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.
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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.
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* Known and Unknown Adjacencies Influencing the Growth of Market
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* Customer Behaviour Analysis
* Target Partners
* Customized Geographical Data Based on Customers as well as Competitors
* Analysis of Market Size and CAGR between the Forecast PeriodsView Full Report Buy This Report Now