Single Function Segment to Dominate North America Automotive Smart Key Market during 2021–2028

According to a new market research study on “North America Automotive Smart Key Market to 2028 – COVID-19 Impact and Regional Analysis and Forecast by Application and Technology” is expected to reach US$ 1,840.02 million by 2028 from US$ 1,320.75 million in 2021. The market is estimated to grow at a CAGR of 4.9% from 2021 to 2028. The report provides trends prevailing in the North America automotive smart key market along with the drivers and restraints pertaining to the market growth. Increased production of luxury cars is the major factor driving the growth of the North America automotive smart key market. However, issues associated with the concerns regarding data security and cybercrime hinder the growth of North America automotive smart key market.

The North America automotive smart key market has been segmented based on application, technology, and country. On the basis of application, the North America 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 US, Canada, and Mexico.

The US witnessed the most severe impact of the COVID-19 outbreak in 2020. The enactment of lockdowns and travel restrictions, shutdown of production facilities, and the shortage of employees have adversely affected the performances of automotive manufacturers in North America. The health and economic crisis led to major disruptions in the automotive smart key industry, negatively impacting everything from supply chain and manufacturing to product sales. The COVID-19 pandemic has, directly and indirectly, negatively impacted the industry’s short-term and long-term growth strategies. Also, automakers are rethinking their financial priorities due to the serious economic impact of the pandemic. Due to the decline in vehicle production and technological upgrading activities, they are choosing to divert funds and resources toward alternative revenue streams. However, progress in vaccination programs and opening up of businesses and factories would stimulate the demand for cars, thereby boosting the demand for automotive smart keys for enhanced safety.

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 North America 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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