TOKAI RIKA CO., Continental AG, Denso Corp, Alfa Corp., ZF Friedrichshafen AG, Valeo, Bosch, Mitsubishi, Alps Electric, Delphi, Hella kgaa, Visteon Corporation, Toyota, and Calsonic Kansei are major players in the automotive smart key market.
The global automotive smart key market is expected to grow from $12.15 billion in 2021 to $12.81 billion in 2022 at a compound annual growth rate (CAGR) of 5.42%. The growth is mainly due to the companies’ resuming their operations and adapting to the new normal while recovering from the COVID-19 impact, which had earlier led to restrictive containment measures involving social distancing, remote working, and the closure of commercial activities that resulted in operational challenges. The market is expected to reach $15.86 billion in 2026 at a CAGR of 5.49%.
The automotive smart key market consists of sales of automotive smart keys by entities (organizations, sole traders, and partnerships) that refer to a computerised key that uses radio waves to communicate with its associated vehicle through one of the self-embedded antennas. Automotive smart keys allow users to unlock, lock, or start a vehicle electronically, without the use of a physical ignition.
The main types of automotive smart keys include passive keyless access and remote keyless access.Passive keyless access is an automatic security system that operates automatically when the user is near to the vehicle, including locking and unlocking, when the user walks away or touches the car on exit.
The installation types of automotive smart keys include OEM and aftermarket, with applications including single-function and multi-function.
North America was the largest region in the automotive smart key market in 2021.Asia-Pacific is expected to be the fastest-growing region in the forecast period.
The regions covered in this report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, the Middle East, and Africa.
The increasing demand for luxury cars is expected to propel the growth of the automotive smart key market.Automotive manufacturers manufacturing luxury and hybrid cars use smart keys that consist of sensors and microchips to automatically unlock the doors and start the vehicle without the use of a physical key.
The growing demand for luxury cars is expected to increase demand for automotive smart keys.For instance, the German luxury car company, Audi, reported a two-fold increase in retail sales in India in 2021, from 1,639 units in 2020 to 3,293 units in 2021.
Another German luxury vehicle company, Mercedes-Benz India, sold 4,101 units in the 2021 July-September quarter, up from 2,060 units in the same quarter of 2020. Therefore, the rising demand for luxury automobiles is expected to drive the automotive smart key market.
Technological advancements are a key trend gaining popularity in the automotive smart key market.Major companies operating in the automotive smart key are focused on developing new technological solutions to strengthen their position.
For instance, in March 2021, BMW, a German automobile company, announced the introduction of ultra-wideband technology in their cars.Ultra-Wideband is a short-range wireless communication that uses radio waves, just like Bluetooth or Wi-Fi.
However, it improves both the application possibilities as well as the security levels of similar radio technologies.Using this ultra-wideband technology, users can easily unlock and lock vehicles remotely.
BMW will bring this technology to their new model of car, the BMW iX, to power the BMW Digital Key Plus.
In May 2020, ZF Friedrichshafen AG, a Finland-based car parts manufacturer, acquired WABCO for an undisclosed amount.Through this acquisition, WABCO will be part of ZF Friedrichshafen AG and will operate under the ZF Group.
WABCO will offer commercial vehicle technology supplier sectors that will manufacture technology-related to smart keys and advanced vehicle parts for commercial vehicles. WABCO is a US-based global technology provider for commercial vehicle technology.
The countries covered in the automotive smart key market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA.
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