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Automotive Smart Key Market Trends

Report ID: GMI5979
Published Date: Jun 2023
Report Format: PDF

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Automotive Smart Key Market Trends

The increasing demand for luxury cars equipped with advanced automotive technology is expected to boost market growth. Electric & hybrid cars with advanced safety & security features are also being introduced into the market, further increasing demand for automotive keys. Rising technological advancements in vehicle security & safety as well as the use of other technologies, such as passenger Vehicle telematics systems and driving assistance systems, are likely to augment market growth. The demand for automotive keys is estimated to rise owing to the incorporation of advanced technologies, such as automotive telematics and advanced driver assistance systems (ADAS), in car safety & security.

Authors: Preeti Wadhwani

Frequently Asked Questions (FAQ) :

The market size of automotive smart key was valued at USD 12 billion in 2022 and is anticipated to grow at a CAGR of over 8% between 2023 and 2032. 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.

The passive keyless entry technology segment held a market share of over 40% in 2022 and is expected to grow at a fast pace during 2023 and 2032, attributed to automated technology which enables the key to operate when the user or driver is close to the vehicle, without the need to take out the key from pocket.

North America automotive smart key market captured around 30% of the revenue share in 2022 and will showcase significant growth up to 2032, owing to the presence of prominent luxury car manufacturers including BMW, Mercedes-Benz, and Audi in the region.

Alpha Corp., Continental AG, Denso Corporation, HELLA GmbH & Co. KGaA, Huf Hulsbeck & Furst GmbH & Co. KG, Hyundai Mobis Ltd., Minda Corp. Ltd., and Robert Bosch GmbH.