Middle East & Africa Automotive Smart Key Market to Grow at a CAGR of 4.1% to reach US$ 581.00 million from 2021 to 2028

The automotive smart key market in MEA is expected to grow from US$ 437.29 million in 2021 to US$ 581.00 million by 2028; it is estimated to grow at a CAGR of 4.1% from 2021 to 2028.

Increasing uptake of keyless authorization systems in vehicles is expected to fuel the market. The demand for active and passive Keyless entry systems to lock, unlock, and start the car’s engine remotely using RF signals has increased significantly. Mechanical keys restrict unauthorized access to automobiles. Modern vehicles use microcontrollers for applications, such as passive keyless entry systems and vehicle immobilizer systems. Embedded electronic systems are convenient; however, system security can be breached through theft or fault in the wireless interface scanning. This factor has led to the development of an automobile keyless entry system using two-factor authentication, in which, the automobile can autonomously verify the user and device-based key fob authentication framework, enabling a two-factor authentication system. The emerging trends of two-factor authentication in keyless authorization systems to prevent security breaches and hacking is boosting the automotive smart key market. A state-of-the-art radio technology, innovative keyless system, high-precision, and interference-free key location system provide optimum safety and convenience to drivers and passengers. The increased connectivity and incorporation of complex software in automotive systems have made modern vehicles more susceptible to cyber security attacks. Improper signature verification, when implementing key fob, allows the attacker to update it with malicious firmware. The vehicle's missing certificate verification while pairing with the key fob is also a significant weakness leading to the necessity for secure and robust authorization systems. Transmitter technology recognizes the paired key’s presence by pairing the owner’s key fob to the car’s internal engine control unit (ECU). Constantly changing the frequencies pattern, which connects smart keys with vehicles, prevents hacking into the vehicle software.

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.

With the new features and technologies, vendors can attract new customers and expand their footprints in emerging markets. This factor is likely to drive the automotive smart key market. The MEA automotive smart key is expected to grow at a good CAGR during the forecast period.

  MEA Automotive Smart Key Market Revenue and Forecast to 2028 (US$ Million)

MEA Automotive Smart Key Market Segmentation

MEA Automotive Smart Key Market – By Application

• Single Function
• Multi-function

MEA Automotive Smart Key Market – By Technology

• Remote Keyless Entry
• Passive Keyless Entry

MEA Automotive Smart Key Market- By Country

• South Africa
• UAE
• Saudi Arabia
• Rest of MEA

MEA Automotive Smart Key Market-Companies Mentioned

• ALPHA Corporation        
• Continental AG
• Denso Corporation
• HELLA GmbH and Co. KGaA
• Honda Lock Mfg. Co., Ltd.
• TOYOTA MOTOR CORPORATION
• Valeo

Middle East & Africa Automotive Smart Key Market Report Scope

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