Market Introduction
The automotive smart key market in South America includes Brazil, Argentina, Chile, and the Rest of South America. Brazil is one of the fastest-growing countries in the region in terms of industrialization. The governments of other emerging economies in the region are taking several initiatives to support industrial growth. For instance, Argentina is concentrating on attracting FDIs by taking several initiatives such as signing international bilateral agreements and removing restrictions on foreign direct investments (FDIs). Such government initiatives for attracting FDIs are expected to increase the investments in manufacturing industries including the automotive sector. The ongoing initiatives from the regional governments are anticipated to help in the development of businesses in South America with the increasing business activities in urban cities demand for advanced safety technologies, which will further increase the demand for automotive smart keys in South America. Increased production of luxury cars is the major factor driving the growth of the SAM automotive smart key market.
In 2020, Brazil recorded the highest number of COVID-19 confirmed cases in South America, followed by Colombia, Ecuador, Chile, Peru, and Argentina. Most of the companies in the region suspended vehicle production due to the worsening COVID-19 public health crisis, whereas others opted for the restructuring of their production facilities. The slowdown of sales and reduction in consumer demand resulted in a significant loss for the regional automotive smart key market players. The market in South America witnessed a decline in growth as the majority of stimulus packages deployed by governments were focused on public healthcare and tax relief. However, relaxations in COVID-19-led restrictions and reopening of production facilities are anticipated to promote market recovery in this region in the coming years. A rise in passenger car registrations in Brazil in 2021 with the increase in total annual cars sales by 6.04% than the previous year would provide lucrative growth opportunities for the automotive smart key market players during the forecast period.
Market Overview and Dynamics
The automotive smart key market in SAM is expected to grow from US$ 200.20 million in 2021 to US$ 249.40 million by 2028; it is estimated to grow at a CAGR of 3.2% from 2021 to 2028. The rise of advanced technologies, which use radio frequency (RF) signals and convert them to digital information, has increased the prevalence of smart keys in the automotive sector. Increasing vehicle thefts and demands for advanced and enhanced features have accelerated the development of automotive telematics and advanced driving assistance systems (ADAS), thus, leading to a considerable growth in the market. Telematics is a communication technology that provides navigation, safety, security, and communication in an automobile. The rising demand for an electronic technology that assists drivers through a safe human-machine interface has propelled the growth of ADAS. The use of digital or radio frequency identification (RFID) technologies for signaling or information handling has been providing lucrative growth opportunities for smart key market vendors. The advanced telematics navigation and tracking systems are increasingly becoming a standard on vehicles. Advanced driving assistance systems in vehicles are estimated to surge due to the increasing awareness about vehicle safety ratings and decreasing component costs. The increasing contribution of high-end technologies in the passenger car segment, attributed to supporting legislation and consumer awareness, is projected to boost the smart keys market in the region.
Key Market Segments
The SAM automotive smart key market has been segmented based on application, technology, and country. On the basis of application, the SAM 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 SAM 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.; TOYOTA MOTOR CORPORATION; and Valeo are among others.
Reasons to buy report
SAM Automotive Smart Key Market Segmentation
SAM Automotive Smart Key Market –By Application
SAM Automotive Smart Key Market –By Technology
SAM Automotive Smart Key Market -By Country
SAM Automotive Smart Key Market -Company Profiles
| Report Attribute | Details |
|---|---|
| Market size in 2021 | US$ 200.20 Million |
| Market Size by 2028 | US$ 249.40 Million |
| CAGR (2021 - 2028) | 3.2% |
| Historical Data | 2019-2020 |
| Forecast period | 2022-2028 |
| Segments Covered |
By Application
|
| Regions and Countries Covered |
South and Central America
|
| Market leaders and key company profiles |
|
The South America Automotive Smart Key Market is valued at US$ 200.20 Million in 2021, it is projected to reach US$ 249.40 Million by 2028.
As per our report South America Automotive Smart Key Market, the market size is valued at US$ 200.20 Million in 2021, projecting it to reach US$ 249.40 Million by 2028. This translates to a CAGR of approximately 3.2% during the forecast period.
The South America 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 South America Automotive Smart Key Market report:
The South America Automotive Smart Key Market is populated by several key players, each contributing to its growth and innovation. Some of the major players include:
The South America Automotive Smart Key Market report is valuable for diverse stakeholders, including:
Essentially, anyone involved in or considering involvement in the South America Automotive Smart Key Market value chain can benefit from the information contained in a comprehensive market report.
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