The Automotive Key Blank Global Market Report 2024 by The Business Research Company provides market overview across 60+ geographies in the seven regions – Asia-Pacific, Western Europe, Eastern Europe, North America, South America, the Middle East, and Africa, encompassing 27 major global industries. The report presents a comprehensive analysis over a ten-year historic period (2010-2021) and extends its insights into a ten-year forecast period (2023-2033).
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According to The Business Research Company’s Automotive Key Blank Global Market Report 2024, The automotive key blank market size is expected to see strong growth in the next few years. It will grow to $6.75 billion in 2028 at a compound annual growth rate (CAGR) of 6.0%. The growth in the forecast period can be attributed to rising disposable income and demand for personalized vehicles, rise in demand for electronically or remotely operated components, increasing demand for enhanced vehicle security, biometric and multi-factor authentication, eco-friendly materials and processes. Major trends in the forecast period include Increasing adoption of smart keys and keyless entry, laser-cut keys, increasing focus on vehicle security, smartphone integration, technology advancements, and technology innovation.
Growing vehicle ownership is expected to propel the growth of the automotive key blank market going forward. The rise in the adoption of vehicle ownership is driven by increasing personal mobility needs and economic factors favoring vehicle ownership over other transportation options. Automotive key blanks are used to create duplicate or replacement keys tailored to fit specific vehicles, ensuring secure access and operation. For instance, in June 2024, according to the Society of Motor Manufacturers & Traders (SMMT), a UK-based trade association, car registrations rose to 1,006,763 in 2024 from 949,720 in 2023, marking a 6% increase in sales. Therefore, growing vehicle ownership is driving the growth of the automotive key blank market.
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The automotive key blank market covered in this report is segmented –
1) By Type: Metal Head Automotive Key Blanks, Transponder Technology Automotive Key Blanks
2) By Material Type: Brass Automotive Key Blank, Nickel Sliver Automotive Key Blank, Other Material Types
3) By Application: Compact Cars, Mid-Size Cars, Sports Utility Vehicle (SUVs), Luxury Cars, Light Commercial Vehicle (LCVs), Heavy Commercial Vehicle (HCVs)
4) By Sales Channel: Original Equipment Manufacture (OEM), Aftermarket
Major companies operating in the automotive key blank market are developing advanced products with state-of-the-art chipset technology to better serve customers with advanced and convenient options. State-of-the-art chipset technology refers to advanced electronic components enabling secure access and functionality, often integrating features such as encryption and wireless communication. For instance, in March 2024, Keydroid, an India-based provider of super luxury automotive accessories, introduced the Gold Edition Tron Smart Key, a limited-edition luxury car accessory tailored for automotive enthusiasts. It includes an integrated original Apple tracker chip for effortless vehicle tracking via the Find My app on iOS devices, enhanced touch sensitivity, higher resolution, and a swipe-up lock screen for optimal user interaction. The key offers customization options to personalize it with the owner’s signature, brand logo, name, or vehicle number.
The automotive key blank market report table of contents includes:
1. Executive Summary
2. Market Characteristics
3. Market Trends And Strategies
4. Impact Of COVID-19
5. Market Size And Growth
6. Segmentation
7. Regional And Country Analysis
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27. Competitive Landscape And Company Profiles
28. Key Mergers And Acquisitions
29. Future Outlook and Potential Analysis
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