According to our latest market study on “Automotive Smart Key Market Forecast to 2028 – COVID-19 Impact and Global Analysis – by Application and Technology,” the market is expected to grow from US$ 8,023.9 million in 2021 to US$ 12,020.4 million by 2028; and is estimated to grow at a CAGR of 5.9% from 2021 to 2028.

Increased Production of Luxury Cars to Drive Automotive Smart Key Market Growth during Forecast Period

Shifting preferences of consumers and their increasing disposable incomes have fueled the demand for luxury cars worldwide. The need for a high level of comfort and safety, and the new trend of electric vehicles are further bolstering the luxury cars segment. The luxury car market in China currently exhibits the highest growth potential among all the developing countries with a significant presence of carmakers, such as Audi, Mercedes-Benz, and BMW. According to the China Automobile Dealers Association, the automotive industry in the country reported the sales of ~277,000 luxury cars in April 2020, registering an 11.1% increase over that in April 2019.

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With increasing annual new vehicle registrations, India is also one the verge of becoming a rapidly emerging market for luxury cars in Asia Pacific. Many of the market players are investing in R&D to offer smart key solutions to their customers. In September 2017, Continental Aftermarket & Services announced its Keys-as-a-Service Portfolio with the availability of its cloud-based solutions continental smart access (CoSmA) and remote cloud key (RCK) to provide keyless vehicle access and start authorization. This solution enables owners to access vehicles using a smart device, such as a smartphone. The demand for active and passive keyless entry systems to lock, unlock, and start the car’s engine remotely, using RF signals, has increased significantly. Mechanical keys restrict unauthorized access to automobiles. Modern vehicles use microcontrollers for applications such as passive keyless entry systems and vehicle immobilizer systems. Embedded electronic systems are convenient; however, system security can be breached upon the occurrence of faults in wireless interface scanning. This factor has led to the development of an automobile keyless entry system using two-factor authentication, in which, the automobile can autonomously verify the user and device-based key fob authentication framework, enabling a two-factor authentication system.

Key Findings of Study:

The global automotive smart key market is segmented into five major regions—North America, Europe, APAC, the MEA, and SAM. Based on Application, the market is segmented into single function and multi-function. In 2020, the single function segment accounted for a larger share in the market. Based on technology, the automotive smart key market is segmented into remote keyless entry and passive keyless entry. In 2020, the remote keyless entry segment accounted for a larger market share.  

Continental AG.; Denso Corporation; TOKAIRIKA,CO, LTD.; Valeo; Hyundai Mobis; - PROMINENT MARKET PARTICIPANTS IN AUTOMOTIVE SMART KEY MARKET

Continental AG.; Denso Corporation; TOKAIRIKA,CO, LTD.; Valeo; Hyundai Mobis, are some of the key market players operating in the global automotive smart key market. The listing of key players is derived by considering multiple factors such as overall revenue, current automotive smart key portfolio, geographical reach, new product launches, market initiatives, and investment in technology up gradation, partnerships, and other market related activities. In addition to these players, there are several other important players operating in the automotive smart key market which were analyzed during the course of this market research study, such as, ALPHA Corporation.; Honda Lock Mfg. Co., Ltd.; Silca S.p. A.; TOYOTA MOTOR CORPORATION; and HELLA GmbH and Co. KGaA among others.

The automotive smart key market is segmented based on technology, and application. Based on Application, the global automotive smart key market is segmented into single function, and multi-function. On the basis of technology, the global automotive smart key market is segmented into remote keyless entry, and passive keyless entry.  Based on geography, the global automotive smart key market is segmented into five major regions—North America, Europe, Asia Pacific (APAC), Middle East and Africa (MEA), and South America (SAM).

Growth of economies, and improvements in production and manufacturing infrastructures, especially in developing countries, have bolstered the growth of the automobile market. This growth encourages the global automotive smart key market. After witnessing a significant drop in 2020 due to the COVID-19 pandemic, the automotive market has been experiencing a gradual recovery in consumer demand for trucks and cars since the last quarter of 2020. According to several automotive industry associations and organizations, the automotive sector recorded ~20–25% loss in production and more than 30% loss in sales in 2020. The smart key manufacturers observed significant tremors in 2020 owing to the decline in automotive manufacturing.

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