Car Smart Key Market Trends, Business Overview, Industry Growth and Forecast to 2028

The car smart key market is anticipated to grow at a significant CAGR of 7.2% during the forecast period (2022-2028). A car smart key, also known as a car intelligent key, is a key having information or digital capabilities that may unlock a digital or physical lock system. It is a part of a computerized system that employs microchips and sensors to unlock doors and start the car without the need for a key. Furthermore, depending on the car type, a smart key function as electronic access and authorization system and is offered as standard equipment or as an optional component. Car smart keys have become increasingly common in the automotive industry as a result of enhanced technology that uses radiofrequency (RF) signals and transform them into digital information, which is projected to fuel market expansion in the near future. Advancements in automotive technology, as well as an increase in vehicle thefts, are expected to drive the development of smart keys, resulting in market expansion.

The global car smart key market is segmented based on technology and application. Based on the technology, the market is sub-segmented into remote keyless entry, passive keyless entry, and others. Among these technologies, the other segment is expected to propel the growth of the market. The biological entrance system, as well as smartphone-connected automotive technologies, are included in this category. The majority of the other technologies are based on passive keyless entry (PKE) technology, which allows the user to lock or unlock the vehicle while the device is in their pocket or bag, as opposed to a standard remote keyless entry (RKE) device, which requires the user to hold the device and push a button. With the debut of their smart electric coupe S01 model in China in January 2019, automakers such as Leap Motor adopted a biological entrance mechanism. These automobiles will have a "Leap In" biological lock/unlock system that combines finger vein detection and facial recognition technology to provide consumers with a keyless entry experience. Based on the application, the market is sub-segmented into single function and multi-function.

The market players are also contributing significantly to the market growth by adopting various strategies, including mergers and acquisitions, geographical expansion, partnerships, collaborations, and new product launches, to stay competitive in the market. For instance, in November 2020, DENSO announced that it had invested in Lambda, a German startup that develops Bluetooth Low Energy-based wireless location technology for short-range applications. The investment will help DENSO improve the location accuracy and user authentication capabilities of its passive digital key. This increases the safety and security of individuals who enter a car using a smart device's key.

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Market Coverage
•The market number available for - 2021-2028
•Base year- 2021
•Forecast period- 2022-2028
•Segment Covered-
•By Technology
•By Application
•Regions Covered-
•North America
•Europe
•Asia-Pacific
•Rest of the World

Competitive Landscape- Alpha Corp., Minda Corp. Ltd., Denso Corp., Continental AG, Honda Lock Mfg Co. Ltd., ZF Friedrichshafen AG, Valeo SA, HELLA GmbH & Co. KGaA, Tokai Rika Co. Ltd., and Silicon Laboratories Inc.,among others.

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Global Car Smart Key Market Report by Segment
By Technology
•Remote Keyless Entry
•Passive Keyless Entry
•Others
By Application
•Single-Function
•Multi-function

Key questions addressed by the report
•What is the market growth rate?
•Which segment and region dominate the market in the base year?
•Which segment and region will project the fastest growth in the market?
•How has COVID-19 impacted the market?
•Deviation from the pre-COVID-19 forecast
•Most affected region and segment
•Who is the leader in the market?
•How players are addressing challenges to sustain growth?
•Where is the investment opportunity?

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This release was published on openPR.