Automotive Smart Key Market, Opportunity, Growth Drivers, Industry Trend Analysis and Forecast, 2024-2032

Description

The Global Automotive Smart Key Market was valued at USD 12.7 billion in 2023 and is projected to grow at 9.1% CAGR from 2024 to 2032.

Biometric authentication is rapidly gaining ground in the automotive smart key arena. By embedding fingerprint or facial recognition directly into smart keys, security measures are significantly enhanced. This evolution is a direct answer to rising consumer demands for state-of-the-art safety features. With biometric systems in place, vehicles can only be accessed and started by authorized users, drastically reducing theft risks. Moreover, these systems can be customized for multiple users, allowing for individualized features, such as personalized seat adjustments and climate controls. Consequently, manufacturers are channeling investments into biometric technologies, aiming to enrich user experiences and drive the evolution of smarter, more personalized vehicles.

The automotive smart key market is segmented into vehicle type, application, installation method, technology, and region.

Applications of smart keys are categorized into multi-function and single-function. In 2023, the multi-function segment dominated with over 64% market share. Multi-function capabilities enhance the utility of smart key systems, offering a comprehensive and user-centric experience. These sophisticated applications range from remote starting and trunk releasing to locating the vehicle, adjusting climate controls automatically, and setting personalized preferences.

Technologically, the automotive smart key market includes remote keyless entry, passive keyless entry, biometric systems, and more. The passive keyless entry (PKE) segment is projected to generate revenues of USD 12.2 billion by 2032. The rising demand for PKE is attributed to its automated nature, activating as the user nears the vehicle. In contrast to the traditional remote keyless entry (RKE) that demands manual button presses, the more popular PKE devices offer the convenience of operation directly from a user's pocket or bag.

North America commanded a notable 30% share of the automotive smart key market in 2023. With luxury giants like BMW, Mercedes-Benz, and Audi leading the charge in technological innovations with their state-of-the-art smart key fobs, North America is set to maintain its market dominance. These automotive leaders are not just bolstering vehicle security but are also enhancing user convenience, drawing an ever-expanding consumer base to their brands.

Product Code: 5979

Chapter 1 Methodology and Scope

1.1 Research design
- 1.1.1 Research approach
- 1.1.2 Data collection methods
1.2 Base estimates and calculations
- 1.2.1 Base year calculation
- 1.2.2 Key trends for market estimation
1.3 Forecast model
1.4 Primary research and validation
- 1.4.1 Primary sources
- 1.4.2 Data mining sources
1.5 Market definitions

Chapter 2 Executive Summary

2.1 Industry 360° synopsis, 2021 - 2032

Chapter 3 Industry Insights

3.1 Industry ecosystem analysis
3.2 Supplier landscape
- 3.2.1 Manufacturers
- 3.2.2 Service provider
- 3.2.3 Technology providers
- 3.2.4 End-user
3.3 Pricing analysis
3.4 Profit margin analysis
3.5 Technology and innovation landscape
3.6 Patent analysis
3.7 Key news and initiatives
3.8 Regulatory landscape
3.9 Impact forces
- 3.9.1 Growth drivers
  - 3.9.1.1 Increasing demand for enhanced vehicle security
  - 3.9.1.2 Growing adoption of luxury vehicles
  - 3.9.1.3 Evolving government regulations regarding vehicle safety
  - 3.9.1.4 Technological advancements in the automotive industry
- 3.9.2 Industry pitfalls and challenges
  - 3.9.2.1 Security vulnerabilities related to smart key technology
  - 3.9.2.2 High cost of smart keys
3.10 Growth potential analysis
3.11 Porter's analysis
3.12 PESTEL analysis

Chapter 4 Competitive Landscape, 2023

4.1 Introduction
4.2 Company market share analysis
4.3 Competitive positioning matrix
4.4 Strategic outlook matrix

Chapter 5 Market Estimates and Forecast, By Vehicle, 2021 - 2032 ($Bn, Units)

5.1 Key trends
5.2 Passenger cars
5.3 Commercial vehicles
5.4 Luxury vehicles

Chapter 6 Market Estimates and Forecast, By Application, 2021 - 2032 ($Bn, Units)

6.1 Key trends
6.2 Single function
6.3 Multi-function

Chapter 7 Market Estimates and Forecast, By Installation, 2021 - 2032 ($Bn, Units)

7.1 Key trends
7.2 OEM
7.3 Aftermarket

Chapter 8 Market Estimates and Forecast, By Technology, 2021 - 2032 ($Bn, Units)

8.1 Key trends
8.2 Remote keyless entry
8.3 Passive keyless entry
8.4 Biometric entry systems
8.5 Others

Chapter 9 Market Estimates and Forecast, By Region, 2021 - 2032 ($Bn, Units)

9.1 Key trends
9.2 North America
- 9.2.1 U.S.
- 9.2.2 Canada
9.3 Europe
- 9.3.1 UK
- 9.3.2 Germany
- 9.3.3 France
- 9.3.4 Italy
- 9.3.5 Spain
- 9.3.6 Russia
- 9.3.7 Nordics
- 9.3.8 Rest of Europe
9.4 Asia Pacific
- 9.4.1 China
- 9.4.2 India
- 9.4.3 Japan
- 9.4.4 South Korea
- 9.4.5 ANZ
- 9.4.6 Southeast Asia
- 9.4.7 Rest of Asia Pacific
9.5 Latin America
- 9.5.1 Brazil
- 9.5.2 Mexico
- 9.5.3 Argentina
- 9.5.4 Rest of Latin America
9.6 MEA
- 9.6.1 UAE
- 9.6.2 South Africa
- 9.6.3 Saudi Arabia
- 9.6.4 Rest of MEA

Chapter 10 Company Profiles

10.1 Alpha Corp.
10.2 Continental AG
10.3 Denso Corporation
10.4 HELLA GmbH and Co. KGaA
10.5 Honda Lock Mfg Co. Ltd
10.6 Huf Hulsbeck and Furst GmbH and Co. KG
10.7 Hyundai Mobis Ltd.
10.8 Minda Corp. Ltd.
10.9 Robert Bosch GmbH
10.10 Silicon Laboratories Inc.
10.11 Tokai Rika Co. Ltd.
10.12 TRW Automotive
10.13 Valeo SA
10.14 Visteon Corporation