Automotive Smart Key Market Size Report by 2031
The automotive smart key market size is projected to reach US$ 13.85 billion by 2031 from US$ 8.67 billion in 2023. The market is expected to register a CAGR of 6.0% during 2023–2031. The advancements in automotive telematics and advanced driving assistance systems (ADAS) are likely to remain key trends in the market.
Automotive Smart Key Market Analysis
The rise in global production of luxury cars across the globe is expected to drive the automotive smart key market growth during the forecast period. In addition, the rise in the deployment of safety features in commercial and passenger vehicles is anticipated to fuel the demand for automotive smart keys, which in turn is expected to propel the market growth during the analyzed timeframe. Moreover, the rise in the uptake of keyless authorization systems in vehicles is expected to create opportunity for the companies operating in the automotive smart key market.
Automotive Smart Key Market Overview
The automotive smart key market infrastructure primarily comprises hardware/component providers, smart key manufacturers, system integrators, and end users. An automotive smart key combines various hardware components such as sensors, microprocessors, metal keys, and covering boxes, among others. Major players occupy significant places in the various nodes of the automotive smart key market ecosystem. Automotive smart key hardware comprises microcontrollers, radio-frequency modules, power supply, transmitters, door control modules, and switch panels, among others. The component providers supply the material to build the automotive smart key hardware. Smart key manufacturers then carry out various processes, such as designing, assembling, and production, to transform raw materials into finished products. System integrators bring the component subsystems together, ensuring that they operate efficiently.
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Automotive Smart Key Market: Strategic Insights
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
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Automotive Smart Key Market: Strategic Insights
| 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 |
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Automotive Smart Key Market Drivers and Opportunities
Surge in Safety Feature Integration in Commercial and Passenger Vehicles to Favor Market
The increasing demand for the incorporation of safety and security functions in modern vehicles is propelling the automotive smart key market at large. The rising prevalence of vehicle theft has increased the demand for upgraded systems with a unique code for unlocking the car, involving an electronic key fob recognition through a code authorization. As a result, automakers begun to use computer-encrypted microchips in their keyless system to enhance the security layers that drive market growth. The surge in hybrid and electric vehicles, equipped with technologically advanced safety and security features, has also increased the demand for smart keys. For instance, Mercedes' Keyless Go enables a driver to lock & unlock a vehicles without using the corresponding smart key buttons. As the driver enters a car with an equipped Keyless Go SmartKey card, it can turn-on and turn-off the engine without inserting the Smart Key. Technological advancements such as transmission and infrared sensors is expected to strengthen safety and security features and are expected to propel the market growth considerably during the forecast period.
Increasing Uptake of Keyless Authorization Systems in Vehicles
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 are boosting the global 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.
Automotive Smart Key Market Report Segmentation Analysis
Key segments that contributed to the derivation of the automotive smart key market analysis are application and technology.
- Based on application, the automotive smart key market is divided into single function and multi-function. The single function segment held the larger market share in 2023.
- By technology, the market is segmented into remote keyless entry and passive keyless entry. The remote keyless entry segment held the larger share of the market in 2023.
Automotive Smart Key Market Share Analysis by Geography
The geographic scope of the automotive smart key market report is mainly divided into five regions: North America, Asia Pacific, Europe, Middle East & Africa, and South America.
The scope of the automotive smart key market report encompasses North America (the US, Canada, and Mexico), Europe (Germany, France, Italy, Spain, the UK, and Rest of Europe), Asia Pacific (China, India, Australia, Japan, South Korea, and the Rest of Asia Pacific), the Middle East & Africa (South Africa, Saudi Arabia, UAE, and Rest of Middle East & Africa), and South America (Brazil, Argentina, and the Rest of South America). In terms of revenue, Asia Pacific dominated the automotive smart key market share in 2023. Europe was the second-largest revenue contributor to the global automotive smart key market, followed by North America.
Automotive Smart Key Market Report Scope
Automotive Smart Key Market News and Recent Developments
The automotive smart key market is evaluated by gathering qualitative and quantitative data post primary and secondary research, which includes important corporate publications, association data, and databases. A few of the developments in the automotive smart key market are listed below:
- HELLA introduced a new digital car key access solution based on ultra-wideband technology for passenger car OEMs. This new smart car access offers enhanced convenience to users with completely hands-free, smartphone-based vehicle access. (Source: HELLA GmbH, Press Release, June 2021)
- Silca S.p.A. launched Remote Vehicle Key TOY49R25, a new reference for duplicating remote car keys compatible with Citroen, Peugeot, and Toyota: the ideal solution for replacement of damaged or lost original keys or having a duplicate in case of emergency. (Source: Silca S.p.A., Press Release, September 2021)
Automotive Smart Key Market Report Coverage and Deliverables
The “Automotive Smart Key Market Size and Forecast (2021–2031)” report provides a detailed analysis of the market covering below areas:
- Automotive smart key market size and forecast at global, regional, and country levels for all the key market segments covered under the scope
- Automotive smart key market trends as well as market dynamics such as drivers, restraints, and key opportunities
- Detailed PEST and SWOT analysis
- Automotive smart key market analysis covering key market trends, global and regional framework, major players, regulations, and recent market developments
- Industry landscape and competition analysis covering market concentration, heat map analysis, prominent players, and recent developments for the automotive smart key market
- Detailed company profiles
Report Coverage
Revenue forecast, Company Analysis, Industry landscape, Growth factors, and Trends
Segment Covered
Application, and Technology
Regional Scope
North America, Europe, Asia Pacific, Middle East & Africa, South & Central America
Country Scope
Argentina, Australia, Brazil, Canada, China, France, Germany, India, Italy, Japan, Mexico, Russian Federation, Saudi Arabia, South Africa, South Korea, United Arab Emirates, United Kingdom, United States
Frequently Asked Questions
6.0% is the expected CAGR of the automotive smart key market.
US$ 13.85 billion estimated value of the automotive smart key market by 2031.
ALPHA Corporation, Continental AG, Honda Lock Mfg. Co., Ltd., Silca S.p.A., Denso Corporation, Toyota Motor Corporation, Valeo SA, Minda Corp Ltd, Tokai Rika Co Ltd, and HELLA GmbH are some of the leading players in the automotive smart key market.
Advancements in automotive telematics and advanced driving assistance systems (ADAS) are the future trend of the automotive smart key market.
Asia Pacific dominated the automotive smart key market in 2023.
The Insight Partners performs research in 4 major stages: Data Collection & Secondary Research, Primary Research, Data Analysis and Data Triangulation & Final Review.
- Data Collection and Secondary Research:
As a market research and consulting firm operating from a decade, we have published many reports and advised several clients across the globe. First step for any study will start with an assessment of currently available data and insights from existing reports. Further, historical and current market information is collected from Investor Presentations, Annual Reports, SEC Filings, etc., and other information related to company’s performance and market positioning are gathered from Paid Databases (Factiva, Hoovers, and Reuters) and various other publications available in public domain.
Several associations trade associates, technical forums, institutes, societies and organizations are accessed to gain technical as well as market related insights through their publications such as research papers, blogs and press releases related to the studies are referred to get cues about the market. Further, white papers, journals, magazines, and other news articles published in the last 3 years are scrutinized and analyzed to understand the current market trends.
- Primary Research:
The primarily interview analysis comprise of data obtained from industry participants interview and answers to survey questions gathered by in-house primary team.
For primary research, interviews are conducted with industry experts/CEOs/Marketing Managers/Sales Managers/VPs/Subject Matter Experts from both demand and supply side to get a 360-degree view of the market. The primary team conducts several interviews based on the complexity of the markets to understand the various market trends and dynamics which makes research more credible and precise.
A typical research interview fulfils the following functions:
- Provides first-hand information on the market size, market trends, growth trends, competitive landscape, and outlook
- Validates and strengthens in-house secondary research findings
- Develops the analysis team’s expertise and market understanding
Primary research involves email interactions and telephone interviews for each market, category, segment, and sub-segment across geographies. The participants who typically take part in such a process include, but are not limited to:
- Industry participants: VPs, business development managers, market intelligence managers and national sales managers
- Outside experts: Valuation experts, research analysts and key opinion leaders specializing in the electronics and semiconductor industry.
Below is the breakup of our primary respondents by company, designation, and region:
Once we receive the confirmation from primary research sources or primary respondents, we finalize the base year market estimation and forecast the data as per the macroeconomic and microeconomic factors assessed during data collection.
- Data Analysis:
Once data is validated through both secondary as well as primary respondents, we finalize the market estimations by hypothesis formulation and factor analysis at regional and country level.
- 3.1 Macro-Economic Factor Analysis:
We analyse macroeconomic indicators such the gross domestic product (GDP), increase in the demand for goods and services across industries, technological advancement, regional economic growth, governmental policies, the influence of COVID-19, PEST analysis, and other aspects. This analysis aids in setting benchmarks for various nations/regions and approximating market splits. Additionally, the general trend of the aforementioned components aid in determining the market's development possibilities.
- 3.2 Country Level Data:
Various factors that are especially aligned to the country are taken into account to determine the market size for a certain area and country, including the presence of vendors, such as headquarters and offices, the country's GDP, demand patterns, and industry growth. To comprehend the market dynamics for the nation, a number of growth variables, inhibitors, application areas, and current market trends are researched. The aforementioned elements aid in determining the country's overall market's growth potential.
- 3.3 Company Profile:
The “Table of Contents” is formulated by listing and analyzing more than 25 - 30 companies operating in the market ecosystem across geographies. However, we profile only 10 companies as a standard practice in our syndicate reports. These 10 companies comprise leading, emerging, and regional players. Nonetheless, our analysis is not restricted to the 10 listed companies, we also analyze other companies present in the market to develop a holistic view and understand the prevailing trends. The “Company Profiles” section in the report covers key facts, business description, products & services, financial information, SWOT analysis, and key developments. The financial information presented is extracted from the annual reports and official documents of the publicly listed companies. Upon collecting the information for the sections of respective companies, we verify them via various primary sources and then compile the data in respective company profiles. The company level information helps us in deriving the base number as well as in forecasting the market size.
- 3.4 Developing Base Number:
Aggregation of sales statistics (2020-2022) and macro-economic factor, and other secondary and primary research insights are utilized to arrive at base number and related market shares for 2022. The data gaps are identified in this step and relevant market data is analyzed, collected from paid primary interviews or databases. On finalizing the base year market size, forecasts are developed on the basis of macro-economic, industry and market growth factors and company level analysis.
- Data Triangulation and Final Review:
The market findings and base year market size calculations are validated from supply as well as demand side. Demand side validations are based on macro-economic factor analysis and benchmarks for respective regions and countries. In case of supply side validations, revenues of major companies are estimated (in case not available) based on industry benchmark, approximate number of employees, product portfolio, and primary interviews revenues are gathered. Further revenue from target product/service segment is assessed to avoid overshooting of market statistics. In case of heavy deviations between supply and demand side values, all thes steps are repeated to achieve synchronization.
We follow an iterative model, wherein we share our research findings with Subject Matter Experts (SME’s) and Key Opinion Leaders (KOLs) until consensus view of the market is not formulated – this model negates any drastic deviation in the opinions of experts. Only validated and universally acceptable research findings are quoted in our reports.
We have important check points that we use to validate our research findings – which we call – data triangulation, where we validate the information, we generate from secondary sources with primary interviews and then we re-validate with our internal data bases and Subject matter experts. This comprehensive model enables us to deliver high quality, reliable data in shortest possible time.
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