Automotive Smart Key Market is projected to be worth USD 26.37 Billion by 2027, registering a CAGR of 5.42% during the forecast period (2021 - 2027), The market was valued at USD 16.2 billion in 2020.
Automotive smart key is a computerized key, which locks and unlocks a vehicle without using the conventional key and pressing the buttons on the remote or smart key. It is segmented into two segments: Technology and End Market. On the basis of Technology, it is segmented into Infra-Red Sensor, Transmission and Other. On the basis of end market it is segmented into OEM and Aftermarket. Aftermarket accounted for the largest market share. Aftermarket is generally the secondary market for automotive concerned with manufacturing, distribution, retailing and installation of vehicle parts.
Technological advancements, vehicle security regulations and consumer awareness about sophisticated vehicle security features, are some of the factors pushing the market towards growth.
Furthermore, high cost acts as a major barrier for the growth of the market.
The major player operating in the market of global automotive smart key are 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
Recently, in 2016, Toyota Motor Corporation, a Japanese multinational automotive manufacturer invented a smart key box, which turns a smartphone into a car key. The company invented a Bluetooth-enabled device that allows users to unlock and start the engine of a car using just their smartphone.
Global Automotive smart key Market: Segmentation
Automotive smart key market is highly application driven and systems are gaining popularity across end users and technologies such as Infra-Red Sensor, Transmission and Others. Technological advancements along with the demand for convenience are the key factors are driving the growth of automotive smart key market. Asia-Pacific is estimated to account for the largest share of the automotive smart key system market. This can mainly be attributed to the rising vehicle production and the increasing installation of safety features in passenger cars, commercial vehicles. Additionally, high demand from customers and high purchasing power has upped the demand for vehicles and boosted the market for automotive smart key. The Europe and North American market are expected to experience a steady level of growth.
The report for Global Automotive Smart Key Market of Market Research Future comprises of extensive primary research along with the detailed analysis of qualitative as well as quantitative aspects by various industry experts, key opinion leaders to gain the deeper insight of the market and industry performance. The report gives the clear picture of current market scenario which includes historical and projected market size in terms of value and volume, technological advancement, macro economical and governing factors in the market. The report provides details information and strategies of the top key players in the industry. The report also gives a broad study of the different market segments and regions.
|Market Size||2027: USD 26.37 Billion|
|CAGR||5.4% CAGR (2020-2027)|
|Forecast Units||Value (USD Million)|
|Report Coverage||Revenue Forecast, Competitive Landscape, Growth Factors, and Trends|
|Segments Covered||By Technology, By End Market, By Application, By Vehicle type|
|Geographies Covered||North America, Europe, Asia-Pacific, and Rest of the World (RoW)|
|Key Vendors||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|
|Key Market Opportunities||
|Key Market Drivers||
Frequently Asked Questions (FAQ) :
The increased focus on safety regulation is anticipated to define the growth of the market in the forecast period.
An encouraging 5.42% CAGR is expected to influence the global market.
A balanced income level is expected to be seen in the market.
HELLA KGaA Hueck & Co.(Germany), Continental AG (Germany), Toyota Motor Corporation (Japan), Hyundai Mobis (India), Silca S.p.A. (Italy) and Visteon Corporation (U.S.) are the challengers in the market.
The APAC region is likely to emerge as the top region in the global market.