Smart Keys Market Highlights 2020-2029
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.
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.
Smart Keys Market Regional Synopsis
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:
- North America (U.S. & Canada) Market size, Y-O-Y growth & Opportunity Analysis
- Latin America (Brazil, Mexico, Argentina, Rest of Latin America) Market size, Y-O-Y growth & Opportunity Analysis
- Europe (U.K., Germany, France, Italy, Spain, Hungary, Belgium, Netherlands & Luxembourg, NORDIC, Poland, Turkey, Russia, Rest of Europe) Market size, Y-O-Y growth & Opportunity Analysis
- Asia-Pacific (China, India, Japan, South Korea, Indonesia, Malaysia, Australia, New Zealand, Rest of Asia-Pacific) Market size, Y-O-Y growth & Opportunity Analysis
- Middle East and Africa (Israel, GCC (Saudi Arabia, UAE, Bahrain, Kuwait, Qatar, Oman), North Africa, South Africa, Rest of Middle East and Africa) Market size, Y-O-Y growth & Opportunity Analysis
Market Segmentation
Our in-depth analysis of the smart keys market includes the following segments:
By Technology
- Capacitive Sensor Technology
- Infrared Sensor Technology
- Transmitter Technology
By End User
- Smart Homes
- Automobiles
- Others
By Application Type
- Multi-Function Based Smart Keys
- Single Function Based Smart Keys
By Sales Channel
- Aftermarket
- OEMs
Growth Drivers
- Technological advancements
- Vehicle security regulations
- Increase demand for automobiles
Challenges
- High cost of smart keys
- Shifting from ownership to access (cab services)
Top Featured Companies Dominating the Market
- Hyundai Motor Group
- Company Overview
- Business Strategy
- Key Product Offerings
- Financial Performance
- Key Performance Indicators
- Risk Analysis
- Recent Development
- Regional Presence
- SWOT Analysis
- Continental AG
- Denso Corporation
- Silca International
- Tokairika, Co, Ltd
- Visteon Corporation
- ZF Friedrichshafen AG
- Hella Stiftung GmbH
- Toyota Group
- Alpha Corporation
