The United States automotive smart keys market size is anticipated to register a substantial CAGR during the forecast period, 2021–2028. The growth of the market is attributed to the introduction of advanced electronic vehicle entry systems and rising development of autonomous systems.
Automotive smart key is part of a computerized system that uses microchips and sensors to automatically unlock the doors and start the vehicle without use of a key. A smart key works as an electronic access and authorization system. Depending on the model of the car, the smart key is a standard or optional component associated with it.
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Automotive smart key system is a modern technology that offers physical access of the vehicle to the user and executes the locking and unlocking operation without the usage of the conventional mechanical key. The operation and function of an automotive smart key system includes unlocking of the automotive by means of radio frequency identification lock, electronic locks, and biometric scanning. Superior security and convenience are offered to the vehicle user by the automotive keyless entry system.
Automotive smart keys are increasingly becoming the part of entry-level cars, which perform tasks that involve a minor physical or mental effort on the user’s part. The smart key requires pressing a button on a wireless transmitter to perform the locking or unlocking of vehicle doors.
Market Trends, Drivers, Restraints, and Opportunities
• Increasing demand for vehicle safety and security is projected to boost the market growth during the forecast period.
• Rising competition among auto manufacturers is anticipated to encourage them to offer standard smart keys with the vehicles. propelling the market growth.
• Growing vehicle thefts in emerging economies is estimated to spur the development of the market growth in the coming years.
• Expanding usage of lightweight materials for developing the components of smart keys is expected to boost the market growth.
• Incorrect passcode may lead to locking of the vehicle on the temporary basis. This, in turn, can increase vehicle owner’s time to deal with it, decreasing the preference for installing smart key system.
• Ongoing R&D investments and technological advancement is expected to create significant opportunities for the market players during the forecast period.
United States Automotive Smart Keys Market Segment Insights
Multi-function segment to account for a large market share
Based on applications, the market is divided into single function and multi-function. The multi-function segment is expected to hold a key market share during the forecast period owing to increasing development of smart keys with digital features and more functionalities than unlocking a digital or physical lock system.
Passive keyless entry segment is expected to expand at a rapid pace
In terms of technologies, the market is bifurcated into remote keyless entry and passive keyless entry. The passive keyless entry segment is expected to expand at a significant pace in the coming years. Rising number of vehicle owners opting to keep smart keys in pocket or bag. On the contrary, remote keyless entry mandates the users to press the button the device.
Original equipment manufacturers (OEMs) segment to register a robust CAGR
On the basis of installations, the market is segmented into original equipment manufacturer (OEM) and aftermarket. The OEMs segment is anticipated to register a robust CAGR during the forecast period owing to, lower replacement rate and requirement of minimal maintenance. OEMs are offering advanced features, which includes controlling of windows, moon roofs, mirrors, seat adjustment, radio pre-sets, and remote engine starting through key fobs that are carried by the driver.
Key players competing in the United States automotive smart keys market include Alpha Corporation, Denso Corporation, Continental AG, ZF Friedrichshafen AG, and Valeo SA.
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