More than half of drivers worldwide are interested in using virtual car keys to access and start their vehicles (54%) and the global virtual car key market share is predicted to increase at a compound annual growth rate of 21.8% over the course of the decade, according to a Straits Research forecast.

The added security offered by virtual car keys and keyless entry systems, growing user awareness of the need to protect their vehicles, and the implementation of solutions using secure technologies including NFC, ultra wideband (UWB) and Bluetooth Low Energy (BLE) are among the key drivers of this growth, the researchers say.

The Virtual Car Key Market Share Report also shows that the Asia-Pacific region — where, for example, some 44% of new cars sold in China are equipped with virtual keys —  “dominated the global market at US$858.7m owing to the rising need for excellent security solutions, increasing car thefts, growing demand for technologically advanced products and increased acceptance of connected car solutions”.

“Due to the significant adoption of keyless entry systems in the US, primarily in passenger automobiles and light commercial vehicles, North America accounted for the second largest market with a share of US$500m in the global virtual car key market,” according to the report

“During the forecast period, the market in the region is projected to be driven by the growing need for increased safety and security features in automobiles.”

“The virtual car key market is rapidly expanding. The market is growing as demand for more advanced car safety features grows. As a result, automakers are upgrading their security systems,” the researchers add.

“The rising desire for automation will be the next major trend in virtual car key market expansion.”

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