In 2022 & 2023, market players expected to sail in rough waters; might incur losses due to huge gap in currency translation followed by contracting revenues, shrinking profit margins & cost pressure on logistics and supply chain. Further, U.S. economy is expected to grow merely by 3% in 2022. Purchasing power in the country is expected to fell nearly by 2.5%.
On the other hand, European countries to see the worst coming in the form of energy crisis especially in upcoming winters!! Right after COVID-19, inflation has started gripping the economies across the globe. Higher than anticipated inflation, especially in western world had raised concerns for national banks and financial institutions to control the economic loss and safeguard the interest of the businesses. Increased interest rates, strong USD inflated oil prices, looming prices for gas and energy resources due to Ukraine-Russia conflict, China economic slowdown (~4% in 2022) disrupting the production and global supply chain and other factors would impact each industry negatively.
The smart keys market is estimated to grow with a moderate CAGR during the forecast period, i.e., 2021-2029. Extensive research associated with smart keys in western countries, along with the increasing technological advancements and awareness among the customers about the vehicle safety and security regulations are expected to fuel the progress of this market. The growth of the market can also be attributed to factors such as the increasing demand for automobiles, electrification of the vehicles and awareness about the government policies and regulations for the vehicles amongst individuals on a global level. Additionally, Covid-19 impacted the purchasing power of individuals which will have a long-term effect on the industries. The production stoppage at the automotive OEM and component supplier due to the COVID-19 pandemic and subsequent lockdowns led to a loss of approximately USD 306.3 million per day to the automotive sector.
The market is segmented based on technology into capacitive sensor technology, infrared sensor technology, and transmitter technology, out of which, the infrared sensor technology segment is anticipated to account for a considerable revenue share and is expected to grow at a significant rate in the forecast period. The growing adoption of sensors across various applications is driving the growth of the market. Infrared sensors consume less power and have flexible applications as compared to capacitive sensors. Moreover, it enhances the wireless connection and can cumulate various features. Conversely, the capacitive sensor technology is speculated to grow at a substantial rate in the forecast period. CLICK TO DOWNLOAD SAMPLE REPORT
On the basis of end user, the market is segmented into smart homes, automobiles, and others. The automobile segment accounted for significant market share and is anticipated to exhibit a high CAGR in the forecast period. Car manufacturers are integrating smart key applications and advanced technologies are driving the growth of this market segment. Furthermore, the rapid growth of the connected cars market is speculated to positively influence the automotive segment. On the other hand, the smart home segment is expected to grow at a robust CAGR owing to the growing inclination towards luxury homes.
Geographically, the market is segmented into North America, Latin America, Europe, Asia Pacific and the Middle East & Africa region. Asia Pacific is projected to witness significant growth in the market over the forecast period owing to the presence of a large number of players in the market. Major vendors are focusing on expanding their geographical reach in all parts of the world by making huge investments and launches like that of “Make in India”, and other such projects. Moreover, Asia Pacific region is anticipated to exhibit a significant CAGR owing to the high production of cars in emerging economies such as India and China. Increasing demand for keyless technology for homes and automotive applications in these economies is also driving the growth of the market in this region.
The smart keys market is further classified on the basis of region as follows:
Our in-depth analysis of the smart keys market includes the following segments:
Ans: Technological advancements, changing preferences and increasing electrification of the vehicles and consumer awareness about safety and security of vehicles are the key factors driving market growth.
Ans: The market is anticipated to attain a moderate CAGR over the forecast period, i.e., 2020-2029.
Ans: The market in Asia Pacific region will provide ample growth opportunities owing to the high production of cars in emerging economies such as India and China.
Ans: The major players dominating smart key market are Hyundai Motor Group, Continental AG, Denso Corporation, Silca International, Visteon Corporation, ZF Friedrichshafen AG, Toyota Group, Alpha Corporation among others.
Ans: The company profiles are selected on the basis of revenues generated from the product segment, geographical presence of the company which determine the revenue generating capacity as well as the new products being launched into the market by the company.
Ans: The market is segmented by therapy Technology, application type, end user and region.
Ans: With respect to application, automobile segment accounted for significant market share and is anticipated to exhibit a high CAGR in the forecast period.
Ans: high cost of production and price of automobiles and shifting of individuals towards cab services are estimated to hamper market growth.