Market OVERVIEW
Automotive Smart Key Market is projected to be worth USD 26.37 Billion by 2030, registering a CAGR of 5.42% during the forecast period (2021 - 2027), The market was valued at USD 16.2 billion in 2020.
As per Market Research Future (MRFR) analysis, the global smart key marketis estimated to reach the market size of USD 22 billion, with a CAGR of 5.9% from 2017 to 2023 (forecast period). The report intends to present a comprehensive picture of the automotive smart key market with thorough market segmentation by application, technology, and geography. The global automotive smart key market is set to see strong growth in the projection period. The report includes important statistics on the market position of the leading automotive smart key market players and provides key market trends and opportunities. The study also highlights and examines the impact of the Covid-19 outbreak on the global automotive smart key market, including future opportunities and threats, drivers, and risks.
Regional Analysis
Region-wise, the global automotive smart key market has been segmented into North America, Europe, Asia Pacific, and the rest of the world.
The Asia Pacific is estimated to hold the largest market share of the automotive smart key market. This is largely due to the increasing production of vehicles and the increasing installation of safety features in passenger cars and commercial vehicles. In addition, high customer demand and high purchasing power have increased vehicle demand and bolstered the automotive smart key market. The North American and European markets are anticipated to show steady growth.
Key Players
The key participating identified by MRFR operating in the market of the global automotive smart key are Silca S.p.A. (Italy), Denso Corporation (Japan), Valeo (France), Continental AG (Germany), HELLA KGaA Hueck Co. (Germany), Hyundai Mobis(India), TRW Automotive (U.S.), Visteon Corporation (U.S.), Toyota Motor Corporation (Japan) and ALPHA Corporation
Market Dynamics
The global automotive smart key market is expected to rise in the forecast period due to driving factors like technological developments in the automotive industry, combined with an enhanced focus on vehicle security. In addition, companies are integrating features similar to high-end luxury cars, which further boost the market growth. On the other hand, lightweight and eco-friendly materials in the development of smart key components are anticipated to provide excellent growth opportunities for players operating in the automotive smart key market. Moreover, technological advancements, vehicle security regulations, and consumer awareness of sophisticated vehicle security features are some of the factors driving the market towards growth.
However, high costs are a significant barrier to market growth.
Market Segmentation
The global automotive smart key market has been segmented on the basis of technology and end market.
On the basis of technology, the global automotive smart key market has been segmented into infra-red sensor, transmission, and other.
On the basis of the end market, the global automotive smart key market has been segmented into OEM and aftermarket. Aftermarket held the largest share of the market. The aftermarket is typically the secondary market for the automotive sector concerned with the manufacture, distribution, retailing, and installation of vehicle parts.
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