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Automotive smart key is a computerized key used to lock and unlock the vehicle without the use of conventional keys. These keys are shaped like plastic cards and are available either as optional component or standard equipment depending on the model of the car. By the use of smart key drivers are not required to insert a key into the car tumbler or an ignition switch cylinder. It comprises of a smart chip that send signal to the amplifier and allows the engine to start. With the help of automotive smart key drivers can easily operates various function of the vehicle such as controlling windows, mirrors, radio pre-sets and adjusting the seats.
The market for automotive smart keys is expected to reach rise at a CAGR of 8 percent during the forecast period. Increasing technological development in automotive industry is driving thev growth of the automotive smart market.
The growth of automotive smart keys have gain momentum over the last years due to increasing sale of passenger cars and development of smart keys for budget cars by companies. Besides, there has been a rising technological advancement for vehicle’s safety and security such as automotive telematic system and advanced driving assistance system. For operating these technologies a remote technology is required which is expected to boost the demand of automotive smart keys during the forecast period. Also, change in lifestyle of people and shifting preference towards luxurious vehicle due to rise in disposable income is contributing towards the growth of the smart key market. In addition, various newly launched vehicles such as electric and hybrid vehicles are equipped with advance safety and security features is also fuels the growth of the market. Moreover, the automotive smart keys market is expected to propel owing to increasing preference among end-users and adoption of various technologies such as infra red sensors, transmission and others. Furthermore, use of eco-friendly and light-weight materials for manufacturing smart keys is expected to create ample growth opportunity for the market players operating in the automotive smart key market.
On the other hand, rising awareness regarding data safety and security is the factor hindering the growth of the market. However, major automotive manufacturers are focused on developing various new smart keys which can be used for multifunction.
Throughout the forecast period the other technology segment is expected to dominate the market. The segment includes technologies such as biological entry system and smartphone connected car technology. Majority of the share of other technologies is depend on biological entry system as iot can operate while stored in the users pocket or bag unlike the standard remote keyless entry that requires to push the button of the key. Also, various automobile companies are developing biological entry system. For instance, in January 2019, Leap Motor had launched smart electric coupe S01 in China. This vehicle is equipped with “Leap In” biological entry system which comprises of face and finger vein recognition technologies to offer consumer a keyless experience. This system can also detect car using habits such as seat position, air condition, music and navigation through face recognition of the users.
AUTOMOTIVE SMART KEYS MARKET SEGMENTATION:
By Function Type:
By Sales Channel:
Asia pacific is likely to be the most profitable region during the forecast period. This is due to the growing production of automobile vehicle and rising installation of security features in passenger vehicles. In addition, due to growing demand of smart keys in China and India various automobile companies in these countries are developing vehicles with keyless entry features. This has led to the growth of automotive smart keys market in India and China. Moreover, there is a surging demand of smart keys with advanced technology in Japan is expected to propel the market growth in the country over the coming years. Hence, these developments are expected to drive the growth of smart keys market in Asia pacific region during the forecast period.
On the other hand, North America holds second largest share of the market owing to development in automotive infrastructure and ion of advanced technologies for vehicles. Europe is expected to witness slow growth due to rising number of hacking and cyber attacks. Since, automotive smart keys are wireless device the chance of vehicle theft high. However, Germany is estimated to show noteworthy growth as it is one of leading automotive market in the world.
Middle East and Africa regions are accounted for lowest share in the automotive smart keys market owing to no production facility of vehicles.
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