One of the first interactions a person has with their car is through the key. Many entry-level cars are equipped with conventional keys with lock/unlock buttons added on them for keyless entry. However, Smart keys have really gained popularity for mass-market cars in the last few years. Some smart keys are the in the form factor of a card (e.g., Kicks), while others are more elaborately designed, like the Tesla keys which are shaped like a car. As per a survey conducted by BHP.com among 560 car owners in India, majority of the respondent around 55% voted for smart key to be the best solution, followed by flip keys.
Growing vehicle theft rate is one of the major factors which is propelling the growth of smart keys in vehicles. In 2020, New Zealand had the highest car theft rate worldwide, with 1,172 occurrences per 100,000 inhabitants. Other countries with the highest car theft rate were Uruguay, Italy, and the United States. As per FBI, in US, in 2020, 810,400 vehicles were stolen, the highest annual number of vehicles stolen since 2008 (959,059 vehicles were stolen). In 2020, the number of vehicles stolen increased by 11.8% compared to 724,872 in 2019. Motor vehicles were stolen at a rate of 246.0 per 100,000 people in 2020, the highest rate since 2009, when the rate was 259.2. The 2019 the vehicle theft rate stood at 220.8 per 100,000 peoples.
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According to UnivDatos Market Insights (UMI)’ research report “Automotive Smart Keys Market”, the market is expected to witness CAGR growth of around 8% during the forecast period 2021-2027F. Automotive Smart Keys Market is experiencing significant growth due to Increasing vehicle theft cases globally, Growing demand for better safety and security of vehicle, Growth in demand for luxury vehicles, equipped with advanced security feature and Advancements of automotive security features. However, High Installation Cost associated with the technology paired with Concern related to data theft or cyber attach are expected to limit the market growth of smart key to some extent. Furthermore, growth in demand for low-cost luxury vehicle equipped with technologically advanced security system is expected to provide ample growth opportunity for the players operating in the market.
Based on Technology, the Automotive Smart Keys Market is segmented into Passive Keyless Entry Systems (PKES), Remote Keyless Entry System (RKES). Currently, majority of the smart key technologies are based on passive keyless entry technology.
Based on Application, the Automotive Smart Keys Market is bifurcated into Single Function, Multi-function. Multi-function smart key dominates the market, however, with growing technological advancements in the automotive sector paired with growing demand for innovative and enhanced vehicle security system is expected to drive the adoption of single-function smart key segment.
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Based on Vehicle Type, the Automotive Smart Keys Market is bifurcated into Entry-Segment Vehicles, Mid-Segment Vehicles, Luxury-Segment Vehicles. Currently, Smart Keys is majorly equipped in the Luxury-Segment Vehicles. Overall adoption of multi-function smart key is growing owing to the rising demands for luxury vehicles equipped with advanced safety and security technologies.
Based on Sales Channel, the Automotive Smart Keys Market is bifurcated into OEMs and Aftermarket. OEMs segment dominated the market in 2020. However, Aftermarket segment is expected to witness significant growth during the forecast period.
Asia-Pacific to witness highest adoption of the technology
Based on regions, the report provides detailed analysis for overall demand of Automotive Smart Keys for major regions including North America (US, Canada, Rest of North America); Europe (Germany, UK, France, Italy, Rest of Europe); Asia-Pacific (China, Japan, India, South Korea, Rest of Asia-Pacific); and Rest of World. Asia-Pacific dominates the market and is expected to maintain its dominance throughout the forecast period.
According to UnivDatos Market Insights (UMI)’, the key players with a considerable market share in the Automotive Smart Keys Market are Robert Bosch, Continental AG, Qualcomm Technologies, Inc., Hella KGaA Hueck & Co., Denso Corporation, Hyundai Mobis, ZF Friedrichshafen AG, Tokai Rika Co. Ltd, Visteon Corporation, ALPHA Corporation etc. These companies are investing heavily on Automotive Smart Keys to increase their customer base.
- In May 2021, OPPO, a Chinese smartphone manufacturer announced that it has completed joint development and testing for a CCC 2.0-based digital car key with NIO, digital car key feature will be available in the Wallet App for OPPO phones and watches
- In January 2019, Leap Motor introduced biometric entry system in its smart electric coupe S01 model in China. The stated vehicle is equipped with a “Leap In” integrates finger and face recognition technologies, which offer vehicle owners/drivers an experience of keyless entry to starting the engine of the vehicle
- ALPHA Corporation offer intelligent key for vehicle which enables vehicle owners/drivers to lock and unlock their vehicle door by gripping the door handle and pressing the button
“Automotive Smart Keys Market” provides comprehensive qualitative and quantitative insights on the industry potential, key factors impacting sales and purchase decisions, hotspots, and opportunities available for the market players. Moreover, the report also encompasses the key strategic imperatives for success for competitors along with strategic factorial indexing measuring competitor's capabilities on different parameters. This will help companies in the formulation of go to market strategies and identifying the blue ocean for its offerings.
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Market Segmentation:
- By Technology (Passive Keyless Entry Systems (PKES), Remote Keyless Entry System (RKES))
- By Application (Single Function, Multi-function)
- By Vehicle Type (Entry-Segment Vehicles, Mid-Segment Vehicles, Luxury-Segment Vehicles)
- By Sales Channel (OEMs, Aftermarket)
- By Region (North America (US, Canada, Rest of North America); Europe (Germany, UK, France, Italy, Rest of Europe); Asia-Pacific (China, Japan, India, South Korea, Rest of APAC); and Rest of World)
- By Company (Robert Bosch, Continental AG, Qualcomm Technologies, Inc., Hella KGaA Hueck & Co., Denso Corporation, Hyundai Mobis, ZF Friedrichshafen AG, Tokai Rika Co. Ltd, Visteon Corporation, ALPHA Corporation)
Key questions answered in the study:
- What are the current and future trends of the Automotive Smart Keys industry?
- How the industry has been evolving in terms of end-user demand and product category?
- How the competition has been shaping across the countries followed by their comparative factorial indexing?
- What are the key growth drivers and challenges for the Automotive Smart Keys industry?
- What is the customer orientation, purchase behavior, and expectations from the Automotive Smart Keys suppliers across various countries?
Table of Content –
1 MARKET INTRODUCTION
2 RESEARCH METHODOLOGY OR ASSUMPTION
3 MARKET SYNOPSIS
4 EXECUTIVE SUMMARY
5 AUTOMOTIVE SMART KEYS MARKET COVID-19 IMPACT
6 AUTOMOTIVE SMART KEYS MARKET REVENUE (USD BN), 2019-2027F
7 MARKET INSIGHTS BY TECHNOLOGY
8 MARKET INSIGHTS BY APPLICATION
9 MARKET INSIGHTS BY VEHICLE TYPE
10 MARKET INSIGHTS BY SALES CHANNEL
11 MARKET INSIGHTS BY REGION
12 AUTOMOTIVE SMART KEYS MARKET DYNAMICS
13 AUTOMOTIVE SMART KEYS MARKET OPPORTUNITIES
14 AUTOMOTIVE SMART KEYS MARKET TRENDS
15 LEGAL & REGULATORY FRAMEWORK
16 DEMAND AND SUPPLY SIDE ANALYSIS
17 VALUE CHAIN ANALYSIS
18 COMPETITIVE SCENARIO
19 COMPANY PROFILED
20 DISCLAIMER
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