Automotive Smart Key Market Forecast to 2028 - COVID-19 Impact and Global Analysis By Application and Technology

Automotive Smart Key Market Forecast to 2028 - COVID-19 Impact and Global Analysis By Application and Technology

  • October 2021 •
  • 150 pages •
  • Report ID: 6195562 •
  • Format: PDF
The automotive smart key market is expected to reach US$ 12,020.4 million by 2028 from US$ 8,023.9 million in 2021; it is estimated to grow at a CAGR of 5.9% during 2021–2028.

The augmenting demand for the incorporation of safety and security features in modern vehicles is propelling the automotive smart key market at large.The rising prevalence of vehicle theft has propelled the demand for updated systems with a unique code for unlocking the cars, involving an electronic key fob recognition through a specific code authorization.

As a result, automakers have begun to use computer-encrypted microchips in their keyless systems to enhance the security layers.A surge in introduction of hybrid and electric vehicles equipped with advanced safety and security features has also propelled the demand for automotive smart keys.

For instance, Mercedes’ Keyless Go allows a driver to lock and unlock a vehicle without using the corresponding smart key buttons.Once a driver enters a car with an equipped Keyless Go Smart Key or Keyless Go wallet-size card, they can start and stop the engine without inserting the Smart Key.

A transponder built within the Smart Key allows the vehicle to identify the driver. Technological advancements, such as transmission and infrared sensors further strengthen safety and security features.

The overall size of the automotive smart key market has been derived using both primary and secondary sources.To begin the research process, exhaustive secondary research has been conducted using internal and external sources to obtain qualitative and quantitative information related to the market.

The process also serves the purpose of obtaining an overview and forecast for the automotive smart key market with respect to all the segments pertaining to the region.Also, multiple primary interviews have been conducted with industry participants and commentators to validate the data and gain more analytical insights into the topic.

The participants of this process include industry experts such as VPs, business development managers, market intelligence managers, and national sales managers—along with external consultants such as valuation experts, research analysts, and key opinion leaders—specializing in the automotive smart key market.

Key companies in the automotive smart key market include ALPHA Corporation; Continental AG; Denso Corporation; Honda Lock Mfg. Co., Ltd.; Hyundai Mobis; Silca S. p. A.; TOKAIRIKA,CO, LTD.; TOYOTA MOTOR CORPORATION; Valeo; and HELLA GmbH and Co. KGaA. The report also comprises secondary research work on other companies that hold a significant market share.

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