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.
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
MEA Automotive Smart Key Market Segmentation
MEA Automotive Smart Key Market –By Application
MEA Automotive Smart Key Market –By Technology
MEA Automotive Smart Key Market -By Country
MEA Automotive Smart Key Market -Company Profiles
| Report Attribute | Details |
|---|---|
| Market size in 2021 | US$ 437.29 Million |
| Market Size by 2028 | US$ 581.00 Million |
| CAGR (2021 - 2028) | 4.1% |
| Historical Data | 2019-2020 |
| Forecast period | 2022-2028 |
| Segments Covered |
By Application
|
| Regions and Countries Covered |
Middle East and Africa
|
| Market leaders and key company profiles |
|
The Middle East & Africa Automotive Smart Key Market is valued at US$ 437.29 Million in 2021, it is projected to reach US$ 581.00 Million by 2028.
As per our report Middle East & Africa Automotive Smart Key Market, the market size is valued at US$ 437.29 Million in 2021, projecting it to reach US$ 581.00 Million by 2028. This translates to a CAGR of approximately 4.1% during the forecast period.
The Middle East & Africa Automotive Smart Key Market report typically cover these key segments-
The historic period, base year, and forecast period can vary slightly depending on the specific market research report. However, for the Middle East & Africa Automotive Smart Key Market report:
The Middle East & Africa Automotive Smart Key Market is populated by several key players, each contributing to its growth and innovation. Some of the major players include:
The Middle East & Africa Automotive Smart Key Market report is valuable for diverse stakeholders, including:
Essentially, anyone involved in or considering involvement in the Middle East & Africa Automotive Smart Key Market value chain can benefit from the information contained in a comprehensive market report.
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