Automotive Smart Key Market Size
Study Period | 2019 - 2029 |
Base Year For Estimation | 2023 |
Forecast Data Period | 2024 - 2029 |
CAGR | > 7.00 % |
Fastest Growing Market | Asia Pacific |
Largest Market | Asia Pacific |
Major Players*Disclaimer: Major Players sorted in no particular order |
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Automotive Smart Key Market Analysis
The automotive smart key market is estimated to register a CAGR of over 7% during the forecast period, 2020-2025.
- Automotive smart key has gained traction over the last decade, owing to advantages, such as increased vehicle security. Features similar to high-end luxury cars are also being implemented in budget cars by companies, such as Honda, which are engaged in developingsmart keys for budget cars. In addition, the emergence of advanced technology, which makes use of radio frequency (RF) signals and converts them to digital information,has made smart keysmore prevalent in the automotive sector, whichis expected to drive the growth of the market in the near future.
- Advancements in terms of automotive technology, as well as increasing vehicle thefts are likely to propel the development of smart keys, thus, leading to a growth in the market in the coming years.
- The usage of lightweight and eco-friendly materials for the manufacturing of the inside chip and buttons for smart keys is gaining traction, thus, leading to various car manufacturers, such as BMW, Volkswagen, and Mercedes-Benz developing compact and attractive smart keys. Thus, the usage of lightweight materials for developing the components of a smart key shall provide growth opportunities for the market in the years to come.
Automotive Smart Key Market Trends
This section covers the major market trends shaping the Automotive Smart Key Market according to our research experts:
The Other Technology Segment Projected to Grow at a High Pace
Currently, the other technologies segment has the highest share out of all the segments. This segment includes the biological entry system, as well as smartphone connected car technology. Majority of the other technologies are based on passive keyless entry (PKE) technology, where the PKE device operates while stored in the user's pocket or bag, unlike a standard remote keyless entry (RKE) device, which requires the user to hold the device and push a button to lock or unlock the vehicle. Auto companies, such as Leap Motor, have introduced biological entry system with the launch of their smart electric coupe S01 model in China, in January 2019. These vehicles will be equipped with a “Leap In” biological lock/unlock system that integrates finger vein recognition and face recognition technologies, thus, giving the customers a keyless experience from entering the vehicle to starting the engine. Moreover, the “Leap ID” smart system can match car-using habits (preferences for seat position, music, news, air conditioners, and navigation) through face recognition of the user. Thus, the increasing focus on this segment shall lead to its expected high CAGR.
Asia-Pacific is expected to Witness the Highest Growth
In the automotive smart key market, the growth of the Asia-Pacific region is expected to be more during the forecast period. China is one of the biggest automotive markets in the world. In 2018, the volumes of production and sales of vehicles were lower than expected at the beginning of the year, due to political factors and microeconomics. However, new energy vehicle (NEV) sales continued to rise rapidly, while exports also showed fast growth. The demand for smart keys in the Chinese, as well as the Indian market, is growing rapidly, as various Chinese and Indian companies are launching vehicles with keyless entry features, which shall lead to a growth of the automotive smart key market in China and India. The increasing demand for smart keys with advanced technology in Japan is likely to propel the smart key market in the country in the years to come. Thus, such developments are expected to lead to growth in the automotive smart key market in the Asia-Pacific region.
Automotive Smart Key Industry Overview
The automotive smart key market is fragmented, with various players existing in the market. Tokai Rika Co. Ltd is the leading player in the automotive smart key market. Additionally, Tokai Rika, Denso, and Alpha Corporation have been the major suppliers of electronic keys/smart keys/keyless systems to Toyota and Nissan in Japan. Other players in the market include Bosch, Valeo, etc., which constitute over 20% of the market. In addition, the majority of these players are now offering smart key solutions in the aftermarket channel. Various initiatives, as well as product innovations done by Tokai Rika Co. Ltd have led them to strengthen their presence in the market. For example, in 2017, the company Continental AG’s Keys-as-a-Service Portfolio led to car owners possessing the ability to access cloud-based solutions, like Continental Smart Access (CoSmA) and Remote Cloud Key (RCK). This solution shall help owners to secure keyless vehicle access, as well as authorization, just by making use of a smart device, such as a smartphone.
Automotive Smart Key Market Leaders
Tokai Rika Co. Ltd
Continental AG
Denso Corp
ZF Friedrichshafen AG
Alpha Corp.
*Disclaimer: Major Players sorted in no particular order
Automotive Smart Key Market Report - Table of Contents
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1. INTRODUCTION
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1.1 Study Assumptions
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1.2 Scope of the Study
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2. RESEARCH METHODOLOGY
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3. EXECUTIVE SUMMARY
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4. MARKET DYNAMICS
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4.1 Market Drivers
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4.2 Market Restraints
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4.3 Porter's Five Forces Analysis
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4.3.1 Threat of New Entrants
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4.3.2 Bargaining Power of Buyers/Consumers
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4.3.3 Bargaining Power of Suppliers
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4.3.4 Threat of Substitute Products
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4.3.5 Intensity of Competitive Rivalry
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5. MARKET SEGMENTATION
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5.1 Application
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5.1.1 Single Function
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5.1.2 Multi-function
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5.2 Technology
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5.2.1 Remote Keyless Entry
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5.2.2 Passive Keyless Entry
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5.3 Installation
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5.3.1 OEM
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5.3.2 Aftermarket
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5.4 Geography
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5.4.1 North America
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5.4.1.1 United States
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5.4.1.2 Canada
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5.4.1.3 Rest of North America
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5.4.2 Europe
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5.4.2.1 Germany
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5.4.2.2 United Kingdom
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5.4.2.3 France
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5.4.2.4 Rest of Europe
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5.4.3 Asia-Pacific
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5.4.3.1 China
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5.4.3.2 India
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5.4.3.3 Japan
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5.4.3.4 Rest of Asia-Pacific
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5.4.4 Rest of the World
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5.4.4.1 South America
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5.4.4.2 Middle East & Africa
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6. COMPETITIVE LANDSCAPE
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6.1 Vendor Market Share
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6.2 Company Profiles
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6.2.1 Alpha Corp.
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6.2.2 Minda Corp. Ltd
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6.2.3 Denso Corporation
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6.2.4 Continental AG
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6.2.5 Huf Hulsbeck & Furst GmbH & Co. KG
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6.2.6 Honda Lock Mfg Co. Ltd
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6.2.7 ZF Friedrichshafen AG
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6.2.8 Valeo SA
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6.2.9 HELLA GmbH & Co. KGaA
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6.2.10 Tokai Rika Co. Ltd
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6.2.11 Silicon Laboratories Inc.
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7. MARKET OPPORTUNITIES AND FUTURE TRENDS
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8. SUPPLIER INFORMATION
Automotive Smart Key Industry Segmentation
A smart key, also known as an intelligent key, is a key with information or digital features, which can provide more functionalities than just unlocking a digital or physical lock system. It 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. Moreover, a smart key works as an electronic access and authorization system and is available either as standard equipment or as an optional component, depending on the model of the car. The automotive smart key market study includes various applications, such as single function and multi-function technologies, such as Transmitter Technology (Remote Keyless Entry), Capacitive Sensor Technology (Passive Keyless Entry), Infra-red Sensor Technology (only qualitative analysis) and Other technologies, and installation done by OEM and aftermarket.
Application | |
Single Function | |
Multi-function |
Technology | |
Remote Keyless Entry | |
Passive Keyless Entry |
Installation | |
OEM | |
Aftermarket |
Geography | ||||||
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Automotive Smart Key Market Research FAQs
What is the current Automotive Smart Key Market size?
The Automotive Smart Key Market is projected to register a CAGR of greater than 7% during the forecast period (2024-2029)
Who are the key players in Automotive Smart Key Market?
Tokai Rika Co. Ltd, Continental AG, Denso Corp, ZF Friedrichshafen AG and Alpha Corp. are the major companies operating in the Automotive Smart Key Market.
Which is the fastest growing region in Automotive Smart Key Market?
Asia Pacific is estimated to grow at the highest CAGR over the forecast period (2024-2029).
Which region has the biggest share in Automotive Smart Key Market?
In 2024, the Asia Pacific accounts for the largest market share in Automotive Smart Key Market.
What years does this Automotive Smart Key Market cover?
The report covers the Automotive Smart Key Market historical market size for years: 2019, 2020, 2021, 2022 and 2023. The report also forecasts the Automotive Smart Key Market size for years: 2024, 2025, 2026, 2027, 2028 and 2029.
Automotive Smart Key Industry Report
Statistics for the 2024 Automotive Smart Key market share, size and revenue growth rate, created by Mordor Intelligenceā¢ Industry Reports. Automotive Smart Key analysis includes a market forecast outlook to 2029 and historical overview. Get a sample of this industry analysis as a free report PDF download.