Automotive Smart Key Global Market Report 2024

Automotive smart keys are computerized keys equipped with self-embedded antennas that utilize radio waves for communication with the associated vehicle. These smart keys enable users to electronically unlock, lock, or start a vehicle without the need for a physical ignition key.

The primary types of automotive smart keys include passive keyless access and remote keyless access. Passive keyless access operates automatically when the user is in close proximity to the vehicle, facilitating functions such as locking and unlocking as the user approaches or moves away from the vehicle. The installation types for automotive smart keys include OEM (Original Equipment Manufacturer) and aftermarket, with applications encompassing both single-function and multi-function capabilities.

The automotive smart key market research report is one of a series of new reports that provides automotive smart key market statistics, including automotive smart key industry global market size, regional shares, competitors with a automotive smart key market share, detailed automotive smart key market segments, market trends and opportunities, and any further data you may need to thrive in the automotive smart key industry. This automotive smart key market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenarios of the industry.

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 observed during the historical period can be attributed to various factors, including the adoption of electronic health records (EHR), initiatives aimed at cost reduction, concerns related to data security, requirements for interoperability, and an increased demand for storage and processing power. These factors collectively contributed to the dynamics of the automotive smart key market during the historic period.

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 anticipated growth in the forecast period can be attributed to the adoption of telehealth services, integration of artificial intelligence (AI) and machine learning in healthcare, implementation of remote patient monitoring solutions, the incorporation of edge computing in healthcare, and an increased focus on data analytics. Major trends expected during this period include the use of blockchain for healthcare data management, the deployment of hybrid cloud solutions, the development of personalized medicine platforms, the proliferation of mobile health (mHealth) applications, and the integration of the Internet of Things (IoT) in healthcare systems.

The surge in luxury car demand is projected to fuel growth within the automotive smart key market. Manufacturers of high-end and hybrid vehicles utilize smart keys equipped with sensors and microchips to automate door unlocking and vehicle ignition sans physical keys. This trend is anticipated to intensify the need for automotive smart keys. Notably, Audi, a German luxury car brand, witnessed a twofold increase in sales in India from 1,639 units in 2020 to 3,293 units in 2021. Similarly, Mercedes-Benz India reported sales of 4,101 units in the July-September quarter of 2021, a notable rise from 2,060 units in the same quarter of 2020. Consequently, the escalating demand for luxury automobiles is expected to be a significant driver for the automotive smart key market.

The upsurge in vehicle production is set to propel growth in the automotive smart key market. Vehicle production involves the assembly of various motorized vehicles such as cars, trucks, and vans. Smart keys are integral in modern vehicle manufacturing, enhancing both security and convenience. These keys seamlessly integrate into vehicles during the production process, enabling keyless entry, ignition, and advanced security features. Manufacturers design these smart key systems to meet the increasing consumer demand for secure and convenient vehicle access. According to the European Automobile Manufacturers Association's May 2023 publication, global motor vehicle production in 2022 reached 85.4 million units, marking a 5.7% increase compared to 2021. Thus, the rising trend in vehicle production is anticipated to drive the automotive smart key market forward.

Within the automotive smart key market, a prominent trend revolves around technological advancements. Leading companies within this sector prioritize the development of new technological solutions to fortify their market standing. Notably, in March 2021, BMW, a renowned German automobile company, unveiled plans to integrate ultra-wideband technology into their vehicles. This technology operates on short-range wireless communication through radio waves, akin to Bluetooth or Wi-Fi. However, it significantly enhances both application possibilities and security levels compared to similar radio technologies. By leveraging ultra-wideband technology, users gain the capability to remotely lock and unlock vehicles. BMW's forthcoming model, the BMW iX, will harness this technology to power the BMW Digital Key Plus, exemplifying the adoption of cutting-edge advancements within the automotive smart key domain.

Key players in the automotive smart key market continually introduce innovative products to maintain their market position, emphasizing the development and incorporation of advanced features and technologies for improved keyless entry and vehicle access. Noteworthy in this regard is Car Keys Express, a technology leader in key manufacturing based in the USA, which introduced the Universal Smart Key - an advanced key fob capable of being programmed to replace smart keys across a broad spectrum of vehicles. This high-tech key employs metal blades and sophisticated wireless proximity systems, enabling drivers to keep their key fobs within their pockets while effortlessly unlocking, locking, and starting their vehicles. Offering extensive vehicle coverage across more than 500 models from 15 top manufacturers, the Universal Smart Key ensures affordability, superior quality, and a viable alternative to expensive dealership replacements.

In February 2023, Xiaomi, a China-based company specializing in mobiles, accessories, and ecosystem products, established a partnership of undisclosed duration with Bayerische Motoren Werke AG (BMW). This collaboration is aimed at jointly developing the digital car key feature, intended for compatibility with all BMW cars. The digital key functionality encompasses locking, unlocking, and even starting the vehicle, designed to interface with platforms like Google Wallet and others. Bayerische Motoren Werke AG, known as BMW, is a prominent German luxury vehicle manufacturer. The strategic partnership between Xiaomi and BMW signifies a collective effort towards advancing digital key technologies, catering to the evolving demands within the automotive industry.

Major companies operating in the 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

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

The countries covered in the automotive smart key market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Italy, Canada, Spain.

The automotive smart key market consists of sales of devices and technology to manage automobiles lock and engine by communicating with antennas in the car, sending and receiving signals, which are interpreted by the car's electronic computer. Values in this market are 'factory gate' values, that is the value of goods sold by the manufacturers or creators of the goods, whether to other entities (including downstream manufacturers, wholesalers, distributors and retailers) or directly to end customers. The value of goods in this market includes related services sold by the creators of the goods.

The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified)).

The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.


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