Automotive Key Market Set for 7.9% CAGR Fueled by Tech Innovation & User Demand
NEWARK, Del., Feb. 1, 2024 -- Future Market Insights, Inc. (FMI) predicts a future where car keys are more than just metal blades, but rather sophisticated digital access tools propelling the automotive key market. Dive deeper into the intricate dynamics of this burgeoning market and uncover compelling stakeholder opportunities in our comprehensive FMI report.
The Global Automotive Key Market value is forecast to increase from US$ 6,620.8 million in 2024 to US$ 14,148.8 million by 2034. The demand for automotive keys is projected to surge at a CAGR of 7.9% between 2024 and 2034.
Request Exclusive Sample Report: Automotive Key Industry Strategic Insights, https://www.futuremarketinsights.com/reports/sample/rep-gb-18887
Technology developments and changing consumer tastes contribute to market expansion. Due to their increased security features and ease of use, keyless entry systems with proximity sensors and remote capabilities are becoming increasingly popular. With greater customization and theft protection, biometric authentication, such as fingerprint and facial recognition, is emerging.
Key designs are changing to accommodate new features like remote start and automated parking as the automotive key industry moves toward electrified and driverless automobiles. Keys are becoming more complex digital access tools as the automotive sector moves toward connectivity and digitalization. They interact with smartphone apps and vehicle-to-infrastructure communication networks. The automotive key market is expected to grow rapidly, emphasizing security, convenience, and integration with emerging technologies.
Due to its fast urbanization and growing middle class, which encourage greater car ownership, Asia Pacific currently dominates the car key market. The mature automotive market in North America is characterized by a desire for larger cars like trucks and SUVs, supported by low gas prices and consumer demand for roomy, adaptable vehicles. The move toward electric vehicles impacts the European automotive key market, compelling demand for cutting-edge keyless entry and start systems.
"The increasing sales of vehicles and the development of security technology drive the continuous market expansion of automotive key. Essential automotive key vendors have avenues due to the expanding market, changing consumer tastes, and growing integration of smart features." says Nikhil Kaitwade (Associate Vice President at Future Market Insights, Inc.).
• The transponder keys segment in the product type category is expected to lead the market, acquiring a valuation of US$ 6,476.5 million in 2024.
• In the vehicle type category, LCV segment is expected to attain a valuation of US$ 1,414.4 million in 2024.
• The OEM segment in the sales channel category is expected to lead the market, acquiring a valuation of US$ 6,267.2 million in 2024.
• In 2024, the East Asia automotive key market is estimated to have an overall share of 41.0%.
• The United States automotive key market to achieve a valuation of US$ 823.6 million in 2024.
There is intense competition in the automotive key industry, with key competitors developing novel concepts to take market share. While younger automotive key vendors upset the sector with innovative technologies and business strategies, established corporations use their extensive distribution networks and brand reputation to preserve dominance.
As automotive key manufacturers work to provide comprehensive solutions to satisfy changing customer demands, partnerships and cooperation among vendors amplify the scene. Regulatory requirements and technical breakthroughs shape the competitive strategies of leading automotive key suppliers, which also impact market dynamics.
Prominent Automotive Key Manufacturers
• Kaba Ilco Corp.
• JMA USA
• Silca S.p.A.
• STRATTEC Security Corporation
• Keyline USA
• Huf North America
• Go To Manufacturing Co., Ltd.
• Automotive Keys Group
• Minda Keys Technology Co., Ltd
• Spark Minda
Purchase this report now to get key companies with their Revenue Forecast, Volume Forecast, Company Ranking, Competitive Landscape, Growth Factors, Trends, and Pricing Analysis.
• International Key Supply (IKS), a specialist supplier of automotive keys, remotes, and related accessories, was purchased by Automotive Keys Group (AKG) in April 2021 in collaboration with Management. AKG's e-commerce presence was bolstered, and its product offers expanded through this calculated approach.
• Strattec spent over US$ 9.8 million and US$ 10.8 million on research and development in 2020 and 2021, respectively. The company works on projects related to automotive access control through research and development. A key research focus is the growing role of vehicle access through electronic interlocks and other means of consumer-car permission data communication. Specialized data collection tools are also created to support ongoing quality improvements and more effective product development.
Key Segments Coverd in Global Automotive Key Market Research Report
By Product Type:
- Plastic and Metal Head Key
- Transponder Key
By Vehicle Type:
- Passenger Cars
By End Use:
- North America
- Latin America
- Western Europe
- Eastern Europe
- East Asia
- South Asia Pacific
- The Middle East and Africa
Request to Access the Detail Research Methodology from here!
About the Author:
Nikhil Kaitwade (Associate Vice President at Future Market Insights, Inc.) has over a decade of experience in market research and business consulting. He has successfully delivered 1500+ client assignments, predominantly in Automotive, Chemicals, Industrial Equipment, Oil & Gas, and Service industries.
His core competency circles around developing research methodology, creating a unique analysis framework, statistical data models for pricing analysis, competition mapping, and market feasibility analysis. His expertise also extends wide and beyond analysis, advising clients on identifying growth potential in established and niche market segments, investment/divestment decisions, and market entry decision-making.
Nikhil holds an MBA degree in Marketing and IT and a Graduate in Mechanical Engineering. Nikhil has authored several publications and quoted in journals like EMS Now, EPR Magazine, and EE Times.
Explore FMI's Extensive Coverage in the Automotive Domain:
• Automotive Starting System Market: Global Industry Analysis and Opportunity Assessment 2022-2032. - Review and Request to Access the Sample PDF.
• Automotive Active Safety System Market by Product Type, Vehicle Type, offering & Region | Forecast 2022 to 2032. - Review and Request to Access the Sample PDF
• Aircraft Hydraulic System Market Forecast by Reservoirs, Pumps, and Other Products from 2024 to 2034. - Review and Request to Access the Sample PDF
• Advanced Gear Shifter System Market Forecast by Solenoid Actuator and Other Components from 2024 to 2034. - Review and Request to Access the Sample PDF.
• Electric Light Commercial Vehicle Market Forecast by Vehicle Type, Propulsion Type, and Others from 2024 to 2034. - Review and Request to Access the Sample PDF.
• Electric Vehicle Fluid Market Analysis by Engine Oil, Coolants, Transmission Fluids, and Greases for 2024 to 2034. - Review and Request to Access the Sample PDF.
• Automotive Bearing and Clutch Component Aftermarket by Wheel Bearings and Clutch Actuators, 2023 to 2033. - Review and Request to Access the Sample PDF.
• Canada Compact Wheel Loader Industry by Compact Track, Skid Steer, and Backhoe Loaders, 2023 to 2033. - Review and Request to Access the Sample PDF.
About Future Market Insights (FMI)
Future Market Insights (FMI) is a leading provider of market intelligence and consulting services, serving clients in over 150 countries. FMI is headquartered in Dubai, and has delivery centers in the UK, U.S. and India. FMI's latest market research reports and market analysis help businesses navigate challenges and make critical decisions with confidence and clarity amidst breakneck competition. Our customized and syndicated market research reports deliver actionable insights that drive sustainable growth. A team of expert led analysts at FMI continuously tracks emerging trends and events in a broad range of industries to ensure that our clients prepare for the evolving needs of their consumers.
Nandini Singh Sawlani
Future Market Insights Inc.
Christiana Corporate, 200 Continental Drive,
Suite 401, Newark, Delaware - 19713, USA
For Sales Enquiries: [email protected]
LinkedIn| Twitter| Blogs | YouTube
SOURCE Future Market Insights