Passive Keyless Entry Segment is Expected to be the Fastest Growing During the Forecast Period for SAM Region
According to The Insight Partners market research study on “SAM Automotive Smart Key Market to 2028 – COVID-19 Impact and Regional Analysis and Forecast by Application and Technology” is expected to reach US$ 249.40 million by 2028 from US$ 200.20 million in 2021. The market is estimated to grow at a CAGR of 3.2% from 2021 to 2028. The report provides trends prevailing in the SAM automotive smart key market along with the drivers and restraints pertaining to the market growth. Increased production of luxury cars is the major factor driving the growth of the SAM automotive smart key market. However, issues associated with the concerns regarding data security and cybercrime hinder the growth of SAM automotive smart key market.
The SAM automotive smart key market has been segmented based on application, technology, and country. On the basis of application, the SAM automotive smart key market is segmented into single function smart key and multi-function smart key. The single function smart key segment dominated the market in 2020 and multi-function smart key segment is expected to be the fastest growing during the forecast period. Based on technology, the market is segmented into remote keyless entry and passive keyless entry. The remote keyless entry segment dominated the market in 2020 and passive keyless entry segment is expected to be the fastest growing during the forecast period. Based on country, the automotive smart key market is classified into Brazil, Argentina, and Rest of SAM.
In 2020, Brazil recorded the highest number of COVID-19 confirmed cases in South America, followed by Colombia, Ecuador, Chile, Peru, and Argentina. Most of the companies in the region suspended vehicle production due to the worsening COVID-19 public health crisis, whereas others opted for the restructuring of their production facilities. The slowdown of sales and reduction in consumer demand resulted in a significant loss for the regional automotive smart key market players. The market in South America witnessed a decline in growth as the majority of stimulus packages deployed by governments were focused on public healthcare and tax relief. However, relaxations in COVID-19-led restrictions and reopening of production facilities are anticipated to promote market recovery in this region in the coming years. A rise in passenger car registrations in Brazil in 2021 with the increase in total annual cars sales by 6.04% than the previous year would provide lucrative growth opportunities for the automotive smart key market players during the forecast period.
ALPHA Corporation; Continental AG; Denso Corporation; HELLA GmbH and Co. KGaA; Honda Lock Mfg. Co., Ltd.; Hyundai Mobis; Silca S.p. A.; TOYOTA MOTOR CORPORATION; and Valeo are among the leading companies in the SAM automotive smart key market. The companies are focused on adopting organic growth strategies such as product launches and expansions to sustain their position in the dynamic market. The companies are focused on adopting organic growth strategies such as product launches and expansions to sustain their position in the dynamic market. For instance, in 2021, HELLA introduced new Smart Car Access solution based on ultra-wideband technology.
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