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Automotive Smart Key Market to Register 5.9% CAGR by 2023

Pune, India, August 2019, MRFR Press Release/- Market Research Future has Published a Half-Cooked Research Report on the Global Automotive Smart Key Market.

Market Overview

An automotive smart key is referred to a computerized key which is capable of locking and unlocking a vehicle without having to use a traditional key. An automotive smart key works using the buttons on the remote or smart key. It functions using an identifying antenna which is attached to the vehicle and a radio pulse generator which is integrated with the key. When an automotive is integrated with a smart key, it has just one button that is located on the door handle to lock the vehicle.

A report recently launched by Market Research Future (MRFR), the global automotive smart key market is estimated to garner a market revenue valuation of USD 22 billion by the end of the forecast period. The MRFR analysis has also suggested that the global automotive smart key market is expected to register a 5.9% CAGR between 2017-2023. Several factors attributing to the ascension noted in the global automotive smart key market include technological advancements observed in the automotive industry, along with vehicle security regulations laid out by the government. Further, consumer awareness towards advanced technologies and rising demand for sophisticated vehicle security features are contributing heavily to the growth of the global automotive smart key market. However, a high cost of such technology integration is posing as a significant restraint on the progress of the global automotive smart key market.

Market Segmentation

The global automotive smart key market is segmented, by MRFR, ย on the basis of technology, end-market, and region. Based on technology, the global automotive smart key market is segmented into infra-red sensor and transmission. Based on end market, the global automotive smart key market is segmented into original equipment manufacturers (OEMs) and aftermarket. Among these segments, the global automotive smart key market is ruled by the aftermarket segment. Aftermarket is usually a secondary market for automotive concerned with distribution, manufacturing, as well as retailing and installation of vehicular parts.


Regional Analysis

The global automotive smart key market is analyzed by Market Research Future (MRFR), on the basis of region, for the segments of North America, Europe, Asia Pacific, and Rest of the World. Among these regions, Asia Pacific accounted for the largest share of the global automotive smart key market in the base year. The APAC region is also expected to retain its dominance over the market through the forecast period of 2017-2023. This fast-paced growth in the regional market can be attributed to the technological advancements and an accelerated rise in demand for convenience. Moreover, rising vehicle production, coupled with an accelerated installation of safety features in such vehicles is promoting the growth of the automotive smart key market residing in Asia Pacific. In addition, elevating demand from customers for high end vehicles is also fostering growth in the APAC market for automotive smart keys. Emergence of urbanization, in addition to a rise in the disposable income of consumers is having a positive impact on the ascension of the automotive smart key market in Asia Pacific. On the other hand, Europe and North Americaโ€™s automotive smart key market is anticipated to witness a steady pace of growth.

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Key Competitors

Some of the outstanding players in the global automotive smart key market, as mentioned in the MRFR analysis, include Denso Corporation (Japan), Valeo (France) ,TRW Automotive (U.S.), Continental AG (Germany), HELLA KGaA Hueck & Co.( Germany), Hyundai Mobis(India), Visteon Corporation (U.S.), Silca S.p.A. (Italy), Toyota Motor Corporation (Japan) and ALPHA Corporation.

Industry Update

May 2019: Imec recently announced their breakthrough in the Bluetooth Low Energy (BLE) research to use such technology in passive and secure keyless entry. Imec collaborated with Cosic Research Group at KU Leuven to develop the security mechanisms of this new solution.

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Report details
Base Year 2019
Companies Covered 15
Pages 110
Certified Global Research Member
Isomar fd.webp Wcrc 57.webp
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