Report : Europe 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)
Remote Keyless Entry Segment to Dominate Europe Automotive Smart Key Market during 2021–2028
According to a new market research study on “Europe Automotive Smart Key Market to 2028 – COVID-19 Impact and Regional Analysis and Forecast by Application and Technology” is expected to reach US$ 2,740.94 million by 2028 from US$ 1,881.71 million in 2021. The market is estimated to grow at a CAGR of 5.5% from 2021 to 2028. The report provides trends prevailing in the Europe automotive smart key market along with the drivers and restraints pertaining to the market growth. Surge in safety feature deployment in commercial and passenger vehicles is the major factor driving the growth of the Europe automotive smart key market. However, issues associated with the concerns regarding data security and cybercrime hinder the growth of Europe automotive smart key market.
The Europe automotive smart key market has been segmented based on application, technology, and country. On the basis of application, the Europe 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 France, Germany, UK, Italy, Russia, and Rest of Europe.
The automotive sector plays an important role in economic growth and employment in many European countries. In April 2020, European countries recorded the historically lowest registrations of new cars. The decline in the demand, disruptions in supply chains, and challenges related to technologies have severely impacted the automotive sector in these countries, which put the economy in a deep crisis and resulted in a reduction in international trade. However, the reopening of dealerships to the public helped boost sales. For instance, according to the Society of Motor Manufacturers and Traders (SMMT), new registrations stood at 141,583 vehicles in April 2021, up from just 4,321 in April 2020. The lifting of restrictions in different regions can potentially bring more cars on the road, leading to the demand for increased vehicle security. Smartphone technology as an extension in the automotive sector has significant applications in the current COVID-19 pandemic situation. Therefore, the development of a smart key that can be accessed with a smartphone would provide significant growth opportunities for the automotive smart key market in the coming years.
ALPHA Corporation; Continental AG; Denso Corporation; HELLA GmbH and Co. KGaA; Honda Lock Mfg. Co., Ltd.; Hyundai Mobis; Silca S.p. A.; TOYOTA MOTOR CORPORATION; and Valeo are among the leading companies in the Europe 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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