Remote Keyless Entry Segment to Dominate MEA Automotive Smart Key Market during 2021–2028
According to The Insight Partners market research study on “MEA Automotive Smart Key Market to 2028 – COVID-19 Impact and Regional Analysis and Forecast by Application and Technology” is expected to reach US$ 581.00 million by 2028 from US$ 437.29 million in 2021. The market is estimated to grow at a CAGR of 4.1% from 2021 to 2028. The report provides trends prevailing in the MEA automotive smart key market along with the drivers and restraints pertaining to the market growth. Increasing uptake of keyless authorization systems in vehicles is the major factor driving the growth of the MEA automotive smart key market. However, issues associated with the concerns regarding data security and cybercrime hinder the growth of MEA automotive smart key market.
The MEA automotive smart key market has been segmented based on application, technology, and country. On the basis of application, the MEA automotive smart key market is segmented into single function smart key and multi-function smart key. The single function smart key segment dominated the market in 2020 and multi-function smart key segment is expected to be the fastest growing during the forecast period. Based on technology, the market is segmented into remote keyless entry and passive keyless entry. The remote keyless entry segment dominated the market in 2020 and passive keyless entry segment is expected to be the fastest growing during the forecast period. Based on country, the automotive smart key market is classified into South Africa, UAE, Saudi Arabia, and Rest of MEA.
The automotive smart key market in the Middle East and Africa has witnessed a decline in growth due to disruptions in supply chains; enactment of containment measures such as travel restrictions, production shutdown, and lockdowns; and the disrupted supply and distribution of electronics and mechanical automotive components. South Africa accounts for a major share in the automotive sector in the Middle East and Africa. The closing of production factories has had an enormous impact on the country’s automotive sector. Several players in the automotive market in Middle East and North Africa are introducing innovative green and environment-friendly technologies to recover sales. Employers are focused on using lightweight and eco-friendly materials for the manufacturing of smart keys. Investments in the single function and multi-function technologies equipped smart keys are anticipated to boost the automotive smart keys market growth in the Middle East and Africa in the post-COVID-19 pandemic era.
ALPHA Corporation; Continental AG; Denso Corporation; HELLA GmbH and Co. KGaA; Honda Lock Mfg. Co., Ltd.; TOYOTA MOTOR CORPORATION; and Valeo are among the leading companies in the MEA automotive smart key market. The companies are focused on adopting organic growth strategies such as product launches and expansions to sustain their position in the dynamic market. The companies are focused on adopting organic growth strategies such as product launches and expansions to sustain their position in the dynamic market. For instance, in 2020, Hella GMBH is expanding its electronics plant to increase its production capacity of actuators, sensors, and lightning electronic components.
Contact Us
Phone: +1-646-491-9876
Email Id: sales@theinsightpartners.com