Automotive Electronic Locking Systems Market is Estimated to Observe Significant Growth 2023 to 2026
The Global Automotive Electronic Locking Systems Market is projected to experience a steady compound annual growth rate (CAGR) of approximately 4.3% by 2026. This report provides a comprehensive analysis of industry size, market share, demand, trends, growth, gross profits, earnings, and revenue to evaluate the industry’s expected rise in the future. The report utilizes data from 2016 and 2017 and considers 2018 as the base year to provide an extensive overview of industry trends and predict the potential growth of the automotive electronic locking systems market from 2019 to 2026.
An electronic lock is a locking mechanism that uses electric current to operate. Automotive electronic locking systems allow the driver or front occupant to lock or unlock all the doors in the vehicle simultaneously with the press of a button or flip of a switch. Most cars manufactured currently are equipped with a central locking system that unlocks everything from the luggage compartment to the fuel filter cap door. In many modern cars, the doors automatically lock when put into gear or reach a certain speed.
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The demand for suburban utility vehicles and crossovers has increased due to their benefits such as improved efficiency, lightweight equipment, and three-row seating. This has led to an increase in demand for advanced locking systems, driving the growth of the global automotive electronic systems market. Other factors contributing to the market’s growth include rising safety concerns, the need for better anti-theft systems, increasing digitization, automation, and sustainability policies.
Locking systems for cars have undergone many improvements over the years. For example, in 2018, the major German supplier of latch, Kiekert, introduced NuEntry, an electric release latch that uses exterior touch sensors, enabling users to open the door with a fingertip or smartphone. The company also plans to introduce components to control vehicle access, prevent dings, and open and close vehicle doors automatically for autonomous vehicles. The advent of autonomous vehicles, increasing demand for electric and hybrid cars, and continuous innovations in locking systems are expected to propel the automotive electronic locking systems market forward in the future.
Driving factors of Automotive Electronic Locking Systems Market
- Increasing demand for suburban utility vehicles and crossovers, which have propelled the need for advanced locking systems.
- Rising safety concerns and the need for better anti-theft systems.
- Growing digitization, automation, and sustainability policies.
- Continuous innovations in locking systems for cars.
- The advent of autonomous vehicles and their increasing demand.
- The increasing demand for electric and hybrid cars.
- Central locking systems being standard features in most cars manufactured today.
Some of the notable innovations in the Automotive Electronic Locking Systems Market
- Electric Release Latches: In 2018, Kiekert, a major German supplier of latch, introduced NuEntry, an electric release latch that uses exterior touch sensors. It allows users to open the door with a fingertip or smartphone and is expected to be used in autonomous vehicles.
- Hands-Free Access Systems: Hands-free access systems have become increasingly popular in recent years. They allow users to open car doors without needing to physically touch them. Some systems use key fobs, while others use sensors located around the vehicle.
- Keyless Entry Systems: Keyless entry systems are now standard features in most modern cars. They allow users to lock and unlock car doors with a push-button or touchpad, instead of using a traditional key.
- Proximity Sensors: Proximity sensors are used in many modern locking systems. They can detect the presence of a person or object and can be used to trigger the locking or unlocking of car doors.
- Remote Locking Systems: Remote locking systems allow users to lock and unlock their car doors from a distance. Some systems also allow users to start their cars remotely or activate other features, such as climate control.
Key players in the global Automotive Electronic Locking Systems Market:
- Brose Fahrzeugteile
- MITSUBA Corporation
- Robert Bosch GmBH
Market segment based on Product Type:
- Alarm System
Market segment based on Vehicle Type:
- Passenger Car
- Commercial Vehicle
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