NEWARK, Del., Feb. 1, 2024 /PRNewswire/ -- Future Market Insights, Inc. (FMI) predicts a future where car keys are more than just metal blades, but rather sophisticated digital access tools propelling the automotive key market. Dive deeper into the intricate dynamics of this burgeoning market and uncover compelling stakeholder opportunities in our comprehensive FMI report.
The Global Automotive Key Market value is forecast to increase from US$ 6,620.8 million in 2024 to US$ 14,148.8 million by 2034. The demand for automotive keys is projected to surge at a CAGR of 7.9% between 2024 and 2034.
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Technology developments and changing consumer tastes contribute to market expansion. Due to their increased security features and ease of use, keyless entry systems with proximity sensors and remote capabilities are becoming increasingly popular. With greater customization and theft protection, biometric authentication, such as fingerprint and facial recognition, is emerging.
Key designs are changing to accommodate new features like remote start and automated parking as the automotive key industry moves toward electrified and driverless automobiles. Keys are becoming more complex digital access tools as the automotive sector moves toward connectivity and digitalization. They interact with smartphone apps and vehicle-to-infrastructure communication networks. The automotive key market is expected to grow rapidly, emphasizing security, convenience, and integration with emerging technologies.
Regional Outlook
Due to its fast urbanization and growing middle class, which encourage greater car ownership, Asia Pacific currently dominates the car key market. The mature automotive market in North America is characterized by a desire for larger cars like trucks and SUVs, supported by low gas prices and consumer demand for roomy, adaptable vehicles. The move toward electric vehicles impacts the European automotive key market, compelling demand for cutting-edge keyless entry and start systems.
"The increasing sales of vehicles and the development of security technology drive the continuous market expansion of automotive key. Essential automotive key vendors have avenues due to the expanding market, changing consumer tastes, and growing integration of smart features." says Nikhil Kaitwade (Associate Vice President at Future Market Insights, Inc.).
Key Takeaways
• The transponder keys segment in the product type category is expected to lead the market, acquiring a valuation of US$ 6,476.5 million in 2024.
• In the vehicle type category, LCV segment is expected to attain a valuation of US$ 1,414.4 million in 2024.
• The OEM segment in the sales channel category is expected to lead the market, acquiring a valuation of US$ 6,267.2 million in 2024.
• In 2024, the East Asia automotive key market is estimated to have an overall share of 41.0%.
• The United States automotive key market to achieve a valuation of US$ 823.6 million in 2024.
Competitive Landscape
There is intense competition in the automotive key industry, with key competitors developing novel concepts to take market share. While younger automotive key vendors upset the sector with innovative technologies and business strategies, established corporations use their extensive distribution networks and brand reputation to preserve dominance.
As automotive key manufacturers work to provide comprehensive solutions to satisfy changing customer demands, partnerships and cooperation among vendors amplify the scene. Regulatory requirements and technical breakthroughs shape the competitive strategies of leading automotive key suppliers, which also impact market dynamics.
Prominent Automotive Key Manufacturers
• Kaba Ilco Corp.
• JMA USA
• Silca S.p.A.
• STRATTEC Security Corporation
• Keyline USA
• Huf North America
• Go To Manufacturing Co., Ltd.
• Automotive Keys Group
• Minda Keys Technology Co., Ltd
• Tokai-Rika
• Spark Minda
Purchase this report now to get key companies with their Revenue Forecast, Volume Forecast, Company Ranking, Competitive Landscape, Growth Factors, Trends, and Pricing Analysis.
Recent Developments
• International Key Supply (IKS), a specialist supplier of automotive keys, remotes, and related accessories, was purchased by Automotive Keys Group (AKG) in April 2021 in collaboration with Management. AKG's e-commerce presence was bolstered, and its product offers expanded through this calculated approach.
• Strattec spent over US$ 9.8 million and US$ 10.8 million on research and development in 2020 and 2021, respectively. The company works on projects related to automotive access control through research and development. A key research focus is the growing role of vehicle access through electronic interlocks and other means of consumer-car permission data communication. Specialized data collection tools are also created to support ongoing quality improvements and more effective product development.
Key Segments Coverd in Global Automotive Key Market Research Report
By Product Type:
- Plastic and Metal Head Key
- Transponder Key
By Vehicle Type:
- 2-Wheelers
- 3-Wheelers
- Passenger Cars
- Compact
- Mid-Size
- SUV
- Luxury
- LCV
- HCV
By End Use:
- OEM
- Aftermarket
By Region:
- North America
- Latin America
- Western Europe
- Eastern Europe
- East Asia
- South Asia Pacific
- The Middle East and Africa
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About the Author:
Nikhil Kaitwade (Associate Vice President at Future Market Insights, Inc.) has over a decade of experience in market research and business consulting. He has successfully delivered 1500+ client assignments, predominantly in Automotive, Chemicals, Industrial Equipment, Oil & Gas, and Service industries.
His core competency circles around developing research methodology, creating a unique analysis framework, statistical data models for pricing analysis, competition mapping, and market feasibility analysis. His expertise also extends wide and beyond analysis, advising clients on identifying growth potential in established and niche market segments, investment/divestment decisions, and market entry decision-making.
Nikhil holds an MBA degree in Marketing and IT and a Graduate in Mechanical Engineering. Nikhil has authored several publications and quoted in journals like EMS Now, EPR Magazine, and EE Times.
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