Global Passenger Vehicle Smart Key Market Size, Share, and Trends Analysis Report, By Technology (Remote Keyless Entry, Passive Keyless Entry, and Others), By Application (Single Function and Multi-function), and By End-User (OEMs and Aftermarket), Forecast (2022-2028)

The passenger vehicle smart Key market is anticipated to grow at a significant CAGR of 5.0% during the forecast period (2022-2028). A smart key for a passenger car, also known as an intelligent key, is a key with information or digital capabilities that, in addition to opening the vehicle, may also unlock a digital or physical lock system. It is a part of a computerized system that uses microchips and sensors to open doors and start cars without a key. A passenger vehicle smart key also serves as electronic access and authorization system, and is available as standard equipment or as an optional component, depending on the vehicle type. Smart keys are becoming more widespread in the automobile sector as a consequence of improved technology that converts radiofrequency (RF) signals into digital information, which is expected to drive market growth in the near future.

The global passenger vehicle smart key market is segmented based on technology, application, and end-user. Based on the technology, the market is sub-segmented into remote keyless entry, passive keyless entry, and others. Among these technologies, the other segment is expected to propel the growth of the market. The biological entrance system, as well as smartphone-connected automotive technologies, are included in this category. The majority of the other technologies are based on passive keyless entry (PKE) technology, which allows the user to lock or unlock the vehicle while the device is in their pocket or bag, as opposed to a standard remote keyless entry (RKE) device, which requires the user to hold the device and push a button. With the debut of their smart electric coupe S01 model in China in January 2019, automakers such as Leap Motor adopted a biological entrance mechanism. These automobiles will have a “Leap In” biological lock/unlock system that combines finger vein detection and facial recognition technology to provide consumers with a keyless entry experience. Based on the application, the market is sub-segmented into single function and multi-function. Based on end-user, the market is sub-segmented into OEMs and aftermarkets.

The market players are also contributing significantly to the market’s growth by adopting various strategies, including mergers and acquisitions, geographical expansion, partnerships, collaborations, and new product launches, to stay competitive in the market. For instance, in September 2020, Continental AG announced that it is expanding its virtual Key as a Service offering to include passenger vehicles. Users may open their automobiles and start their engines with a single order from their smartphone or Bluetooth card using Key as a Service.

Market Coverage

• The market number available for – 2021-2028
• Base year- 2021
• Forecast period- 2022-2028
• Segment Covered-
  • By Technology
  • By Application
  • By End-User
• Regions Covered-
  • North America
  • Europe
  • Asia-Pacific
  • Rest of the World
• Competitive Landscape- Alpha Corp., Minda Corp. Ltd., Denso Corp., Continental AG, Honda Lock Mfg Co. Ltd., ZF Friedrichshafen AG, Valeo SA, HELLA GmbH & Co. KGaA, Tokai Rika Co. Ltd., and Silicon Laboratories Inc., among others.

Key questions addressed by the report

• What is the market growth rate?
• Which segment and region dominate the market in the base year?
• Which segment and region will project the fastest growth in the market?
• How has COVID-19 impacted the market?
  • Deviation from the pre-COVID-19 forecast
  • Most affected region and segment
• Who is the leader in the market?
• How players are addressing challenges to sustain growth?
• Where is the investment opportunity?

Global Passenger Vehicle Smart Key Market Report by Segment

By Technology

• Remote Keyless Entry
• Passive Keyless Entry
• Others

By Application

• Single-Function
• Multi-function

By End-User

• OEMs
• Aftermarket