New York, Nov. 02, 2021 (GLOBE NEWSWIRE) -- Automotive Smart Key Market: Key Insights
According to our new research study on Automotive Smart Key Market Size Analysis and Forecast to 2028 - COVID-19 Impact and Global Analysis By Application (Single Function and Multi-function) and Technology (Remote Keyless Entry and Passive Keyless Entry) and Geography.
| Report Coverage | Details |
| Market Size Value in | US$ 8,023.9 million in 2021 |
| Market Size Value by | US$ 12,020.4 million by 2028 |
| Growth Rate | CAGR of 5.9% from 2021 to 2028 |
| Forecast Period | 2021-2028 |
| Base Year | 2021 |
| No. of Pages | 150 |
| No. Tables | 61 |
| No. of Charts & Figures | 69 |
| Historical Data Available | Yes |
| Segments Covered | Application, and Technology |
| Regional Scope | North America; Europe; Asia Pacific; Latin America; MEA |
| Country Scope | US, UK, Canada, Germany, France, Italy, Australia, Russia, China, Japan, South Korea, Saudi Arabia, Brazil, Argentina |
| Report Coverage | Revenue forecast, company ranking, competitive landscape, growth factors, and trends |
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Automotive Smart Key Market: Competitive Landscape and Key Developments
ALPHA Corporation; Continental AG; and Denso Corporation are among key players profiled during the study of the automotive smart key market. In addition, several other essential market players were also studied and analyzed to get a holistic view of the market and its ecosystem.
In 2021, TOKAI RIKA CO., LTD. decided to establish a new cloud business center, Aichi Prefecture, in Nagoya, to expand its cloud-based business activities, particularly those involving digital keys. This new office will be primarily responsible for the development and design of digital key systems and applications.
The automotive smart key market, based on application, is segmented into single function and multi-function. Growing advancements in terms of automotive technologies and demands for enhanced vehicle security are driving the growth of single-function smart key segment. The smart key is designed for electronically accessing a vehicle, and it allows the drivers to keep the key fob pocketed when unlocking, locking, or starting the vehicle. A single-function smart key enables the automatic unlocking of vehicles. When leaving the vehicles, they are locked by either pressing a button on a door handle, or by simply walking away from the vehicle. Vehicles with smart-key systems also have a mechanical backup, which some manufacturers often hide behind a cover for styling. The automotive smart key market is witnessing substantial growth in Asia Pacific owing to the rapidly growing vehicle theft cases and rising demand for premium vehicles. Single-function smart keys are gaining popularity with newer product models. Market players are designing and developing compact as well as attractive smart keys. For instance, ALPHA Corporation’s intelligent key enables users to unlock and lock the vehicle door by just gripping the door handle and pressing the button, respectively. The smart key provides extra assurance and is built with superior security and convenience. The company’s remote control key is also convenient for easier door locking and unlocking.
APAC dominated the automotive smart key market, while Europe was the second-largest contributor to the it in 2020, followed by North America. Asia pacific countries such as Indonesia, Malaysia, South Korea, India, and Australia are witnessing a growing trend of digitalization and "Internet of Cars" for offering higher connectivity through technology-fitted automobiles. The growing demand for smart keys in countries such as India, China, and Japan is attributed to the increasing concerns about vehicle security and growing preference for the emerging, eco-friendly technologies. Smart keys, once a critical feature in luxury vehicles, are gaining rapid popularity in budget cars. OPPO, a Chinese smartphone giant, recently partnered with NIO, a Chinese car maker, to develop and test a digital car key based on the Car Connectivity Consortium 2.0 (CCC 2.0) to make the feature available in the Wallet App for OPPO phones and watches.
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The market players in Asia Pacific are working with several automobile manufacturers and tier 1 suppliers to eliminate the need for users to carry a physical car key. Increased collaborations and partnerships among carmakers, suppliers, smartphone providers, and app developers are anticipated to enable the development of a universal digital car key standard. The ongoing efforts for formulating a smart car key as a standard with advanced information security technology, cloud computing, secure interaction, and security chip to safely authorize the unlocking and starting of vehicles is anticipated to boost the automotive smart key market growth in Asia Pacific in the coming years.
Surge in Deployment of Safety Features in Commercial and Passenger Vehicles Propel Automotive Smart Key Market Growth:
The rising prevalence of vehicle theft has propelled the demand for updated systems with a unique code for unlocking the cars, involving an electronic key fob recognition through a specific code authorization. As a result, automakers have begun to use computer-encrypted microchips in their keyless systems to enhance the security layers. A surge in introduction of hybrid and electric vehicles equipped with advanced safety and security features has also propelled the demand for automotive smart keys. For instance, Mercedes' Keyless Go allows a driver to lock and unlock a vehicle without using the corresponding smart key buttons. Once a driver enters a car with an equipped Keyless Go SmartKey or Keyless Go wallet-size card, they can start and stop the engine without inserting the SmartKey. A transponder built within the SmartKey allows the vehicle to identify the driver. Technological advancements, such as transmission and infrared sensors further strengthen safety and security features. Thus, the augmenting demand for the incorporation of safety and security features in modern vehicles is propelling the automotive smart key market at large.
Automotive smart key Market: Application Overview
Based on application, the global automotive smart key market is segmented into single function and multi-function. The adoption of multi-function smart automotive keys is growing with the rising demands for luxury vehicles with equipped with advanced safety and security features. With access to standard car operations, many market players are offering multi-functional smart keys with creative solutions to modern problems. Smart keys make key sharing simple by digitizing the process and integrating with the customer’s phone. In 2016, Hyundai Motor Co. introduced a band-type wearable multi-function smart key that enables the driver to open car doors and trunk, and start the engine from remote areas. The key also features real-time fitness tracker such as heart rate monitoring during sleep or workout. Similarly, Valeo launched a smart watch system that allows drivers to lock and unlock vehicles by enabling the synchronization of data between the car and the smartphone; the drivers can these data to check tire pressure and fuel levels. The Ford Escape has settings to prevent the vehicle from exceeding a maximum speed if it has been started with a certain key. Technological advancements are further bolstering the growth of the market for multi-functional automotive smart keys.
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Key Questions to Request for Automotive Smart Key Market:
- What are the driving factors responsible for the growth of automotive smart key market?
- What are the market opportunities for automotive smart key market?
- Which application-based segment has the largest market share in 2020?
- What are the future trend for automotive smart key market?
- Who are the major vendors in the automotive smart key market?
- Which region has the largest market share in the automotive smart key market?
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