Europe Automotive Smart Key Market Developments and Forecast by 2028
Historic Data: 2019-2020 | Base Year: 2021 | Forecast Period: 2022-2028Europe Automotive Smart Key Market Forecast to 2028 - COVID-19 Impact and Regional Analysis By Application (Single Function and Multi-function) and Technology (Remote Keyless Entry and Passive Keyless Entry)
- Report Date : Dec 2021
- Report Code : TIPRE00026218
- Category : Automotive and Transportation
- Status : Published
- Available Report Formats :
- No. of Pages : 106
The automotive smart key market in Europe is expected to grow from US$ 1,881.71 million in 2021 to US$ 2,740.94 million by 2028; it is estimated to grow at a CAGR of 5.5% from 2021 to 2028.
Surge in safety feature deployment in commercial and passenger vehicles is expected to fuel the market. The augmenting demand for the incorporation of safety and security features in modern vehicles is propelling the automotive smart key market at large. The rising prevalence of vehicle theft have increased the demand for updated systems with a unique code for unlocking the car, involving an electronic key fob recognition through a specific code authorization. As a result, automakers have begun to use computer-encrypted microchips in their keyless system to enhance the security layers that drive market growth. The surge in hybrid and electric vehicles, equipped with advanced safety and security features, has also increased the demand for automotive smart keys. For instance, Mercedes' Keyless Go allows a driver to lock and unlock a vehicle without using the corresponding smart key buttons. Once a driver enters a car with an equipped Keyless Go SmartKey or Keyless Go wallet-size card, they can start and stop the engine without inserting the SmartKey. A transponder built within the SmartKey allows the vehicle to identify a driver. An additional safety feature is integrated into the vehicle, making it impossible to lock a SmartKey with Keyless Go inside it. Technological advancements, such as transmission and infra-red sensors, which further strengthen safety and security features, have also been propelling the market considerably.The automotive sector plays an important role in economic growth and employment in many European countries. In April 2020, European countries recorded the historically lowest registrations of new cars. The decline in the demand, disruptions in supply chains, and challenges related to technologies have severely impacted the automotive sector in these countries, which put the economy in a deep crisis and resulted in a reduction in international trade. However, the reopening of dealerships to the public helped boost sales. For instance, according to the Society of Motor Manufacturers and Traders (SMMT), new registrations stood at 141,583 vehicles in April 2021, up from just 4,321 in April 2020. The lifting of restrictions in different regions can potentially bring more cars on the road, leading to the demand for increased vehicle security. Smartphone technology as an extension in the automotive sector has significant applications in the current COVID-19 pandemic situation. Therefore, the development of a smart key that can be accessed with a smartphone would provide significant growth opportunities for the automotive smart key market in the coming years.
With the new features and technologies, vendors can attract new customers and expand their footprints in emerging markets. This factor is likely to drive the automotive smart key market. The Europe automotive smart key is expected to grow at a good CAGR during the forecast period.
Europe Automotive Smart Key Market Revenue and Forecast to 2028 (US$ Million)
- This FREE sample will include data analysis, ranging from market trends to estimates and forecasts.
Europe Automotive Smart Key Market Segmentation
Europe Automotive Smart Key Market – By Application
- Single Function
- Multi-function
Europe Automotive Smart Key Market – By Technology
- Remote Keyless Entry
- Passive Keyless Entry
Europe Automotive Smart Key Market- By Country
- France
- Germany
- UK
- Italy
- Russia
- Rest of Europe
Europe Automotive Smart Key Market-Companies Mentioned
- 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
- Valeo
Europe Automotive Smart Key Report Scope
| Report Attribute | Details |
|---|---|
| Market size in 2021 | US$ 1,881.71 Million |
| Market Size by 2028 | US$ 2,740.94 Million |
| Global CAGR (2021 - 2028) | 5.5% |
| Historical Data | 2019-2020 |
| Forecast period | 2022-2028 |
| Segments Covered |
By Application
|
| Regions and Countries Covered | Europe
|
| Market leaders and key company profiles |
- Historical Analysis (2 Years), Base Year, Forecast (7 Years) with CAGR
- PEST and SWOT Analysis
- Market Size Value / Volume - Global, Regional, Country
- Industry and Competitive Landscape
- Excel Dataset
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