Global Automotive Smart Key Market Size, Share, Outlook and Growth Opportunities 2020 - 2029

The report "Global Automotive Smart Key Market, By Application (Single-Function, and Multi-Function), By Technology(Transmitter Technology, Capacitive Sensor Technology, Infra-Red Sensor Technology, and Other Technologies), By Installation(OEM, and Aftermarket), and Region - Global Forecast to 2030" global automotive smart key market is projected to grow from US$ 16.2 billion in 2019. The major factor driving the global automotive smart key market are advantages, such as increased vehicle security. Also, the emergence of advanced technology, which makes use of radiofrequency (RF) signals and converts them to digital information, has made smart keys more prevalent in the automotive sector, which is expected to drive the growth of the market shortly. The usage of lightweight materials for developing the components of a smart key shall provide growth opportunities for the market

Key Highlights:

In January 2019 Auto companies, such as Leap Motor, have introduced biological entry Installation with the launch of their smart electric coupe S01 mode.
In September 2017, the company Continental AG’s Keys-as-a-Service Portfolio led to car owners possessing the ability to access cloud-based solutions, like Continental Smart Access (CoSmA) and Remote Cloud Key (RCK). This solution shall help owners to secure keyless vehicle access, as well as authorization, just by making use of a smart device, such as a smartphone.

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Key Market Insights from the report:

The global automotive smart key market accounted for US$ 16.2 billion in 2019 and is projected to register a moderate CAGR of 7.50% over the forecast period. The market report has been segmented on the application, technology, installation, and region.

By application, the global automotive smart key market is segmented into single-function and multi-function
By technology, the other technology is expected to dominate in this segment. This segment includes the biological entry system, as well as smartphone-connected car technology
By installation, the OEM segment is expected to hold a major share of the automotive key market during the forecast period. The aftersales segment held a notable share of the market, as the key requires replacement several times.
By region, Asia-Pacific is projected to lead the global automotive smart key market and is expected to remain dominant during the forecast period, as the region has the presence of major producers of vehicles in the world.

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The prominent player operating in the global Automotive Smart Key market includes Denso Corporation, Valeo, TRW Automotive, Continental AG, HELLA KGaA Hueck & Co., Hyundai Mobis, Visteon Corporation, Silca S.p.A., Toyota Motor Corporation, and Leap Motors.

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This release was published on openPR.