Middle East & Africa 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)
Market Introduction
The Middle-East and African automotive smart key market is expected to grow at a significant CAGR during the forecast period. The automotive market in MEA has witnessed a swiftly escalating Y-o-Y adoption rate of vehicles in recent years. The governments are actively promoting digitization components in the automotive space and increasing awareness about the advantages of smart car key, which is expected to drive the demand. Expansion of the 5th generation-based telecommunication networks in countries such as Saudi Arabia, the UAE, Qatar, and Kuwait are likely to aid further growth of smart automotive solutions in the Middle East and Africa. Saudi Arabia and the UAE are leveraging the advantage of attracting manufacturing companies from Asia and Europe. Strategic initiatives and development plans to modernize the automotive industry and drive national transformation encourage the smart key market growth. The use of keyless and fob entry for vehicles is estimated to witness exponential growth as consumers in the region value the key's convenience. A smart car key solution provides end-to-end functional and security management services. Automakers are launching car-access solutions that support Bluetooth low energy, passive entry passive start (PEPS) technologies, and near-field communications (NFC). Increasing uptake of keyless authorization systems in vehicles is the major factor driving the growth of the MEA automotive smart key market.
The automotive smart key market in the Middle East and Africa has witnessed a decline in growth due to disruptions in supply chains; enactment of containment measures such as travel restrictions, production shutdown, and lockdowns; and the disrupted supply and distribution of electronics and mechanical automotive components. South Africa accounts for a major share in the automotive sector in the Middle East and Africa. The closing of production factories has had an enormous impact on the country’s automotive sector. Several players in the automotive market in Middle East and North Africa are introducing innovative green and environment-friendly technologies to recover sales. Employers are focused on using lightweight and eco-friendly materials for the manufacturing of smart keys. Investments in the single function and multi-function technologies equipped smart keys are anticipated to boost the automotive smart keys market growth in the Middle East and Africa in the post-COVID-19 pandemic era.
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Market Overview and Dynamics
The automotive smart key market in MEA is expected to grow from US$ 437.29 million in 2021 to US$ 581.00 million by 2028; it is estimated to grow at a CAGR of 4.1% from 2021 to 2028. The augmenting demand for the incorporation of safety and security features in modern vehicles is propelling the automotive smart key market at large. The rising prevalence of vehicle theft have increased the demand for updated systems with a unique code for unlocking the car, involving an electronic key fob recognition through a specific code authorization. As a result, automakers have begun to use computer-encrypted microchips in their keyless system to enhance the security layers that drive market growth. The surge in hybrid and electric vehicles, equipped with advanced safety and security features, has also increased the demand for automotive smart keys. For instance, Mercedes' Keyless Go allows a driver to lock and unlock a vehicle without using the corresponding smart key buttons. Once a driver enters a car with an equipped Keyless Go SmartKey or Keyless Go wallet-size card, they can start and stop the engine without inserting the SmartKey. A transponder built within the SmartKey allows the vehicle to identify a driver. An additional safety feature is integrated into the vehicle, making it impossible to lock a SmartKey with Keyless Go inside it. Technological advancements, such as transmission and infra-red sensors, which further strengthen safety and security features, have also been propelling the market considerably.
Key Market Segments
The MEA automotive smart key market has been segmented based on application, technology, and country. On the basis of application, the MEA 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 MEA 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.; TOYOTA MOTOR CORPORATION; and Valeo are among others.
Reasons to buy report
- To understand the MEA 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 MEA automotive smart key market
- Efficiently plan M&A and partnership deals in MEA 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 MEA automotive smart key market
- Obtain market revenue forecast for market by various segments from 2021-2028 in MEA region.
MEA Automotive Smart Key Market Segmentation
MEA Automotive Smart Key Market –By Application
- Single Function
- Multi-function
MEA Automotive Smart Key Market –By Technology
- Remote Keyless Entry
- Passive Keyless Entry
MEA Automotive Smart Key Market -By Country
- South Africa
- UAE
- Saudi Arabia
- Rest of MEA
MEA Automotive Smart Key Market -Company Profiles
- ALPHA Corporation
- Continental AG
- Denso Corporation
- HELLA GmbH and Co. KGaA
- Honda Lock Mfg. Co., Ltd.
- TOYOTA MOTOR CORPORATION
- Valeo
TABLE OF CONTENTS
1. Introduction
1.1 Study Scope
1.2 The Insight Partners Research Report Guidance
1.3 Market Segmentation
2. Key Takeaways
3. Research Methodology
3.1 Coverage
3.2 Secondary Research
3.3 Primary Research
4. MEA Automotive Smart Key Market Landscape
4.1 Market Overview
4.2 MEA PEST Analysis
4.3 Ecosystem Analysis
4.4 Expert Opinions
5. MEA Automotive Smart Key Market – Key Market Dynamics
5.1 Market Drivers
5.1.1 Enhanced Production of Luxury Cars
5.1.2 Growth in Safety Feature Deployment in Commercial and Passenger Vehicles
5.2 Market Restraints
5.2.1 Concerns Regarding Data Security and Cybercrime
5.3 Market Opportunities
5.3.1 Developments in Automotive Telematics and Advanced Driving Assistance Systems (ADAS)
5.4 Future Trends
5.4.1 Increasing Uptake of Keyless Authorization Systems in Vehicles
5.5 Impact Analysis of Drivers And Restraints
6. Automotive Smart Key – MEA Market Analysis
6.1 MEA Automotive Smart Key Market Overview
6.2 MEA Automotive smart key Market Revenue Forecast and Analysis
7. MEA Automotive Smart Key Market Analysis – By Application
7.1 Overview
7.2 Automotive Smart Key Market, By Application (2020 and 2028)
7.3 Single Function
7.3.1 Overview
7.3.2 Single Function: Automotive Smart Key Market – Revenue and Forecast to 2028 (USD Million)
7.4 Multi-function
7.4.1 Overview
7.4.2 Multi-Function: Automotive Smart Key Market – Revenue and Forecast to 2028 (USD Million)
8. MEA Automotive Smart Key Market Analysis – By Technology
8.1 Overview
8.2 Automotive Smart Key Market, By Technology (2020 and 2028)
8.3 Remote Keyless Entry
8.3.1 Overview
8.3.2 Remote Keyless Entry: Automotive Smart Key Market – Revenue and Forecast to 2028 (USD Million)
8.4 Passive Keyless Entry
8.4.1 Overview
8.4.2 Passive Keyless Entry: Automotive Smart Key Market – Revenue and Forecast to 2028 (USD Million)
9. MEA Automotive Smart Key Market – Country Analysis
9.1 Overview
9.1.1 Middle East and Africa: Automotive Smart Key Market, By Key Country
9.1.1.1 South Africa: Automotive Smart Key Market – Revenue and Forecast to 2028 (US$ Million)
9.1.1.1.1 South Africa: Automotive Smart Key Market, By Application
9.1.1.1.2 South Africa: Automotive Smart Key Market, By Technology
9.1.1.2 Saudi Arabia: Automotive Smart Key Market – Revenue and Forecast to 2028 (US$ Million)
9.1.1.2.1 Saudi Arabia: Automotive Smart Key Market, By Application
9.1.1.2.2 Saudi Arabia: Automotive Smart Key Market, By Technology
9.1.1.3 U.A.E: Automotive Smart Key Market – Revenue and Forecast to 2028 (US$ Million)
9.1.1.3.1 U.A.E: Automotive Smart Key Market, By Application
9.1.1.3.2 U.A.E: Automotive Smart Key Market, By Technology
9.1.1.4 Rest of Middle East and Africa: Automotive Smart Key Market – Revenue and Forecast to 2028 (US$ Million)
9.1.1.4.1 Rest of Middle East and Africa: Automotive Smart Key Market, By Application
9.1.1.4.2 Rest of Middle East and Africa: Automotive Smart Key Market, By Technology
10. MEA Automotive Smart Key Market - COVID-19 Impact Analysis
10.1 Overview
11. Industry Landscape
11.1 Overview
11.2 Market Initiative
12. Company Profiles
12.1 ALPHA Corporation
12.1.1 Key Facts
12.1.2 Business Description
12.1.3 Products and Services
12.1.4 Financial Overview
12.1.5 SWOT Analysis
12.1.6 Key Developments
12.2 Continental AG
12.2.1 Key Facts
12.2.2 Business Description
12.2.3 Products and Services
12.2.4 Financial Overview
12.2.5 SWOT Analysis
12.2.6 Key Developments
12.3 Denso Corporation
12.3.1 Key Facts
12.3.2 Business Description
12.3.3 Products and Services
12.3.4 Financial Overview
12.3.5 SWOT Analysis
12.3.6 Key Developments
12.4 Honda Lock Mfg. Co., Ltd.
12.4.1 Key Facts
12.4.2 Business Description
12.4.3 Products and Services
12.4.4 SWOT Analysis
12.4.5 Key Developments
12.5 TOYOTA MOTOR CORPORATION
12.5.1 Key Facts
12.5.2 Business Description
12.5.3 Products and Services
12.5.4 Financial Overview
12.5.5 SWOT Analysis
12.5.6 Key Developments
12.6 Valeo
12.6.1 Key Facts
12.6.2 Business Description
12.6.3 Products and Services
12.6.4 Financial Overview
12.6.5 SWOT Analysis
12.6.6 Key Developments
12.7 HELLA GmbH and Co. KGaA
12.7.1 Key Facts
12.7.2 Business Description
12.7.3 Products and Services
12.7.4 Financial Overview
12.7.5 SWOT Analysis
12.7.6 Key Developments
13. Appendix
13.1 About The Insight Partners
13.2 Word Index
LIST OF TABLES
Table 1. MEA Automotive smart key Market Revenue and Forecast to 2028 (US$ Million)
Table 2. Middle East and Africa Automotive Smart Key Market, By Country – Revenue and Forecast to 2028 (US$ Million)
Table 3. South Africa Automotive Smart Key Market, By Application– Revenue and Forecast to 2028 (US$ Million)
Table 4. South Africa Automotive Smart Key Market, By Technology – Revenue and Forecast to 2028 (US$ Million)
Table 5. Saudi Arabia Automotive Smart Key Market, By Application– Revenue and Forecast to 2028 (US$ Million)
Table 6. Saudi Arabia Automotive Smart Key Market, By Technology – Revenue and Forecast to 2028 (US$ Million)
Table 7. U.A.E Automotive Smart Key Market, By Application– Revenue and Forecast to 2028 (US$ Million)
Table 8. U.A.E Automotive Smart Key Market, By Technology – Revenue and Forecast to 2028 (US$ Million)
Table 9. Rest of Middle East and Africa Automotive Smart Key Market, By Application– Revenue and Forecast to 2028 (US$ Million)
Table 10. Rest of Middle East and Africa Automotive Smart Key Market, By Technology – Revenue and Forecast to 2028 (US$ Million)
Table 11. List of Abbreviation
LIST OF FIGURES
Figure 1. MEA Automotive Smart Key Market Segmentation
Figure 2. MEA Automotive Smart Key Market Segmentation – By Country
Figure 3. MEA Automotive Smart Key Market Overview
Figure 4. MEA Automotive Smart Key Market, By Application
Figure 5. MEA Automotive Smart Key Market, By Technology
Figure 6. MEA Automotive Smart Key Market, By Country
Figure 7. MEA PEST Analysis
Figure 8. Automotive Smart Key Market- Ecosystem Analysis
Figure 9. MEA Automotive Smart Key Market Impact Analysis of Drivers and Restraints
Figure 10. MEA Automotive smart key Market Revenue Forecast and Analysis (US$ Million)
Figure 11. MEA Automotive Smart Key Market Revenue Share, by Product Type (2020 and 2028)
Figure 12. MEA Single Function: Automotive Smart Key Market – Revenue and Forecast to 2028 (USD Million)
Figure 13. MEA Multi-Function: Automotive Smart Key Market – Revenue and Forecast to 2028 (USD Million)
Figure 14. MEA Automotive Smart Key Market Revenue Share, by Technology (2020 and 2028)
Figure 15. MEA Remote Keyless Entry: Automotive Smart Key Market – Revenue and Forecast to 2028 (USD Million)
Figure 16. MEA Passive Keyless Entry: Automotive Smart Key Market – Revenue and Forecast to 2028 (USD Million)
Figure 17. Middle East and Africa: Automotive Smart Key Market Revenue Share, By Key Country-Revenue 2020 (US$ Million)
Figure 18. Middle East and Africa: Automotive Smart Key Market Revenue Share, By Key Country (2020 and 2028)
Figure 19. South Africa: Automotive Smart Key Market – Revenue and Forecast to 2028 (US$ Million)
Figure 20. Saudi Arabia: Automotive Smart Key Market – Revenue and Forecast to 2028 (US$ Million)
Figure 21. U.A.E: Automotive Smart Key Market – Revenue and Forecast to 2028 (US$ Million)
Figure 22. Rest of Middle East and Africa: Automotive Smart Key Market – Revenue and Forecast to 2028 (US$ Million)
Figure 23. Impact of Covid-19 Pandemic In Middle East & Africa Country Markets
- ALPHA Corporation
- Continental AG
- Denso Corporation
- HELLA GmbH and Co. KGaA
- Honda Lock Mfg. Co., Ltd.
- TOYOTA MOTOR CORPORATION
- Valeo
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- Develop/modify business expansion plans by using substantial growth offering developed and emerging markets
- Scrutinize in-depth MEA market trends and outlook coupled with the factors driving the Automotive Smart Key market, as well as those hindering it
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