Smart Keys Market

Smart Keys Market Segmentation by Technology (Capacitive Sensor Technology, Infrared Sensor Technology, and Transmitter Technology); by End User (Smart Houses, Automobiles, and Others; by Application Type (Multi-Function, and Single Function Based Smart Keys); by Sales Channel (Aftermarket, and OEMs) – Global Demand Analysis and Opportunity Outlook 2029

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Report ID: 2902 | Published On: Feb 01, 2022

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Inflation and Looming Recession to Haunt Businesses:

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.


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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.

Smart Keys Market

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.


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.

Smart Keys

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


Smart Keys Market
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Growth Drivers

  • Technological advancements
  • Vehicle security regulations
  • Increase demand for automobiles

Challenges

  • High cost of smart keys
  • Shifting from ownership to access (cab services)


Smart Keys
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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 

Key Questions Answered in the Report

1) What are the major factors driving the growth of the smart keys market?

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.

2) What would be the CAGR of smart keys market over the forecast period?

Ans: The market is anticipated to attain a moderate CAGR over the forecast period, i.e., 2020-2029.

4) Which region will provide more business opportunities for growth of smart keys market in future?

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.

5) Who are the major players dominating the smart keys market?

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.

6) How are the company profiles selected?

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.

7) What are the segments in the smart keys market?

Ans: The market is segmented by therapy Technology, application type, end user and region.

8) Which segment under the application segment captures the largest market size in the smart keys market?

Ans: With respect to application, automobile segment accounted for significant market share and is anticipated to exhibit a high CAGR in the forecast period.

8) What are the challenges affecting the market growth?

Ans: high cost of production and price of automobiles and shifting of individuals towards cab services are estimated to hamper market growth.

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