A comprehensive overview of the Automotive Smart Keys Market is recently added by UnivDatos Market Insights to its humongous database. The report has been aggregated by collecting informative data from various dynamics such as market drivers, restraints, and opportunities. This innovative report makes use of several analyses to get a closer outlook on the Automotive Smart Keys Market. The report offers a detailed analysis of the latest industry developments and trending factors that are influencing market growth. Furthermore, this statistical market research repository examines and estimates the Automotive Smart Keys Market at the regional levels. The Automotive Smart Key Market was valued at 12 Billion is expected to witness CAGR growth of more than 6% during the forecast period (2023-2030).
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Market Overview
Growth in the number of vehicle theft is expected to increase the demand for vehicle equipped with advanced security system, smart key is one among such technology. In 2018, New Zealand had the highest car theft rate worldwide, with 1,172 occurrences per 100,000 inhabitants. Other countries with the highest car theft rate were Uruguay, Italy, and the United States. As per FBI, in US, in 2020, 810,400 vehicles were stolen, the highest annual number of vehicles stolen since 2008 (959,059 vehicles were stolen). In 2020, the number of vehicles stolen increased by 11.8% compared to 724,872 in 2019. Hence, smart key has become an integral part of the vehicle design, owning to increasing demand of luxurious vehicles. Also, growing demand for low-cost luxury vehicle is further predicted to drive the market for smart keys during the analyzed period.
Automotive Smart Keys Market report is studied thoroughly with several aspects that would help stakeholders in making their decisions more curated.
By Technology, the market is primarily bifurcated into:
· Passive Keyless Entry Systems (PKES)
· Remote Keyless Entry System (RKES)
Based on technology, majority of the smart key technologies are based on passive keyless entry technology. The passive keyless entry system operates although placed in the vehicle owners/drivers' pocket or bag, unlike a standard remote keyless entry system, that requires the vehicle owners/drivers to press a button to lock or unlock the vehicle
By Application, the market is primarily studied into:
· Single Function
· Multi-function
Based on application, multi-function smart key dominates the market, however, with growing technological advancements in the automotive sector paired with growing demand for innovative and enhanced vehicle security system is expected to drive the adoption of single-function smart key segment.
By Vehicle Type, the market is primarily studied into:
· Entry-Segment Vehicles
· Mid-Segment Vehicles
· Luxury-Segment Vehicles
Based on Vehicle Type, smart keys is majorly equipped in the Luxury-Segment Vehicles. Overall adoption of multi-function smart key is growing owing to the rising demands for luxury vehicles equipped with advanced safety and security technologies.
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By Sales Channel, the market is primarily studied into:
· OEMs
· Aftermarket
Based on Sales Channel, OEMs segment dominated the market in 2020. Major automotive OEMs including Ford, Mercedes, Volkswagen, and BMW among others are deploying vehicle biometrics systems in their high-end vehicles.
Automotive Smart Keys Market Region Segmentation Includes:
· North America
· Europe
· Asia-Pacific
· Rest of World
Based on the estimation, Asia-Pacific dominates the market. Automotive smart key market is witnessing significant growth in the Asia-Pacific owing to growing number of vehicle theft paired with growing demand for luxury/premium cars owing to increased disposable income.
The major players targeting the market includes:
· Robert Bosch
· Continental AG
· Qualcomm Technologies, Inc.
· Hella KGaA Hueck & Co.
· Denso Corporation
· Hyundai Mobis
· ZF Friedrichshafen AG
· Tokai Rika Co. Ltd
· Visteon Corporation
· ALPHA Corporation
Competitive Landscape
The degree of competition among prominent companies has been elaborated by analyzing several leading key players operating in the global context. The specialist team of research analysts sheds light on various traits such as global market competition, market share, most recent industry advancements, innovative product launches, partnerships, mergers, or acquisitions by leading companies in the Automotive Smart Keys Market. The major players have been analyzed using different research methodologies for getting insight views on market competition.
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Key questions resolved through this analytical market research report include:
· What are the latest trends, new patterns, and advancements in the Automotive Smart Keys Market?
· Which factors are influencing the Automotive Smart Keys Market over the forecast period?
· What are the challenges, threats, and risks in the Automotive Smart Keys Market?
· Which factors are propelling and restraining the Automotive Smart Keys Market?
· What are the demanding regions of the Automotive Smart Keys globally?
· What will be the market size in the upcoming years?
· What are the crucial market acquisition strategies and policies applied by the companies?
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