Growth in vehicle theft rate is expected to drive the demand for Smart Keys technology in automotive sector. Asia-Pacific to dominate the market!
- Himanshu Patni
- December 23, 2021
- AUTOMOTIVE, NEWS
- Automotive Smart Keys Market, Automotive Smart Keys Market growth, Automotive Smart Keys Market share, Automotive Smart Keys Market size, Automotive Smart Keys Market trends
- 0 Comments
Automotive Smart Keys Market is expected to witness CAGR growth of more than 8% during the forecast period 2021-2027. Technological advancement in the automotive sector paired with increasing theft of vehicle would further increase the adoption of smart keys for vehicle security during the forecast period. In addition, companies such as BMW, Volkswagen, and Mercedes-Benz among others are also investing heavily on using lightweight and environment friendly material for manufacturing chips for the smart keys. Hence, trend of using lightweight material for manufacturing smart keys would provide ample growth opportunity for the semiconductor manufactures as well.
Automotive Smart Keys has emerged as one of the technological advancements in the automotive industry, used for security purpose. Smart key is also known as an intelligent key, these keys contain/store information or digital features, that is used to provide more functionalities than just unlocking a digital or physical lock system. Smart keys are a computerized system which uses microchips and sensors to automatically unlock the doors and start the vehicle without using a key. Smart keys operate as an access or authorization system, these are available either as standard equipment in a vehicle or as an optional component, depending on the model of the car/vehicles.
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Based on Technology, the Automotive Smart Keys Market is segmented into Passive Keyless Entry Systems (PKES), Remote Keyless Entry System (RKES). Currently, majority of the smart key technologies are based on passive keyless entry technology, where the passive keyless entry system operates although placed in the vehicle owners/drivers’ pocket or bag, unlike a standard remote keyless entry system, that requires the vehicle owners/drivers to press a button to lock or unlock the vehicle. Based on Application, the Automotive Smart Keys Market is bifurcated into Single Function, Multi-function. Multi-function smart key dominates the market, however, with growing technological advancements in the automotive sector paired with growing demand for innovative and enhanced vehicle security system is expected to drive the adoption of single-function smart key segment.
Based on Vehicle Type, the Automotive Smart Keys Market is bifurcated into Entry-Segment Vehicles, Mid-Segment Vehicles, Luxury-Segment Vehicles. Currently, Smart Keys is majorly equipped in the Luxury-Segment Vehicles. However, Smart keys, one of the main features in luxury vehicle segment, is gaining popularity in the budget cars segment as well. Based on Sales channel, the Automotive Smart Keys Market is bifurcated into OEMs and Aftermarket. OEMs segment dominated the market in 2020. However, Aftermarket segment is expected to witness significant growth during the forecast period. Growing concern related to safety and security of vehicle and drivers are propelling the automotive OEMs to deploy advanced safety technology in their vehicle.
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For a better understanding of the market, the report is analyzed based on different regions including North America (US, Canada, Rest of North America); Europe (Germany, UK, France, Italy, Rest of Europe); Asia-Pacific (China, Japan, India, South Korea, Rest of Asia-Pacific); and Rest of World. Asia-Pacific dominates the market, owing to increasing vehicle production, paired with rising sales of luxury vehicle in the region. Recently, OPPO, a Chinese smartphone manufacturer, entered a partnership with NIO, a Chinese car manufacture, to develop and test a digital car key based on Car Connectivity Consortium 2.0 (CCC 2.0) to make the feature available in the Wallet App for OPPO phones and watches. Some of the major players operating in the market include Robert Bosch, Continental AG, Qualcomm Technologies, Inc., Hella KGaA Hueck & Co., Denso Corporation, Hyundai Mobis, ZF Friedrichshafen AG, Tokai Rika Co. Ltd, Visteon Corporation, ALPHA Corporation etc.
Automotive Smart Keys Market Segmentation
Market Insight, by Technology
- Passive Keyless Entry Systems (PKES)
- Remote Keyless Entry System (RKES)
Market Insight, by Application
- Single Function
Market Insight, by Vehicle Type
- Entry-Segment Vehicles
- Mid-Segment Vehicles
- Luxury-Segment Vehicles
Market Insight, by Sales Channel
Market Insight, by Region
- North America Automotive Smart Keys Market
- Rest of North America
- Europe Automotive Smart Keys Market
- Rest of Europe
- Asia-Pacific Automotive Smart Keys Market
- South Korea
- Rest of Asia-Pacific
- Rest of World Automotive Smart Keys Market
Top Company Profiles
- Robert Bosch
- Continental AG
- Qualcomm Technologies, Inc.
- Hella KGaA Hueck & Co.
- Denso Corporation
- Hyundai Mobis
- ZF Friedrichshafen AG
- Tokai Rika Co. Ltd
- Visteon Corporation
- ALPHA Corporation