Smart Keys Market Size

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.

Frequently Asked Questions (FAQ)

Technological advancements, changing preferences and increasing electrification of the vehicles and consumer awareness about safety and security of vehicles are the key factors driving market growth.

The market is anticipated to attain a moderate CAGR over the forecast period, i.e., 2020-2029.

The market in Asia Pacific region will provide ample growth opportunities owing to the high production of cars in emerging economies such as India and China.

The major players dominating smart key market are Hyundai Motor Group, Continental AG, Denso Corporation, Silca International, Visteon Corporation, ZF Friedrichshafen AG, Toyota Group, Alpha Corporation among others.

Smart Keys Market Size