Automotive Smart Key Market: Current Analysis and Forecast (2023-2030)

Report Description

The Automotive Smart Key was valued at 12 Billion is expected to witness CAGR growth of more than 6% during the forecast period (2023-2030). Smart keys in the automotive sector have gained popularity in the past few decades, owing to their increased security advantages. Automotive OEMs are adopting similar features in their budget cars as implemented in the high-end luxury cars segment. Companies such as Honda are investing in developing smart keys for their budget car offerings. In addition, the emergence of advanced technology, which makes use of radio frequency signals and converts them to digital information, has popularized the adoption of smart keys in the automotive sector, which is expected to provide ample growth opportunities for smart key adoption in all kinds of vehicles. Furthermore, growth in the number of vehicle thefts is further expected to increase the demand for biometric systems for vehicle security. For instance, in April 2023, Car Keys Express, the U.S.-based global leader in automotive key replacement, announced the upcoming release of the Universal Smart Key.

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Some of the major players operating in the market include 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.

Insights Presented in the Report

“Amongst vehicle type, luxury-segment vehicles growing during the forecasted period.”

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 key, 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 smart key chip and buttons from lightweight, environmentally friendly materials.

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“Amongst sales channel, OEMs segment dominated the market in 2022”

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, the majority of customers use services offered by automaker-approved service providers when replacing digital keys, which is expected to drive market growth for OEMs.

Automotive Smart Key Market Report Coverage

“Asia Pacific is projected to dominate in the global automotive smart key market during the forecasted period”

Asia Pacific is projected to dominate in the global automotive smart key market during the forecasted period. This is mainly due to expanding automotive vehicle production and increased installation of safety features in commercial vehicles and passenger vehicles in the region. Since there are many developed nations in the Asia Pacific 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% over the previous month. Because of this, it is anticipated that demand for Automotive Smart Key will rise throughout the course of the forecast period. This is because vehicle security systems are becoming more and more technologically advanced boosting the market for automotive smart key.

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• The study includes market sizing and forecasting analysis validated by authenticated key industry experts
• The report presents a quick review of overall industry performance at one glance
• The report covers an in-depth analysis of prominent industry peers with a primary focus on key business financials, product portfolio, expansion strategies, and recent developments
• Detailed examination of drivers, restraints, key trends, and opportunities prevailing in the industry
• The study comprehensively covers the market across different segments
• Deep dive regional level analysis of the industry

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The Automotive Smart Key Market can further be customized as per the requirement or any other market segment. Besides this, UMI understands that you may have your own business needs, hence feel free to connect with us to get a report that completely suits your requirements.

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Research Methodology

Research Methodology for Automotive Smart Key Market Analysis (2023-2030)

Analyzing the historical market, estimation of the current market, and forecasting the future of the Automotive Smart Key were the three major steps undertaken to create and analyze the demand and sales of Automotive Smart Key globally. Exhaustive secondary research was conducted to collect the historical market numbers and estimate the current market size. Secondly, to validate these insights, numerous findings and assumptions were taken into consideration. Moreover, exhaustive primary interviews were conducted, with industry experts across the value chain of the industry. Post assumption and validation of market numbers through primary interviews, we employed a bottom-up approach to forecast the complete market size. Thereafter, market breakdown and data triangulation methods were adopted to estimate and analyze the market size of segments and sub-segments the industry pertains to. Detailed methodology is explained below.

Analysis of Historical Market Size

Step 1: In-Depth Study of Secondary Sources:

Detailed secondary study was conducted to obtain the historical market size of the Automotive Smart Key Automotive Smart Key through company internal sources such as annual report & financial statements, performance presentations, press releases, etc., and external sources including journals, news & articles, government publications, competitor publications, sector reports, third-party database, and other credible publications.

Step 2: Market Segmentation:

After obtaining the historical market size of the automotive smart key, we conducted a detailed secondary analysis to gather historical market insights and share for different segments & sub-segments for major regions. Major segments included in the report are technology, application, vehicle type, and sales channel. Further regional-level analyses were conducted to evaluate the overall demand for Automotive Smart Key in global context.

Step 3: Factor Analysis:

After acquiring the historical market size of different segments and sub-segments, we conducted a detailed factor analysis to estimate the current market size. Further, we conducted factor analysis using dependent and independent variables such as growing demand for safety and security of vehicles and drivers, growth in sales of luxury vehicles, and technological advancement in the automotive sector, etc. Historical trends and their year-on-year impact on the market size and share were analyzed. Demand and supply-side scenario were also thoroughly studied.

Current Market Size Estimate & Forecast

Current Market Sizing: Based on actionable insights from the above 3 steps, we arrived at the current market size, key players in the Market, and market shares of the segments and company. All the required percentage split, and market breakdowns were determined using the above-mentioned secondary approach and were verified through primary interviews.

Estimation & Forecasting: For market estimation and forecast, weights were assigned to different factors including drivers & trends, restraints, and opportunities available for the stakeholders. After analyzing these factors, relevant forecasting techniques i.e., bottom-up approach were applied to arrive at the market forecast for 2030 for different segments and subsegments across the major regions globally. The research methodology adopted to estimate the market size encompasses:

• The industry’s market size, in terms of value (US$) and the demand of Automotive Smart Key across the major regions globally
• All percentage shares, splits, and breakdowns of market segments and sub-segments
• Key players in the Automotive Smart Key Market in terms of products offered. Also, the growth strategies adopted by these players to compete in the fast-growing market.

Market Size and Share Validation

Primary Research: In-depth interviews were conducted with the Key Opinion Leaders (KOLs) including Top Level Executives (CXO/VPs, Sales Head, Marketing Head, Operational Head, and Regional Head, Country Head, etc.) across major countries. Primary research findings were then summarized, and statistical analysis was performed to prove the stated hypothesis. Inputs from primary research were consolidated with secondary findings, hence turning information into actionable insights.

Split of Primary Participants in Different Regions

Market Engineering

Data triangulation techniques were employed to complete the overall market estimation and to arrive at precise statistical numbers of each segment and sub-segment of the Automotive Smart Key market. Data was split into several segments & sub-segments post studying various parameters and trends in the areas of technology, application, vehicle type, sales channel, and region.

The main objective of the Automotive Smart Key Market Study

The current & future market trends of the Automotive Smart Key Market are pinpointed in the study. Investors can gain strategic insights to base their discretion on investments from the qualitative and quantitative analysis performed in the study. Current and future market trends would determine the overall attractiveness of the market at a regional level, providing a platform for the industrial participant to exploit the untapped market to benefit as a first-mover advantage. Other quantitative goals of the studies include:

• Analyze the current and forecast market size of Automotive Smart Key in terms of value (USD). Also, analyze the current and forecast market size of different segments and sub-segments of the industry
• Segments in the study include technology, application, vehicle type, sales channel, and Regions
• Defined analysis of the regulatory framework for the Automotive Smart Key industry
• Analyze the value chain involved with the presence of various intermediaries, along with analyzing customer and competitor behaviors pertaining to the industry
• Major regions analyzed in the report include North America, Europe, Asia-Pacific, and Rest of World. Define and analyze the competitive landscape of the Automotive Smart Key sector and the growth strategies adopted by the market players to sustain in the fast-growing market

Deep dive regional level analysis of the industry

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