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Automotive Smart Key Market Size
- Report ID: GMI5979
- Published Date: Jun 2023
- Report Format: PDF
Automotive Smart Key Market Size
Automotive Smart Key Market size exceeded USD 12 billion in 2022 and is anticipated to expand at over 8% CAGR between 2023 and 2032. Automotive smart keys have gained popularity over the last decade due to benefits such as increased vehicle security. Companies that manufacture smart keys, such as Honda, are implementing features of high-end luxury cars in budget cars. The emergence of advanced technologies, which use radio frequency (RF) signals and convert them into digital information, has augmented the prevalence of smart keys in the automotive sector. Advancements in automotive technology as well as an increase in vehicle thefts are likely to propel the development of smart keys, which will lead to market growth.
An automotive smart key fob is an electronic device that controls the central locking system and other functions of a vehicle. It is typically a small handheld device that uses radio frequency technology to communicate. The key fob, also referred to as a keyless entry remote or a car key remote, can be used to unlock doors, start the engine, and even control the car audio system of the vehicle. Moreover, this device type is becoming more common in modern vehicles, driving automotive smart key market growth.
| Report Attribute | Details |
|---|---|
| Base Year: | 2022 |
| Automotive Smart Key Market Size in 2022: | USD 12 Billion |
| Forecast Period: | 2023 to 2032 |
| Forecast Period 2023 to 2032 CAGR: | 8.6% |
| 2032 Value Projection: | USD 26 Billion |
| Historical Data for: | 2018 - 2022 |
| No. of Pages: | 300 |
| Tables, Charts & Figures: | 255 |
| Segments covered: | Application, Technology, Installation |
| Growth Drivers: |
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| Pitfalls & Challenges: |
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Advanced features & technologies, such as keyless entry, remote start, and keyless ignition, are frequently included with automotive smart key systems. The addition of these features raises the total cost of the smart key system. The high cost of smart key technology may limit widespread adoption, particularly in price-sensitive market segments. Furthermore, smart key systems can be vulnerable to hacking and unauthorized access owing to the reliance on wireless communication and digital signals. The security of smart key systems is of utmost importance as any compromise in security can lead to vehicle theft or unauthorized access to personal data. Ensuring robust security measures is also crucial to building trust & confidence in technology.
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Automotive Smart Key Market Scope
