Asia-Pacific Automotive Smart Key Market

Market Introduction

Asia pacific is witnessing a growing trend of digitalization and "Internet of Cars" for offering higher connectivity through technology-fitted automobiles. The growing demand for smart keys in countries such as India, China, and Japan is attributed to the increasing vehicle security and emerging eco-friendly technologies. Smart keys, once a critical feature in luxury vehicles, are gaining rapid popularity in budget cars. Chinese smartphone giant OPPO recently partnered with Chinese car maker NIO to develop and test a Car Connectivity Consortium, or CCC 2.0-based digital car key, to make the feature available in the Wallet App for OPPO phones and watches. Advancements in automotive telematics and advanced driving assistance systems (ADAS) is the major factor driving the growth of the APAC automotive smart key market.

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.

Market Overview and Dynamics

The automotive smart key market in APAC is expected to grow from US$ 4,183.95 million in 2021 to US$ 6,609.01 million by 2028; it is estimated to grow at a CAGR of 6.7% from 2021 to 2028. Shifting preferences of consumers and their increasing disposable incomes have fueled the demand for luxury cars worldwide. The need for a high level of comfort and safety and the new trend of electric vehicles is further bolstering the luxury cars segment. China’s luxury car market currently exhibits the highest growth potential among all the developing countries with a significant presence of carmakers, such as Audi, Mercedes-Benz, and BMW. According to the China Automobile Dealers Association, the China automotive industry reported the sale of approximately 2,77,000 luxury cars in April 2020, an 11.1% increase over April 2019. India is also a rapidly emerging market for luxury cars in Asia Pacific with increasing annual new vehicle registrations. Many of these players are investing in R&D to offer smart key solutions to their customers. Product innovations have led them to strengthen their presence in the market. In September 2017, Continental Aftermarket & Services announced its Keys-as-a-Service Portfolio with the availability of its cloud-based solutions continental smart access (CoSmA) and remote cloud key (RCK) to provide keyless vehicle access and start authorization. This solution enables owners to access vehicles using a smart device, such as a smartphone. Such developments are significantly driving the automotive smart keys market.

Key Market Segments

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.

Major Sources and Companies Listed

A few major primary and secondary sources referred to for preparing this report on automotive smart key market in APAC are company websites, annual reports, financial reports, national government documents, and statistical database, among others. Major companies listed in the report are 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 others.

Reasons to buy report

• To understand the APAC automotive smart key market landscape and identify market segments that are most likely to guarantee a strong return
• Stay ahead of the race by comprehending the ever-changing competitive landscape for APAC automotive smart key market
• Efficiently plan M&A and partnership deals in APAC automotive smart key market by identifying market segments with the most promising probable sales
• Helps to take knowledgeable business decisions from perceptive and comprehensive analysis of market performance of various segment form APAC automotive smart key market
• Obtain market revenue forecast for market by various segments from 2021-2028 in APAC region.

APAC Automotive Smart Key Market Segmentation

APAC Automotive Smart Key Market –By Application

• Single Function
• Multi-function

APAC Automotive Smart Key Market –By Technology

• Remote Keyless Entry
• Passive Keyless Entry

APAC Automotive Smart Key Market -By Country

• China
• Japan
• India
• South Korea
• Australia
• Rest of APAC

APAC Automotive Smart Key Market -Company Profiles

• 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
• Valeo

Asia-Pacific Automotive Smart Key Market Strategic Insights

Asia-Pacific Automotive Smart Key Market Segmentation Analysis

Asia-Pacific Automotive Smart Key Market Report Highlights

Asia-Pacific Automotive Smart Key Report Scope

Asia-Pacific Automotive Smart Key Market Country and Regional Insights