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Automotive Key Blank Market Key Drivers, Opportunities, Leading Players And Forecast To 2033
Automotive Key Blank Market Key Drivers
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According to The Business Research Company's, The automotive key blank market size has grown strongly in recent years. It will grow from $5.06 billion in 2023 to $5.36 billion in 2024 at a compound annual growth rate (CAGR) of 5.8%. The growth in the historic period can be attributed to growing vehicle ownership in urban areas, the rise of digital keys, growing awareness of the environmental impact, the increasing popularity of electric vehicles, and increasing demand for key replacements and spares.
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.
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Market Drivers and Trends:
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.
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.
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Major Key Players of the Market:
Dormakaba International Holding AG, Huf Group, JMA USA, Kaba Ilco Corp, Hy-Ko Products Co., Curtis Industries LLC, Hudson Lock LLC, Edoardo Bianchi S.p.A., SparkMinda, Keyline Technologies Private Limited, Axxess Industries Inc., Silca S.p.A., Goto Manufacturing Inc., Jet Hardware Manufacturing, Taylor security&Lock Co. Inc., Key Craze Inc., Best Access Systems, Engineered Security Products (ESP) Inc., Xhorse Co., Transponder Island Inc., Guangzhou Xuanhua Hardware Product Co. Ltd.
Automotive Key Blank Market 2024 Key Insights:
• 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%.
• Impact Of Growing Vehicle Ownership On The Automotive Key Blank Market
• Advancements In Automotive Key Blank Technology Enhanced Market Growth
• Asia-Pacific was the largest region in the automotive key blank market in 2023
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