The rising demand for smart keys equipped with cutting-edge technology is expected to drive the demand for Smart Key technology in the automotive sector. Asia-Pacific to lead the global market!
- Vikas Kumar
- November 17, 2023
- AUTOMOTIVE, NEWS
- Automotive Smart Key Market Analysis, Automotive Smart Key Market Forecast, Automotive Smart Key Market Growth, Automotive Smart Key Market Outlook, Automotive Smart Key Market Share, Automotive Smart Key Market Size, Automotive Smart Key Market Trends
- 0 Comments
Asia Pacific is expected to lead the global market for automotive smart keys. Automotive smart keys market are currently in their infancy, but they have enormous promise, especially in the Asia-Pacific region. Since there are many developed nations in Asia Pacific such as China, and Japan that also have cutting-edge research and development centers for digital keys, the use of digital key solutions in the region is projected to increase. For instance, according to the China Automobile Dealers Association, the country’s premium car industry sold roughly 2,77,000 units in April 2020, up 11.1% rise from April 2019.
Access sample report (including graphs, charts, and figures): https://univdatos.com/get-a-free-sample-form-php/?product_id=47669
Further, the Asia Pacific automotive smart key market is expected to grow at a strong CAGR of 9% during the forecast period (2023-20230). The Asia-Pacific region is anticipated to develop faster than other regions during the projected period in the market for automotive smart keys. One of the world’s largest marketplaces for automobiles is China. Due to political and microeconomic considerations. However, sales of new energy vehicles (NEVs) kept climbing quickly, and exports also grew quickly. As more Chinese and Indian companies introduce automobiles with keyless entry features, the demand for smart keys in both the Chinese and Indian markets is increasing quickly. This will result in a boom in the markets for automotive smart keys in both China and India. Therefore, it is anticipated that such innovations will fuel growth in the Asia-Pacific market for automotive smart key.
APAC Automotive Smart Key Market Revenue (2020-2030)- USD Mn
Based on technology, the automotive smart key market is segmented into passive keyless entry systems (PKES), remote keyless entry system (RKES). The majority of smart key technologies are based on passive keyless entry technology. Passive keyless entry systems have the benefit of removing the need to carry around a physical key. They also add an extra degree of protection because the key fob can be programmed to only work with specific permitted vehicles or to turn the car off after a predetermined amount of inactivity. For instance, in 2023, the imminent introduction of the Universal Smart Key was announced by Car Keys Express, a U.S. business that replaces car keys.
Based on application, the automotive smart key market is bifurcated into single function, and multi-function. Multi-function smart key dominates the market during the forecasted period. Smart key systems’ capabilities are increased by multi-function applications, which give consumers a more thorough and practical experience. Features like remote starting, trunk opening, vehicle locating, automated climate control activation, and customized settings are all possible with these programs. Smart key systems increase customer convenience and enjoyment by offering extra features, making them a sought-after feature for car buyers. Thus, such factors result in the increasing demand for Multi-function smart key in the industry which in turn is increasing the market of automotive smart key market.
Based on vehicle type, the automotive smart key market is bifurcated into entry-segment vehicles, mid-segment vehicles, luxury-segment vehicles. Currently, smart keys are majorly equipped in the luxury-segment vehicles. Overall adoption of multi-function smart keys is growing owing to the rising demands for luxury vehicles equipped with advanced safety and security technologies. Due to the exceptional features of automotive smart keys, luxury automakers like Mercedes Benz (Daimler), BMW, Audi, Lexus (Toyota), Jaguar Land Rover (Tata), Volvo (Geely), Porsche (VW), and Bentley (VW) are heavily embracing this technology. They produce the smart key’s chip and buttons from lightweight, environmentally friendly materials.
Based on sales channel, the automotive smart key market is bifurcated into OEMs and aftermarket. OEMs segment dominated the market in 2022. This is mainly due to the improving accessibility for vehicle, many OEMs are providing digital keys to customers on the purchase of cars. Additionally, due to brand confidence and customer loyalty, most customers use services offered by automaker-approved service providers when replacing digital keys, which is expected to drive market growth for OEMs.
Click here to view the Report Description & TOC https://univdatos.com/report/automotive-smart-key-market/
Automotive Smart Key Market Segmentation
Market Insight, by Technology
- Passive Keyless Entry Systems (PKES)
- Remote Keyless Entry System (RKES)
Market Insight, by Application
- Single Function
- Multi-function
Market Insight, by Vehicle Type
- Entry-Segment Vehicles
- Mid-Segment Vehicles
- Luxury-Segment Vehicles
Market Insight, by Sales Channel
- OEMs
- Aftermarket
Market Insight, by Region
- North America
- The U.S.
- Canada
- Rest of North America
- Europe
- Germany
- The U.K.
- France
- Spain
- Italy
- Rest of Europe
- APAC
- China
- Japan
- India
- Rest of APAC
- Rest of the World
Top Company Profiles
- Robert Bosch GmbH
- Continental AG
- Qualcomm Technologies, Inc.
- HELLA GmbH & Co. KGaA
- Denso Corporation
- Hyundai Mobis
- ZF Friedrichshafen AG
- Valeo
- Visteon Corporation
- Alpha Corporation Inc.
