LONDON--(BUSINESS WIRE)--The latest market research report by Technavio on the global commercial vehicle keyless entry systems (CVKES) market predicts a CAGR of over 5% during the period 2017-2021.
The report segments the global CVKES market by product type (RKES and PKES), and by geography (the Americas, EMEA, and APAC). It provides a detailed illustration of the major factors influencing the market, including drivers, opportunities, trends, and industry-specific challenges.
Here are some key findings of the global commercial vehicle keyless entry systems market, according to Technavio automotive researchers:
- KES provides added protection and convenience to vehicles: a major market driver
- In 2016, the RKES segment dominated the market by occupying over 74% share
- The Americas dominated the global CVKES market with around 42% share in 2016
- Continental, Delphi Automotive, DENSO, HELLA, and Lear are the leading players in the market
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KES provides added protection and convenience to vehicles: a major market driver
KES provides added protection and convenience to vehicles, which is one of the major factors driving the global commercial vehicle keyless entry systems market. In recent times, KES has become a standard feature in all vehicles, including commercial vehicles. One of its major advantages is providing security. It offers added protection, unlike mechanical keys which can be easily copied. With KES, users can secure their vehicles, and sometimes engine, with just the push of a button. In KES, key fobs and vehicles use electromagnetic signals to transmit messages, which offers greater security as it cannot be duplicated.
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Americas: largest commercial vehicle keyless entry systems market
Technavio researchers anticipate high growth for the global commercial vehicle keyless entry systems market in the Americas due to the high adoption of safety systems in commercial vehicles and increase in sales of commercial vehicles in the region.
According to Ganesh Subramaniam, a lead analyst at Technavio for research on automotive electronics, “The rising concerns over vehicle thefts and the convenience offered by KES are the major drivers for this segment. The adoption of enhanced security systems, such RKES, PKES, anti-theft alarm system, and strong vehicle tracking systems, has reduced the occurrence of thefts in the Americas over the past couple of years. Therefore, both consumers and regulatory bodies are encouraging the adoption of vehicle security systems to further reduce vehicle theft in the region.”
Competitive vendor landscape
The global CVKES market is highly concentrated and is influenced by technological advancements that aim to make the system reliable, accurate, and advanced. However, such efforts incur high R&D expenses. Manufacturers are also restricted by stringent regulations and standards by various regulating bodies, thus impacting the profitability of the makers. Thus, to maintain profitability, developers need to strike a balance between advancements in the system and its production costs. Continental, Delphi Automotive, DENSO, HELLA, and Lear are the leading players in the global commercial vehicle keyless entry systems market.
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