DUBLIN--(BUSINESS WIRE)--The "North America Automotive Smart Key Market - Growth, Trends, and Forecasts (2020 - 2025)" report has been added to ResearchAndMarkets.com's offering.
The North America Automotive Smart Key Market is anticipated to register a CAGR of over 8% during the forecast period (2020 - 2025).
Automotive smart key has gained traction over the last decade, owing to advantages, such as increased vehicle security. The features similar to high-end cars are even being made in medium budget cars. Also, the emerging advanced technologies in this region has made smart keys more prevalent in the automotive sector, which is expected to drive the demand for the market.
Breaching of cybersecurity and growing instances of vehicle thefts are more likely to propel the demand for the smart key market in this region, leading to the growth in the market.
Various leading car manufacturers, such as BMW, Volkswagen, and Mercedes-Benz developing compact and attractive smart keys with lightweight and eco-friendly materials used in inside the chip and buttons, which shall provide growth opportunities for the market in the years to come.
Key Market Trends
Other Technology Segment Projected to grow at a High Pace
The other technologies segment currently has the highest share, compared to all other segments. This segment includes the biological entry system, as well as smartphone connected car technology. Majority of the other technologies are based on passive keyless entry (PKE) technology, where the PKE device operates while stored in the user's pocket or bag.
Vehicle manufacturers in North America are introducing latest key technology in vehicles such as Lincoln had introduced smartphone key technology in August 2019, to eliminate traditional keys. This technology permits owners to lock and unlock, and start and drive the vehicle without a traditional key.
Also, in some models such as Mercedes Benz, Audi, and Jaguar the tailgate gets lifted by waving a foot underneath the rear bumper making it convenient to load baggage's when hands are occupied. Smart keys are also enabled to start the engine by just simply pressing the ignition button, located next to the steering column.
Additionally, some smart keys of vehicles such as BMW and Range Rover also store an individual user setting, which enables the seat, mirrors, steering wheel and even audio preferences to be automatically adjusted by pressing a single button. Also, the smart key uses radio waves to communicate with the vehicle containing embedded antennas that identifies and validates them. On some models, like that of BMW, the key comes to an operational mode within 1.5 metres of the car. The door automatically locks or unlocks with a touch of the door handle. Thus, the increasing focus on the advancements shall lead to its expected high CAGR.
United States to Dominate the Market
Currently, the United States region dominates the market, and it will continue its dominance during the forecast period. The growth is mainly attributed as there is presence of many automobile manufacturers in this region such as Ford Motor Company, General Motors, and Fiat Chrysler Automobiles. Also, the demand for smart keys is the United States in rapidly growing, as many customers prefer latest technology advancements. For instance,
- In September 2019, Continental AG had installed its smartphone key access solution in Honda automobiles. Continental's CoSmA solution will enable Honda e owners to open the vehicle or share the key with others using just their smartphone. Using the My Honda+ App, they can unlock the vehicle remotely via Bluetooth Low Energy (BLE).
Additionally, the leading OEM manufactures in the United States such as The Ford Company, Toyota Motor Corporation as well as Lincoln are mainly focusing on the vehicles with keyless entry features, which shall lead to a growth of the automotive smart key market in this region.
The North America automotive smart key market is dominated by players such as Continental AG, Denso Corporation, HELLA GmbH & Co. KGaA, Tokai Rika Co. Ltd, and ZF Friedrichshafen AG. These Companies are expanding their business by offering smart key solutions, so that they can have edge over their competitors. Various initiatives, as well as product innovations done by these companies have led them to strengthen their presence in the market.
- In February 2020, HELLA GmbH & Co. KGaA had introduced latest 77 GHz radar technology into series production in spring 2020. This concept enables efficient implementation of NCAP applications and automated driving functions. The radar sensor technology is a key technology for the realisation of assisted and automated driving functions.
- In March 2020, Tokai Rika Co. Ltd and Kimura Unity Co., Ltd had started joint demonstration tests of a digital key system-based service for company vehicles. The digital key is installed in mobile application, which is transmitted to the user's smartphone and used to lock or unlock the doors. This allowsthe use of company vehicles without the need to hand over and reduce the usage of traditional keys.
- In September 2017, Continental AG had announced its Key-as-a-Service portfolio led to car owners possessing the ability to access cloud-based solutions, like Continental Smart Access (CoSmA) and Remote Cloud Key (RCK). This solution shall help owners to secure keyless vehicle access, as well as authorization, just by making use of a smart device, such as a smartphone.
- Continental AG
- Denso Corporation
- HELLA GmbH & Co. KGaA
- Tokai Rika Co. Ltd
- ZF Friedrichshafen AG
- Valeo SA
- Alpha Corp.
- Toyota Motor Corporation
- Hyundai Mobis Co. Ltd
- Honda Lock Mfg. Co. Ltd
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Laura Wood, Senior Press Manager
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