Europe Automotive Smart Key Market Developments and Forecast by 2028

Europe 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)

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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

Report Coverage

Revenue forecast, Company Analysis, Industry landscape, Growth factors, and Trends

Segment Covered

This text is related
to segments covered.

Regional Scope

North America, Europe, Asia Pacific, Middle East & Africa, South & Central America

Country Scope

This text is related
to country scope.

1. Introduction

1.1 Study Scope

1.2 The Insight Partners Research Report Guidance

1.3 Market Segmentation

2. Key Takeaways

3. Research Methodology

3.1 Coverage

3.2 Secondary Research

3.3 Primary Research

4. Europe Automotive Smart Key Market Landscape

4.1 Market Overview

4.2 Europe PEST Analysis

4.3 Ecosystem Analysis

4.4 Expert Opinions

5. Europe Automotive Smart Key Market – Key Market Dynamics

5.1 Market Drivers

5.1.1 Raised Production of Luxury Cars

5.1.2 Surge in Safety Feature Deployment in Commercial and Passenger Vehicles

5.2 Market Restraints

5.2.1 Concerns Regarding Data Security and Cybercrime

5.3 Market Opportunities

5.3.1 Advancements in Automotive Telematics and Advanced Driving Assistance Systems (ADAS)

5.4 Future Trends

5.4.1 Increasing Uptake of Keyless Authorization Systems in Vehicles

5.5 Impact Analysis of Drivers And Restraints

6. Automotive Smart Key – Europe Market Analysis

6.1 Europe Automotive Smart Key Market Overview

6.2 Europe Automotive smart key Market Revenue Forecast and Analysis

7. Europe Automotive Smart Key Market Analysis – By Application

7.1 Overview

7.2 Automotive Smart Key Market, By Application (2020 and 2028)

7.3 Single Function

7.3.1 Overview

7.3.2 Single Function: Automotive Smart Key Market – Revenue and Forecast to 2028 (USD Million)

7.4 Multi-function

7.4.1 Overview

7.4.2 Multi-Function: Automotive Smart Key Market – Revenue and Forecast to 2028 (USD Million)

8. Europe Automotive Smart Key Market Analysis – By Technology

8.1 Overview

8.2 Automotive Smart Key Market, By Technology (2020 and 2028)

8.3 Remote Keyless Entry

8.3.1 Overview

8.3.2 Remote Keyless Entry: Automotive Smart Key Market – Revenue and Forecast to 2028 (USD Million)

8.4 Passive Keyless Entry

8.4.1 Overview

8.4.2 Passive Keyless Entry: Automotive Smart Key Market – Revenue and Forecast to 2028 (USD Million)

9. Europe Automotive Smart Key Market – Country Analysis

9.1 Overview

9.1.1 Europe: Automotive Smart Key Market, By Key Country

9.1.1.1 Germany: Automotive Smart Key Market – Revenue and Forecast to 2028 (US$ Million)

9.1.1.1.1 Germany: Automotive Smart Key Market, By Application

9.1.1.1.2 Germany: Automotive Smart Key Market, By Technology

9.1.1.2 France: Automotive Smart Key Market – Revenue and Forecast to 2028 (US$ Million)

9.1.1.2.1 France: Automotive Smart Key Market, By Application

9.1.1.2.2 France: Automotive Smart Key Market, By Technology

9.1.1.3 Italy: Automotive Smart Key Market – Revenue and Forecast to 2028 (US$ Million)

9.1.1.3.1 Italy: Automotive Smart Key Market, By Application

9.1.1.3.2 Italy: Automotive Smart Key Market, By Technology

9.1.1.4 UK: Automotive Smart Key Market – Revenue and Forecast to 2028 (US$ Million)

9.1.1.4.1 UK: Automotive Smart Key Market, By Application

9.1.1.4.2 UK: Automotive Smart Key Market, By Technology

9.1.1.5 Russia: Automotive Smart Key Market – Revenue and Forecast to 2028 (US$ Million)

9.1.1.5.1 Russia: Automotive Smart Key Market, By Application

9.1.1.5.2 Russia: Automotive Smart Key Market, By Technology

9.1.1.6 Rest of Europe: Automotive Smart Key Market – Revenue and Forecast to 2028 (US$ Million)

9.1.1.6.1 Rest of Europe: Automotive Smart Key Market, By Application

9.1.1.6.2 Rest of Europe: Automotive Smart Key Market, By Technology

10. Europe Automotive Smart Key Market - COVID-19 Impact Analysis

10.1 Overview

11. Industry Landscape

11.1 Overview

11.2 Market Initiative

12. Company Profiles

12.1 ALPHA Corporation

12.1.1 Key Facts

12.1.2 Business Description

12.1.3 Products and Services

12.1.4 Financial Overview

12.1.5 SWOT Analysis

12.1.6 Key Developments

12.2 Continental AG

12.2.1 Key Facts

12.2.2 Business Description

12.2.3 Products and Services

12.2.4 Financial Overview

12.2.5 SWOT Analysis

12.2.6 Key Developments

12.3 Denso Corporation

12.3.1 Key Facts

12.3.2 Business Description

12.3.3 Products and Services

12.3.4 Financial Overview

12.3.5 SWOT Analysis

12.3.6 Key Developments

12.4 Honda Lock Mfg. Co., Ltd.

12.4.1 Key Facts

12.4.2 Business Description

12.4.3 Products and Services

12.4.4 SWOT Analysis

12.4.5 Key Developments

12.5 Hyundai Mobis

12.5.1 Key Facts

12.5.2 Business Description

12.5.3 Products and Services

12.5.4 Financial Overview

12.5.5 SWOT Analysis

12.5.6 Key Developments

12.6 Silca S.p. A.

12.6.1 Key Facts

12.6.2 Business Description

12.6.3 Products and Services

12.6.4 SWOT Analysis

12.6.5 Key Developments

12.7 TOYOTA MOTOR CORPORATION

12.7.1 Key Facts

12.7.2 Business Description

12.7.3 Products and Services

12.7.4 Financial Overview

12.7.5 SWOT Analysis

12.7.6 Key Developments

12.8 Valeo

12.8.1 Key Facts

12.8.2 Business Description

12.8.3 Products and Services

12.8.4 Financial Overview

12.8.5 SWOT Analysis

12.8.6 Key Developments

12.9 HELLA GmbH and Co. KGaA

12.9.1 Key Facts

12.9.2 Business Description

12.9.3 Products and Services

12.9.4 Financial Overview

12.9.5 SWOT Analysis

12.9.6 Key Developments

13. Appendix

13.1 About The Insight Partners

13.2 Word Index

LIST OF TABLES

Table 1. Europe Automotive smart key Market Revenue and Forecast to 2028 (US$ Million)

Table 2. Europe Automotive Smart Key Market, By Country – Revenue and Forecast to 2028 (US$ Million)

Table 3. Germany Automotive Smart Key Market, By Application– Revenue and Forecast to 2028 (US$ Million)

Table 4. Germany Automotive Smart Key Market, By Technology – Revenue and Forecast to 2028 (US$ Million)

Table 5. France Automotive Smart Key Market, By Application– Revenue and Forecast to 2028 (US$ Million)

Table 6. France Automotive Smart Key Market, By Technology – Revenue and Forecast to 2028 (US$ Million)

Table 7. Italy Automotive Smart Key Market, By Application– Revenue and Forecast to 2028 (US$ Million)

Table 8. Italy Automotive Smart Key Market, By Technology – Revenue and Forecast to 2028 (US$ Million)

Table 9. UK Automotive Smart Key Market, By Application– Revenue and Forecast to 2028 (US$ Million)

Table 10. UK Automotive Smart Key Market, By Technology– Revenue and Forecast to 2028 (US$ Million)

Table 11. Russia Automotive Smart Key Market, By Application– Revenue and Forecast to 2028 (US$ Million)

Table 12. Russia Automotive Smart Key Market, By Technology – Revenue and Forecast to 2028 (US$ Million)

Table 13. Rest of Europe Automotive Smart Key Market, By Application– Revenue and Forecast to 2028 (US$ Million)

Table 14. Rest of Europe Automotive Smart Key Market, By Technology – Revenue and Forecast to 2028 (US$ Million)

Table 15. List of Abbreviation

LIST OF FIGURES

Figure 1. Europe Automotive Smart Key Market Segmentation

Figure 2. Europe Automotive Smart Key Market Segmentation – By Country

Figure 3. Europe Automotive Smart Key Market Overview

Figure 4. Europe Automotive Smart Key Market, By Application

Figure 5. Europe Automotive Smart Key Market, By Technology

Figure 6. Europe Automotive Smart Key Market, By Country

Figure 7. Europe PEST Analysis

Figure 8. Automotive Smart Key Market- Ecosystem Analysis

Figure 9. Europe Automotive Smart Key Market Impact Analysis of Drivers and Restraints

Figure 10. Europe Automotive smart key Market Revenue Forecast and Analysis (US$ Million)

Figure 11. Europe Automotive Smart Key Market Revenue Share, by Product Type (2020 and 2028)

Figure 12. Europe Single Function: Automotive Smart Key Market – Revenue and Forecast to 2028 (USD Million)

Figure 13. Europe Multi-Function: Automotive Smart Key Market – Revenue and Forecast to 2028 (USD Million)

Figure 14. Europe Automotive Smart Key Market Revenue Share, by Technology (2020 and 2028)

Figure 15. Europe Remote Keyless Entry: Automotive Smart Key Market – Revenue and Forecast to 2028 (USD Million)

Figure 16. Passive Keyless Entry: Automotive Smart Key Market – Revenue and Forecast to 2028 (USD Million)

Figure 17. Europe: Automotive Smart Key Market, By Key Country- Revenue 2020 (US$ Million)

Figure 18. Europe: Automotive Smart Key Market Revenue Share, By Key Country (2020 and 2028)

Figure 19. Germany: Automotive Smart Key Market – Revenue and Forecast to 2028 (US$ Million)

Figure 20. France: Automotive Smart Key Market – Revenue and Forecast to 2028 (US$ Million)

Figure 21. Italy: Automotive Smart Key Market – Revenue and Forecast to 2028 (US$ Million)

Figure 22. UK: Automotive Smart Key Market – Revenue and Forecast to 2028 (US$ Million)

Figure 23. Russia: Automotive Smart Key Market – Revenue and Forecast to 2028 (US$ Million)

Figure 24. Rest of Europe: Automotive Smart Key Market – Revenue and Forecast to 2028 (US$ Million)

Figure 25. Impact of Covid-19 Pandemic in Europe Country Markets

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The Insight Partners performs research in 4 major stages: Data Collection & Secondary Research, Primary Research, Data Analysis and Data Triangulation & Final Review.

Data Collection and Secondary Research:

As a market research and consulting firm operating from a decade, we have published many reports and advised several clients across the globe. First step for any study will start with an assessment of currently available data and insights from existing reports. Further, historical and current market information is collected from Investor Presentations, Annual Reports, SEC Filings, etc., and other information related to company’s performance and market positioning are gathered from Paid Databases (Factiva, Hoovers, and Reuters) and various other publications available in public domain.

Several associations trade associates, technical forums, institutes, societies and organizations are accessed to gain technical as well as market related insights through their publications such as research papers, blogs and press releases related to the studies are referred to get cues about the market. Further, white papers, journals, magazines, and other news articles published in the last 3 years are scrutinized and analyzed to understand the current market trends.

Primary Research:

The primarily interview analysis comprise of data obtained from industry participants interview and answers to survey questions gathered by in-house primary team.

For primary research, interviews are conducted with industry experts/CEOs/Marketing Managers/Sales Managers/VPs/Subject Matter Experts from both demand and supply side to get a 360-degree view of the market. The primary team conducts several interviews based on the complexity of the markets to understand the various market trends and dynamics which makes research more credible and precise.

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Provides first-hand information on the market size, market trends, growth trends, competitive landscape, and outlook
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Below is the breakup of our primary respondents by company, designation, and region:

Research Methodology

Once we receive the confirmation from primary research sources or primary respondents, we finalize the base year market estimation and forecast the data as per the macroeconomic and microeconomic factors assessed during data collection.

Data Analysis:

Once data is validated through both secondary as well as primary respondents, we finalize the market estimations by hypothesis formulation and factor analysis at regional and country level.

3.1 Macro-Economic Factor Analysis:

We analyse macroeconomic indicators such the gross domestic product (GDP), increase in the demand for goods and services across industries, technological advancement, regional economic growth, governmental policies, the influence of COVID-19, PEST analysis, and other aspects. This analysis aids in setting benchmarks for various nations/regions and approximating market splits. Additionally, the general trend of the aforementioned components aid in determining the market's development possibilities.

3.2 Country Level Data:

Various factors that are especially aligned to the country are taken into account to determine the market size for a certain area and country, including the presence of vendors, such as headquarters and offices, the country's GDP, demand patterns, and industry growth. To comprehend the market dynamics for the nation, a number of growth variables, inhibitors, application areas, and current market trends are researched. The aforementioned elements aid in determining the country's overall market's growth potential.

3.3 Company Profile:

The “Table of Contents” is formulated by listing and analyzing more than 25 - 30 companies operating in the market ecosystem across geographies. However, we profile only 10 companies as a standard practice in our syndicate reports. These 10 companies comprise leading, emerging, and regional players. Nonetheless, our analysis is not restricted to the 10 listed companies, we also analyze other companies present in the market to develop a holistic view and understand the prevailing trends. The “Company Profiles” section in the report covers key facts, business description, products & services, financial information, SWOT analysis, and key developments. The financial information presented is extracted from the annual reports and official documents of the publicly listed companies. Upon collecting the information for the sections of respective companies, we verify them via various primary sources and then compile the data in respective company profiles. The company level information helps us in deriving the base number as well as in forecasting the market size.

3.4 Developing Base Number:

Aggregation of sales statistics (2020-2022) and macro-economic factor, and other secondary and primary research insights are utilized to arrive at base number and related market shares for 2022. The data gaps are identified in this step and relevant market data is analyzed, collected from paid primary interviews or databases. On finalizing the base year market size, forecasts are developed on the basis of macro-economic, industry and market growth factors and company level analysis.

Data Triangulation and Final Review:

The market findings and base year market size calculations are validated from supply as well as demand side. Demand side validations are based on macro-economic factor analysis and benchmarks for respective regions and countries. In case of supply side validations, revenues of major companies are estimated (in case not available) based on industry benchmark, approximate number of employees, product portfolio, and primary interviews revenues are gathered. Further revenue from target product/service segment is assessed to avoid overshooting of market statistics. In case of heavy deviations between supply and demand side values, all thes steps are repeated to achieve synchronization.

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