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Global Automotive Smart Key Market: Size and Trends with Iampact of COVID-19 and Forecast up to 2029

Publish Date:Apr 2024
No. of Pages:130

Format : Adobe Reader (PDF) Instant delivery

US$ 2,250.00

Global Automotive Smart Key Market: Analysis By Technology (Remote Keyless Entry and Passive Keyless Entry), By Installation (OEM and Aftermarket), By Application (Multi Function and Single Function), By Region, Size and Trends with Iampact of COVID-19 and Forecast up to 2029


Automotive smart keys revolutionize vehicle access and ignition. These advanced keys utilize proximity sensors to unlock doors automatically when the user approaches the vehicle, enhancing convenience and security. Equipped with push-button ignition, they eliminate the need for traditional keys, streamlining the start-up process. Smart keys often integrate additional features like remote engine start and trunk release, further enhancing user experience. With encrypted communication protocols, they provide robust protection against theft and unauthorized access. Offering seamless integration with modern vehicles, automotive smart keys represent the pinnacle of convenience and technological advancement in the automotive industry. The global automotive smart key market was valued at US$12.25 billion in 2023, and is expected to be worth US$17.44 billion in 2029.

A notable trend within the automotive smart key market is the shift towards lightweight and eco-friendly materials in key component manufacturing. This shift not only enhances the durability and efficiency of smart keys but also aligns with the broader automotive industry's sustainability goals. Leading car manufacturers like BMW, Volkswagen, and Mercedes-Benz are actively developing compact and visually appealing smart keys, leveraging lightweight materials for their construction. This trend presents lucrative growth opportunities for the market in the coming years. The global automotive smart key market is expected to grow at a CAGR of 6.07% over the years 2024-2029.

Market Segmentation Analysis:

By Technology: The global automotive smart key market by technology can broadly be divided into two segments namely, Remote Keyless Entry and Passive Keyless Entry. Remote keyless entry likely dominated the market in 2023 due to its widespread adoption in vehicles, offering convenience and enhanced security features. However, the passive keyless entry segment is anticipated to grow rapidly due to its seamless user experience, eliminating the need to physically interact with the key fob. This technology aligns with the increasing consumer preference for convenience and automation, driving its projected growth at the fastest CAGR during the forecasted period.

By Installation: The global automotive smart key market by installation can broadly be divided into two segments namely, Original Equipment Manufacturer (OEM) and Aftermarket. Original Equipment Manufacturer (OEM) segment dominated the market in 2023 and is also expected to grow at the fastest CAGR during the forecasted period. The OEM segment encompasses smart keys integrated directly into vehicles during the manufacturing process by original equipment manufacturers. These keys are designed to seamlessly mesh with the vehicle's existing systems, offering a unified user experience. Factors propelling growth in the OEM segment include the rising global vehicle production, fueled by technological advancements and consumer demand.

By Application: The global automotive smart key market by application can broadly be divided into two segments namely, Multi Function and Single Function. Multi Function segment dominated the market in 2023 and is also foreseen to grow at the fastest CAGR during the forecasted period. Multi-Function smart keys are designed to offer a variety of advanced features beyond basic keyless entry and ignition, such as remote start, trunk release, and personalized vehicle settings. Factors propelling the demand for Multi-Function smart keys include the increasing consumer demand for convenience, rapid technological advancements enabling feature integration, growing vehicle customization trends, incorporation of advanced security measures like biometric authentication and encrypted communication, and the integration of cutting-edge technologies, such as Bluetooth and Wi-Fi connectivity, into smart key systems.

By Region: In the report, the global automotive smart key market is divided into four regions: North America, Europe, Asia Pacific, and Rest of the World. Asia Pacific dominated the automotive smart key market in 2023. The Asia Pacific region is experiencing a surge in digitalization and the "Internet of Cars," driving higher connectivity through technology-enabled vehicles. The rising demand for smart keys in countries like India, China, and Japan is fueled by increasing vehicle security concerns and the emergence of eco-friendly technologies. Smart keys, once exclusive to luxury vehicles, are now gaining popularity in more affordable car models. Chinese tech giant OPPO recently collaborated with Chinese automaker NIO to develop and test a digital car key based on the Car Connectivity Consortium (CCC) 2.0 standard. This innovation aims to integrate the feature into OPPO's Wallet App for smartphones and smartwatches.

China's automotive smart key market is experiencing robust growth, driven by several factors. The country's rapidly expanding middle-class population and increasing disposable incomes have led to a growing demand for vehicles equipped with advanced features like smart key systems. Many automobile company manufacturers are focusing on the PKE devices to provide comfort to the customer, which is generating demand to the market. For instance, Xiaopeng Motors, a Chinese electric vehicle manufacturer have selected G+D Mobile Security for their smart digital car key solution.

In North America, the automotive smart key market is characterized by high consumer awareness and a strong preference for technologically advanced vehicles. Differentiated factors driving the market's growth in this region include the presence of a tech-savvy consumer base and a robust aftermarket for automotive accessories and upgrades. Consumers in North America are increasingly prioritizing convenience and security, making smart key systems a popular choice for vehicle upgrades. Moreover, stringent safety regulations and standards set by regulatory bodies like the National Highway Traffic Safety Administration (NHTSA) are compelling automakers to integrate advanced security features, including smart key systems, into their vehicles. The region's mature automotive industry, combined with a strong emphasis on innovation and consumer preferences, positions North America as a key market for automotive smart keys.

Market Dynamics:

Growth Drivers: The market has been growing over the past few years, due to factors such as surging demand for high-end cars, increasing demand for hybrid vehicle and electric vehicles, increasing demand for advanced vehicle security, integration with mobile devices, technological advancements and increasing convenience and user experience. The surging demand for high-end cars has become a key driver in propelling the growth of the automotive smart key market. As consumers increasingly seek luxury and convenience in their vehicles, the automotive industry has witnessed a notable shift towards incorporating advanced technologies, including smart key systems. High-end car manufacturers are integrating smart key features as a standard offering, providing users with enhanced security, convenience, and seamless access to their vehicles. Moreover, the rise in disposable income among consumers, coupled with evolving lifestyles, has fueled the preference for premium vehicles equipped with state-of-the-art amenities, further driving the demand for automotive smart key systems.

Challenges: However, some challenges are also impeding the growth of the market such as high cost of smart key systems, limited aftermarket availability and complex integration and compatibility. The high cost of smart key systems poses a significant challenge to the automotive smart key market by limiting widespread adoption, particularly in price-sensitive markets. Consumers may hesitate to invest in these systems due to their added expense compared to traditional key systems, impacting market penetration and hindering growth. Additionally, higher costs can deter OEMs from integrating smart key technology into their vehicles, further impeding market expansion.

Trends: The market is projected to grow at a fast pace during the forecast period, due to various latest trends such as integration of internet of things (IoT) into Smart Key Systems, Infusion of AI technologies, advancements in biometric authentication, shared mobility and car-sharing services and advanced connectivity and over-the-air updates. The integration of the Internet of Things (IoT) is emerging as a significant trend in the automotive smart key market, revolutionizing the way vehicles are accessed, monitored, and controlled. By incorporating IoT technology into smart key systems, vehicles can be connected to the internet, enabling seamless communication between the vehicle, the driver, and external systems. This connectivity opens up a host of possibilities, such as remote access and control functionalities through smartphone apps or web portals. Drivers can remotely lock/unlock doors, start the engine, adjust climate control settings, and even locate their vehicle using GPS tracking. Moreover, IoT integration enables real-time monitoring of vehicle health and diagnostics, allowing for proactive maintenance and enhancing overall vehicle safety and reliability.

Impact Analysis of COVID-19 and Way Forward:

The COVID-19 pandemic has had a multifaceted impact on the global automotive smart keys market. Initially, widespread lockdowns and restrictions on movement significantly disrupted automotive manufacturing and supply chains, leading to a slowdown in production. This disruption resulted in a temporary decline in the demand for automotive smart keys as vehicle production decreased. Moreover, the economic uncertainty caused by the pandemic led to reduced consumer spending and a decrease in vehicle sales. Many consumers postponed purchasing new vehicles due to financial concerns, further dampening the demand for smart key systems. However, as the automotive industry adapted to the challenges posed by the pandemic, there was a renewed focus on innovation and technology. Automotive manufacturers accelerated their efforts to digitize and enhance vehicle features, including smart key systems, to meet evolving consumer preferences for contactless and convenient solutions.

Competitive Landscape:

The competitive landscape of the automotive smart key market is marked by a variety of players vying for market share in this rapidly evolving sector. These entities range from established automotive manufacturers to tech giants and specialized component suppliers. Manufacturers are constantly striving to develop smart key systems that offer enhanced security, convenience, and integration with other vehicle systems. This includes features such as passive entry systems, remote start capabilities, and smartphone-based keyless entry solutions. The ability to offer comprehensive smart key solutions that cater to the diverse needs of consumers is crucial in gaining a competitive edge in the market. Moreover, as smart key technology becomes more prevalent across various vehicle segments, competition intensifies. Players are not only focusing on improving the performance and functionality of their smart key systems but also on optimizing manufacturing processes to reduce costs and improve scalability. This allows them to offer competitive pricing while maintaining high-quality standards. Additionally, the emergence of new players, particularly from the tech industry, adds another layer of competition to the market.

The key players of the global automotive smart key market are:

DENSO Corporation
Continental AG
HELLA GmbH & Co (Forvia)
Garmin Ltd.
Valeo SE
Bayerische Motoren Werke AG (BMW Group)
Volkswagen Group
Hyundai Motor Company
Nissan Motor Corporation
Car Keys Express
Huf Group
Tokai Rika Co., Ltd.


Tags :

1. Executive Summary

2. Introduction

2.1 Automotive Smart Key: An Overview

2.2 Automotive Smart Key Segmentation: An Overview 
2.2.1 Automotive Smart Key Segmentation

3. Global Market Analysis

3.1 Global Automotive Smart Key Market: An Analysis

3.1.1 Global Automotive Smart Key Market: An Overview
3.1.2 Global Automotive Smart Key Market by Value
3.1.3 Global Automotive Smart Key Market by Technology (Remote Keyless Entry and Passive Keyless Entry)
3.1.4 Global Automotive Smart Key Market by Installation (Original Equipment Manufacturer (OEM) and Aftermarket)
3.1.5 Global Automotive Smart Key Market by Application (Multi Function and Single Function0
3.1.5 Global Automotive Smart Key Market by Region (Asia Pacific, North America, Europe, and ROW)

3.2 Global Automotive Smart Key Market: Technology Analysis 

3.2.1 Global Automotive Smart Key Market By Technology: An Overview
3.2.2 Global Remote Keyless Entry Automotive Smart Key Market By Value
3.2.3 Global Passive Keyless Entry Automotive Smart Key Market By Value

3.3 Global Automotive Smart Key Market: Installation Analysis 

3.3.1 Global Automotive Smart Key Market By Installation: An Overview
3.3.2 Global Original Equipment Manufacturer (OEM) Automotive Smart Key Market By Value
3.3.3 Global Aftermarket Automotive Smart Key Market By Value

3.4 Global Automotive Smart Key Market: Application Analysis 

3.4.1 Global Automotive Smart Key Market By Application: An Overview
3.4.2 Global Multi Function Automotive Smart Key Market By Value
3.4.3 Global Single Function Automotive Smart Key Market By Value

4. Regional Market Analysis

4.1 Asia Pacific Automotive Smart Key Market: An Analysis

4.1.1 Asia Pacific Automotive Smart Key Market: An Overview
4.1.2 Asia Pacific Automotive Smart Key Market by Value
4.1.3 Asia Pacific Automotive Smart Key Market by Region (China, India, Japan, and Rest of Asia Pacific)
4.1.4 China Automotive Smart Key Market by Value
4.1.5 India Automotive Smart Key Market by Value
4.1.6 Japan Automotive Smart Key Market by Value
4.1.7 Rest of Asia Pacific Automotive Smart Key Market by Value

4.2 North America Automotive Smart Key Market: An Analysis

4.2.1 North America Automotive Smart Key Market: An Overview
4.2.2 North America Automotive Smart Key Market by Value
4.2.3 North America Automotive Smart Key Market by Region (The US, Canada and Mexico)
4.2.4 The US Automotive Smart Key Market by Value
4.2.5 Canada Automotive Smart Key Market by Value
4.2.6 Mexico Automotive Smart Key Market by Value

4.3 Europe Automotive Smart Key Market: An Analysis

4.3.1 Europe Automotive Smart Key Market: An Overview
4.3.2 Europe Automotive Smart Key Market by Value
4.3.3 Europe Automotive Smart Key Market by Region (Germany, United Kingdom, France, and Rest of the Europe)
4.3.4 Germany Automotive Smart Key Market by Value
4.3.5 United Kingdom Automotive Smart Key Market by Value
4.3.6 France Automotive Smart Key Market by Value
4.3.7 Rest of Europe Automotive Smart Key Market by Value

4.4 Rest of the World Automotive Smart Key Market: An Analysis

4.4.1 Rest of the World Automotive Smart Key Market: An Overview
4.4.2 Rest of the World Automotive Smart Key Market by Value

5. Impact of Covid-19

5.1 Impact of COVID-19
5.1.1 Impact of COVID-19 on Global Automotive Smart Keys Market
5.1.2 Post-COVID Scenario

6. Market Dynamics

6.1 Growth Drivers
6.1.1 Surging Demand for High-End Cars 
6.1.2 Increasing Demand for Hybrid Vehicle and Electric Vehicles
6.1.3 Increasing Demand for Advanced Vehicle Security
6.1.4 Integration with Mobile Devices
6.1.5 Technological Advancements 
6.1.6 Increasing Convenience and User Experience

6.2 Challenges
6.2.1 High Cost of Smart Key Systems 
6.2.2 Limited Aftermarket Availability
6.2.3 Complex Integration and Compatibility

6.3 Market Trends
6.3.1 Integration of Internet of Things (IoT) into Smart Key Systems
6.3.2 Infusion of AI Technologies 
6.3.3 Advancements in Biometric Authentication
6.3.4 Shared Mobility and Car-Sharing Services
6.3.5 Advanced Connectivity and Over-the-Air Updates

7. Competitive Landscape

7.1 Global Automotive Smart Keys Market Players: Competitive Landscape

8. Company Profiles

8.1 DENSO Corporation
8.1.1 Business Overview
8.1.2 Revenue by Product
8.1.3 Business Strategy

8.2 Continental AG
8.2.1 Business Overview
8.2.2 Operating Segments
8.2.3 Business Strategy

8.3 HELLA GmbH & Co (Forvia) 
8.3.1 Business Overview
8.3.2 Operating Segments
8.3.3 Business Strategy

8.4 Garmin Ltd.
8.4.1 Business Overview
8.4.2 Operating Segments
8.4.3 Business Strategy

8.5 Valeo SE
8.5.1 Business Overview
8.5.2 Operating Segments
8.5.3 Business Strategy

8.6 Bayerische Motoren Werke AG (BMW Group)
8.6.1 Business Overview
8.6.2 Operating Segments
8.6.3 Business Strategy

8.7 Volkswagen Group
8.7.1 Business Overview
8.7.2 Operating Segments
8.7.3 Business Strategy

8.8 Hyundai Motor Company
8.8.1 Business Overview
8.8.2 Operating Segments
8.8.3 Business Strategy

8.9 Nissan Motor Corporation
8.9.1 Business Overview
8.9.2 Operating Segments
8.9.3 Business Strategy

8.10 Car Keys Express
8.10.1 Business Overview
8.10.2 Business Strategy

8.11 Huf Group
8.11.1 Business Overview
8.11.2 Business Strategy

8.12 Tokai Rika Co., Ltd.
8.12.1 Business Overview
Figure 1: Advantages & Disadvantages of Automotive Smart Key
Figure 2: Automotive Smart Key Segmentation
Figure 3: Global Automotive Smart Key Market by Value; 2019-2023 (US$ Billion)
Figure 4: Global Automotive Smart Key Market by Value; 2024-2029 (US$ Billion)
Figure 5: Global Automotive Smart Key Market by Technology; 2023 (Percentage, %)
Figure 6: Global Automotive Smart Key Market by Installation; 2023 (Percentage, %)
Figure 7: Global Automotive Smart Key Market by Application; 2023 (Percentage, %)
Figure 8: Global Automotive Smart Key Market by Region; 2023 (Percentage, %)
Figure 9: Global Remote Keyless Entry Automotive Smart Key Market By Value; 2019-2023 (US$ Billion)
Figure 10: Global Remote Keyless Entry Automotive Smart Key Market By Value; 2024-2029 (US$ Billion)
Figure 11: Global Passive Keyless Entry Automotive Smart Key Market By Value; 2019-2023 (US$ Billion)
Figure 12: Global Passive Keyless Entry Automotive Smart Key Market By Value; 2024-2029 (US$ Billion)
Figure 13: Global Original Equipment Manufacturer (OEM) Automotive Smart Key Market By Value; 2019-2023 (US$ Billion)
Figure 14: Global Original Equipment Manufacturer (OEM) Automotive Smart Key Market By Value; 2024-2029 (US$ Billion)
Figure 15: Global Aftermarket Automotive Smart Key Market By Value; 2019-2023 (US$ Billion)
Figure 16: Global Aftermarket Automotive Smart Key Market By Value; 2024-2029 (US$ Billion)
Figure 17: Global Multi Function Automotive Smart Key Market By Value; 2019-2023 (US$ Billion)
Figure 18: Global Multi Function Automotive Smart Key Market By Value; 2024-2029 (US$ Billion)
Figure 19: Global Single Function Entry Automotive Smart Key Market By Value; 2019-2023 (US$ Billion)
Figure 20: Global Single Function Automotive Smart Key Market By Value; 2024-2029 (US$ Billion)
Figure 21: Asia Pacific Automotive Smart Key Market by Value; 2019-2023 (US$ Billion)
Figure 22: Asia Pacific Automotive Smart Key Market by Value; 2024-2029 (US$ Billion)
Figure 23: Asia Pacific Automotive Smart Key Market by Region; 2023 (Percentage, %)
Figure 24: China Automotive Smart Key Market by Value, 2019-2023 (US$ Billion)
Figure 25: China Automotive Smart Key Market by Value; 2024-2029 (US$ Billion)
Figure 26: India Automotive Smart Key Market by Value, 2019-2023 (US$ Million)
Figure 27: India Automotive Smart Key Market by Value; 2024-2029 (US$ Billion)
Figure 28: Japan Automotive Smart Key Market by Value, 2019-2023 (US$ Million)
Figure 29: Japan Automotive Smart Key Market by Value; 2024-2029 (US$ Billion)
Figure 30: Rest of Asia Pacific Automotive Smart Key Market by Value, 2019-2023 (US$ Million)
Figure 31: Rest of Asia Pacific Automotive Smart Key Market by Value; 2024-2029 (US$ Billion)
Figure 32: North America Automotive Smart Key Market by Value; 2019-2023 (US$ Billion)
Figure 33: North America Automotive Smart Key Market by Value; 2024-2029 (US$ Billion)
Figure 34: North America Automotive Smart Key Market by Region; 2023 (Percentage, %)
Figure 35: The US Automotive Smart Key Market by Value; 2019-2023 (US$ Billion)
Figure 36: The US Automotive Smart Key Market by Value; 2024-2029 (US$ Billion)
Figure 37: Canada Automotive Smart Key Market by Value; 2019-2023 (US$ Million)
Figure 38: Canada Automotive Smart Key Market by Value; 2024-2029 (US$ Million)
Figure 39: Mexico Automotive Smart Key Market by Value; 2019-2023 (US$ Million)
Figure 40: Mexico Automotive Smart Key Market by Value; 2024-2029 (US$ Million)
Figure 41: Europe Automotive Smart Key Market by Value; 2019-2023 (US$ Billion)
Figure 42: Europe Automotive Smart Key Market by Value; 2024-2029 (US$ Billion)
Figure 43: Europe Automotive Smart Key Market by Region; 2023 (Percentage, %)
Figure 44: Germany Automotive Smart Key Market by Value; 2019-2023 (US$ Million)
Figure 45: Germany Automotive Smart Key Market by Value; 2024-2029 (US$ Million)
Figure 46: United Kingdom Automotive Smart Key Market by Value; 2019-2023 (US$ Million)
Figure 47: United Kingdom Automotive Smart Key Market by Value; 2024-2029 (US$ Million)
Figure 48: France Automotive Smart Key Market by Value; 2019-2023 (US$ Million)
Figure 49: France Automotive Smart Key Market by Value; 2024-2029 (US$ Million)
Figure 50: Rest of Europe Automotive Smart Key Market by Value; 2019-2023 (US$ Billion)
Figure 51: Rest of Europe Automotive Smart Key Market by Value; 2024-2029 (US$ Billion)
Figure 52: Rest of the World Automotive Smart Key Market by Value; 2019-2023 (US$ Million)
Figure 53: Rest of the World Automotive Smart Key Market by Value; 2024-2029 (US$ Billion)
Figure 54: Global Luxury Car Sales by Brand; 2023 (Million)
Figure 55: Global BEV and PHEV Sales; 2018-2023 (Million)
Figure 56: Global Active IoT Connections; 2020-2027 (Billion)
Figure 57: DENSO Corporation Revenue by Product; 2023 (Percentage, %)
Figure 58: Continental AG Sales by Segments; 2023 (Percentage, %)
Figure 59: HELLA GmbH & Co Sales by Segments; 2023 (Percentage, %)
Figure 60: Garmin Ltd. Net Sales by Segments; 2023 (Percentage, %)
Figure 61: Valeo SE Sales by Segment; 2023 (Percentage, %)
Figure 62: BMW Group Revenue by Segments; 2023 (Percentage,%)
Figure 63: Volkswagen Group Sale Revenue by Segments; 2023 (Percentage, %)
Figure 64: Hyundai Motor Company Net Sales by Segment, 2023 (Percentage, %)
Figure 65: Nissan Motor Corporation Net Sales by Segments; 2022 (Percentage, %)