Automotive Smart Key Market Outlook 2027 –
The automotive smart key is computerized to lock or unlock the vehicle without using the conventional key and pressing the buttons on the remote or any smart key. The critical features of automotive vehicle safety & security are to enable the ignition of the engine, control of windows, mirrors, radio pre-sets, moon roof, and seat adjustment. Therefore, automotive smart key became the backbone of vehicle model design, owning to a shift in people’s lifestyles toward luxurious vehicles. Furthermore, rise in demand for a luxury vehicle at low cost is projected to drive the automotive smart keys market.
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The key players analyzed in the report include Denso Corporation, Valeo, TRW Automotive, Continental AG, HELLA KGaA Hueck & Co., Hyundai Mobis, Visteon Corporation, Silca S.p.A., Continental Automotive GmbH, Toyota Motor Corporation, and ALPHA Corporation
COVID-19 scenario analysis:
- The global economy is highly dependent on the automotive industry along with many other industries such as steel, chemicals, and textile. However, as they are shut down due to pandemic, it has tremendously affected the automobile industry.
- The global automobile sector has faced the most challenges during the COVID-19 pandemic as their production houses are shut, their inventories are overflowing, and the demand has subsided.
- The automobile company may enter the recession period after the supply chain gets destroyed in many countries and production houses have overflowing inventories.
- The COVID-19 pandemic has forced the automotive industry to re-think its business.
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Top impacting factors: Market scenario analysis, trends, drivers, and impact analysis
Increase in technological advancement for vehicle safety & security and the introduction of hybrid vehicles & electric vehicles are expected to drive the growth of the global automotive smart key market. Moreover, high cost acts as a major barrier and is projected to hinder the growth of the global market. Furthermore, increase in data security & safety can provide new opportunities for the global market.
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The automotive smart key market trends are as follows:
Increasing technological advancement for vehicle’s safety & security
Advanced Driving Assistance Systems (ADAS) are used to increase the technological advancement in automotive technology. For synchronization of this technology, a remotely operated technology is required to control the vehicle’s necessary functions via wireless.
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Introduction of hybrid vehicles and electric vehicles
Various types of vehicles have been introduced in the market in the past few years, such as hybrid vehicles and electric vehicles, which are equipped with advanced safety & security features. Therefore, they are also projected to fuel the demand for automotive smart keys.
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