Automotive Smart Key Market worth USD 26.37 Billion by 2027, registering a CAGR of 5.42%

Automotive Smart Key Market Overview: According to a comprehensive research report by Market Research Future (MRFR), “Automotive smart key Market Research Report, Technology, End Market and Region - Forecast till 2027” the 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.

COVID-19 Impact on Automotive Smart Key Market

The global economy is dependent largely on the automotive industry together with several other industries like textile, chemicals, and steel. But as these are shut down owing to the government imposed lockdowns due to the pandemic, it has impacted the automobile industry largely. The global automobile sector has faced the maximum challenges at the time of the outbreak as their production houses are shut, their inventories are overflowing and demand has subsided. Automobile companies are likely to enter the recession period after the supply chain gets destroyed in several countries and production houses have overflowing inventories. The pandemic has compelled the automotive industry for re-thinking its business. All these have impacted the global Automotive Smart Key Market which is likely to return to normalcy soon.

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Key Players

Eminent players profiled in the automotive smart key industry report include-

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)
ALPHA Corporation

The global Automotive Smart Key Market is fragmented and also competitive for the presence of different international domestic key players. These players have incorporated an array of strategies to remain at the vanguard and also suffice the burgeoning demand of the customers , including collaborations, contracts, partnerships, joint ventures, geographic expansions, new product launches, more.

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Alluring Features that Boost Market Growth

As per the latest MRFR report, numerous factors are propelling the global Automotive Smart Key Market value.

Drivers

Growing Demand for Luxury Cars to Boost Market Growth

The growing need for luxury cars in low cost that is technologically advance and also equipped with trending automotive technology is likely to boost market growth over the forecast period. Besides, various forms of vehicles have been introduced in the market like electric cars and hybrid cars that are equipped with advanced safety and security features. This is also likely to boost market growth.

Opportunities

Technological Advancements to offer Robust Opportunities

Increasing technological advances for the security and safety of vehicles and other technologies such as automotive telematics system and advanced driving assistance systems is likely to offer robust opportunities for the market over the forecast period.

Restraints

High Cost to act as Market Restraint

The high cost of automotive smart keys is likely to act as market restraint over the forecast period.

Challenges

Data Safety and Security to act as Market Challenges

Data safety and security is likely to act as market challenge over the forecast period. High initial cost and counterfeit products from China may also impact the Automotive Smart Key Market share.

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Market Segmentation

The global Automotive Smart Key Market is segmented based on end market and technology.

By Technology

By technology, the Automotive Smart Key Market is segmented into transmission, infra-red sensor, and others.

By End Market

By end market, the Automotive Smart Key Market is segmented into aftermarket and OEM. Of these, the aftermarket segment will lead the market over the forecast period. Aftermarket is usually a secondary market for automotive concerned with distribution, manufacturing as well as retailing and installation of vehicular parts.

Regional Analysis

Asia Pacific to Spearhead Automotive Smart Key Market

Asia Pacific region is predicted to spearhead the market over the forecast period. Rising vehicle production, increasing installation of safety features in passenger cars, and commercial vehicles, high demand from customers, high purchasing power that has upped the need for vehicles, China being the world’s largest car industries, increase in imports, rapid growth of smart keys in Indian and Chinese market, Chinese and Indian enterprises introducing cars with keyless input characteristics, the growing demand for advanced technology intelligent keys in Japan, China is the biggest automotive market, the volumes of production and sales of vehicles, rise in new energy vehicle sales, increasing exports, the increasing demand for smart keys with advanced technology in Japan, and the increasing demand for smart keys with advanced technology in Japan are adding to the global Automotive Smart Key Market growth in the region. Besides, technological advances, accelerated increase in demand for convenience, rising vehicle production, accelerated installation of safety features in these vehicles, elevating demand from customers for high end vehicles, increase in disposable income of consumers, emergence of urbanization, are also adding market growth.

Europe to Have Second Largest Share in Automotive Smart Key Market

Europe is predicted to have second-largest share over the forecast period. Rising electrification in automobiles, technological advances, increasing vehicle thefts, and the presence of leading car manufacturers in France and Germany are adding to the global Automotive Smart Key Market growth in the region.

Segmentation of Market covered in the research:

Information by Technology (Infra-Red Sensor, Transmission and Other), By End Market (OEM and Aftermarket) and Region (North America, Europe, Asia-Pacific, and Rest of the World)

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