Report : Asia-Pacific Automotive Smart Key Market Forecast to 2028 - COVID-19 Impact and Regional Analysis By Application (Single Function and Multi-function) and Technology (Remote Keyless Entry and Passive Keyless Entry)
Single Function Segment to Dominate APAC Automotive Smart Key Market during 2021–2028
According to a new market research study on “APAC Automotive Smart Key Market to 2028 – COVID-19 Impact and Regional Analysis and Forecast by Application and Technology” is expected to reach US$ 6,609.01 million by 2028 from US$ 4,183.95 million in 2021. The market is estimated to grow at a CAGR of 6.7% from 2021 to 2028. The report provides trends prevailing in the APAC automotive smart key market along with the drivers and restraints pertaining to the market growth. Advancements in automotive telematics and advanced driving assistance systems (ADAS) is the major factor driving the growth of the APAC automotive smart key market. However, issues associated with the concerns regarding data security and cybercrime hinder the growth of APAC automotive smart key market.
The APAC automotive smart key market has been segmented based on application, technology, and country. On the basis of application, the APAC automotive smart key market is segmented into single function smart key and multi-function smart key. The single function smart key segment dominated the market in 2020 and multi-function smart key segment is expected to be the fastest growing during the forecast period. Based on technology, the market is segmented into remote keyless entry and passive keyless entry. The remote keyless entry segment dominated the market in 2020 and passive keyless entry segment is expected to be the fastest growing during the forecast period. Based on country, the automotive smart key market is classified into China, Japan, India, South Korea, and Australia.
The COVID-19 pandemic has disrupted the overall economy and automobile market in APAC as well as it has changed the buyers’ attitude toward the sector. A rise in consumer demand for expensive safety features is encouraging manufacturers to invest in high-end technological solutions. The car industry was the first economic victim of the COVID-19 pandemic in China with the shutdown of major automotive production sites and manufacturing plants of companies, such as GM, Honda, Nissan, and Renault, in the Hubei Province. Other countries in APAC recorded dramatic double-digit drops in vehicle sales due to interruptions caused by the pandemic and their dependency on the automotive and automotive component market in China. Industry experts expect the automakers' margins to improve by FY22. The automotive market in APAC continued to rebound strongly in 2021. The market rebound in the last few months is encouraging the growth of the automotive smart key market. Further, growing demand for technologies that reduce contact between people and surfaces would propel the market growth during the forecast period.
ALPHA Corporation; Continental AG; Denso Corporation; HELLA GmbH and Co. KGaA ; Honda Lock Mfg. Co., Ltd.; Hyundai Mobis; Silca S.p. A.; TOKAIRIKA, CO, LTD.; TOYOTA MOTOR CORPORATION; and Valeo are among the leading companies in the APAC automotive smart key market. The companies are focused on adopting organic growth strategies such as product launches and expansions to sustain their position in the dynamic market. The companies are focused on adopting organic growth strategies such as product launches and expansions to sustain their position in the dynamic market. For instance, in 2021, HELLA introduced new Smart Car Access solution based on ultra-wideband technology.
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