Smart Keys Market size was over USD 12.86 billion in 2023 and is set to reach USD 40.38 billion by the end of 2036, witnessing around 9.2% CAGR during the forecast period i.e., between 2024-2036. In the year 2024, the industry size of smart keys is assessed at USD 13.81 billion.
Extensive research associated with smart keys in western countries, along with the increasing technological advancements and awareness among the customers about the vehicle safety and security regulations are expected to fuel the progress of this market. The growth of the market can also be attributed to factors such as the increasing demand for automobiles, electrification of the vehicles and awareness about the government policies and regulations for the vehicles amongst individuals on a global level. Additionally, Covid-19 impacted the purchasing power of individuals which will have a long-term effect on the industries. The production stoppage at the automotive OEM and component supplier due to the COVID-19 pandemic and subsequent lockdowns led to a loss of approximately USD 306.3 million per day to the automotive sector.
Growth Drivers
Challenges
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Base Year |
2023 |
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Forecast Year |
2024-2036 |
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CAGR |
9.2% |
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Base Year Market Size (2023) |
USD 12.86 billion |
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Forecast Year Market Size (2036) |
USD 40.38 billion |
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Regional Scope |
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The smart keys market is segmented based on technology into capacitive sensor technology, infrared sensor technology, and transmitter technology, out of which, the infrared sensor technology segment is anticipated to account for a considerable revenue share and is expected to grow at a significant rate in the forecast period. The growing adoption of sensors across various applications is driving the growth of the market. Infrared sensors consume less power and have flexible applications as compared to capacitive sensors. Moreover, it enhances the wireless connection and can cumulate various features. Conversely, the capacitive sensor technology is speculated to grow at a substantial rate in the forecast period.
On the basis of end user, the smart keys market is segmented into smart homes, automobiles, and others. The automobile segment accounted for significant market share and is anticipated to exhibit a high CAGR in the forecast period. Car manufacturers are integrating smart key applications and advanced technologies are driving the growth of this market segment. Furthermore, the rapid growth of the connected cars market is speculated to positively influence the automotive segment. On the other hand, the smart home segment is expected to grow at a robust CAGR owing to the growing inclination towards luxury homes.
Our in-depth analysis of the global market includes the following segments
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By Technology |
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By End User |
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By Application Type
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By Sales Channel
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APAC Market Statistics
Geographically, the market is segmented into North America, Latin America, Europe, Asia Pacific and the Middle East & Africa region Asia Pacific industry is poised to hold largest revenue share by 2036, owing to presence of a large number of players in the region. Major vendors are focusing on expanding their geographical reach in all parts of the world by making huge investments and launches like that of “Make in India”, and other such projects.
Moreover, Asia Pacific region is anticipated to exhibit a significant CAGR owing to the high production of cars in emerging economies such as India and China. Increasing demand for keyless technology for homes and automotive applications in these economies is also driving the growth of the market in this region.
Author Credits: Saima Khursheed
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