Global Automotive Smart Key Market– Forecasts and Trends (2017 - 2022)
The global market of smart key of cars would grow to $22 billion by the end of 2020 with a CAGR of more than 23%. The smart key is part of a computerized system that uses microchips and sensors to automatically unlock the doors and start the vehicle without the use of a key. The key is identified through the antennas in the vehicle’s bodywork and a radio pulse generator in the key housing. The vehicle is automatically unlocked when the button for the sensor on the door handle or trunk release is pressed. Vehicles with a smart key system have a mechanical backup, usually in the form of a spare key blade supplied with the vehicle. Smart key is on the rise, as the agenda of the government remains to push the OEMs into paying detailed attention to flaws identified by the researchers with respect to the vehicle security.
Technological advancements along with the demand for convenient premium features are the key factors driving the growth of automotive smart key market. In addition, vehicle security regulations and consumer awareness about sophisticated vehicle security features are expected to drive the demand for these systems during the forecast period. However, the higher cost of premium smart key features is the key factor restraining the market growth. Continental is one of the major leaders in the smart key manufacturers.
The Europe and North American market (especially that of USA) are expected to experience a steady level of growth. There would be significant growth in the market of smart keys in Asia-Pacific, driven by the growth and potential of the Chinese vehicle market in the forecast period. China would be suggestively having an extensive growth of smart key across all vehicle segments by the end of 2018 with a CAGR of around 32%. Among the components, the radio frequency for receiver block in smart key system would grow at the highest rate. The market is significantly competitive with some of other major vendors like Valeo, Daedong, Tokai Rika, Silca, ALPHA, Denso, Shanghai Kaigao, Guangzhou Guangpai, Hyundai Mobis, ZF-TRW, and others. The global smart keys market is segmented by application (single function and multi-function), by technology ( transmitter, capacitive sensor and IR sensor), by installation ( OEM and aftermarket) and by geography ( North America, Europe, Asia pacific, Latin America and MEA.
WHAT THE REPORT OFFERS
Market Definition along with identification of key drivers and restraints for the market. Market analysis with country specific assessments and competition analysis in the Global Smart key of Cars market. Identification of factors instrumental in changing the market scenarios, rising prospective opportunities and identification of key companies, which can influence the market on the regional scale and at the country level. Extensively researched competitive landscape section with profiles of major companies along with their strategic initiatives and market shares. Identification and analysis of the Macro and Micro factors that affect the industry on both at the regional level and at the country level.