be attributed to major U.S. automakers such as Tesla, General Motors, and Ford Motor Company. The American Automobile Council expects U.S. vehicle production to exceed 14 million by the end of 2027. Growing demand for improved automotive safety and security features is also expected to drive the market in the region over the forecast period. Virtual entry systems are used for keyless entry and ignition of vehicles and motorcycles.

Key Highlights:

• In the second quarter of 2020, an increased emphasis on health and hygiene issues, combined with a greater emphasis on value for money, has increased demand for pre-owned vehicles. In 2019, the Indian used-car market was valued at
  USD 24.24 billion .
• A growing number of car companies and dealers are allowing customers to take virtual test drives of various vehicles. A virtual reality headset is not required for automotive customers to experience a virtual test drive. Customers can take a test drive using only a smartphone or computer, making this feature available to everyone.
• Some of the world's most well-known automakers, such as BMW and Volkswagen, have already made significant investments in their digital platforms. Mercedes-Benz and other significant automakers believe that by 2022, a quarter of new and used vehicle sales will be completed online.
• The effects began in China, where sales dropped 71 % in February 2020; by April, sales in the United States had dropped 47 %, and Europe had dropped 80 %. But the industry's engines never stopped turning, and cars and trucks have returned with a vengeance.