Overview and Scope
The automotive smart key 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.
Sizing and Forecast
The automotive smart key market size has grown steadily in recent years. It will grow from $12.86 billion in 2023 to $13.33 billion in 2024 at a compound annual growth rate (CAGR) of 3.7%. The growth in the historic period can be attributed to electronic health records (ehr) adoption, cost reduction initiatives, data security concerns, interoperability requirements, increased demand for storage and processing power.
The automotive smart key market size is expected to see steady growth in the next few years. It will grow to $15.75 billion in 2028 at a compound annual growth rate (CAGR) of 4.3%. The growth in the forecast period can be attributed to adoption of telehealth services, ai and machine learning integration, remote patient monitoring solutions, edge computing in healthcare, increased focus on data analytics. Major trends in the forecast period include blockchain for healthcare data management, hybrid cloud deployments, personalized medicine platforms, mobile health (mhealth) applications, integration of internet of things (iot) in healthcare systems.
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Segmentation & Regional Insights
The automotive smart key market covered in this report is segmented –
1) By Type: Passive Key Less Access, Remote Key Less Access
2) By Installation: OEM, After Market
3) By Application: Single Function, Multi-Function
North America was the largest region in the automotive smart key market in 2023. Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in the automotive smart key market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa
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Major Driver Impacting Market Growth
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 growth.
Key Industry Players
Major companies operating in the automotive smart key market report are TOKAI RIKA CO. LTD., Continental AG, DENSO Corporation, Alfa Corp., ZF Friedrichshafen AG, Valeo SA, Robert Bosch GmbH, Mitsubishi Corporation, Alps Alpine Co. Ltd., Delphi Technologies, HELLA GmbH & Co. KGaA, Visteon Corporation, Toyota Motor Corporation, Marelli Holdings Co. Ltd., Minda Corporation Limited, Huf Hulsbeck & Furst GmbH & Co. KG, Honda Lock Manufacturing Co. Ltd., Hyundai Mobis Co. Ltd., Bayerische Motoren Werke AG, Daimler AG, Audi AG, Nissan Motor Corporation, Volkswagen Group, Kia Motors Corporation, Panasonic Corporation, Lear Corporation, TRW Automotive Holdings Corp., SmartKey Technologies Pvt. Ltd., Nidec Corporation, Renesas Electronics Corporation
The automotive smart key market report table of contents includes:
1. Executive Summary
2. Automotive Smart Key Market Characteristics
3. Automotive Smart Key Market Trends And Strategies
4. Automotive Smart Key Market – Macro Economic Scenario
5. Global Automotive Smart Key Market Size and Growth
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31. Global Automotive Smart Key Market Competitive Benchmarking
32. Global Automotive Smart Key Market Competitive Dashboard
33. Key Mergers And Acquisitions In The Automotive Smart Key Market
34. Automotive Smart Key Market Future Outlook and Potential Analysis
35. Appendix
Top Major Players:
TOKAI RIKA CO. LTD
Continental AG
Alfa Corp
ZF Friedrichshafen AG
Valeo SA,
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