LONDON--(BUSINESS WIRE)--The global automotive smart key fob market is expected to post a CAGR of nearly 4% during the period 2018-2022, according to the latest market research report by Technavio. However, the growth momentum of the market is expected to decelerate due to a decline in the year-over-year growth.
A key factor driving the growth of the market is the safety and convenience associated with advanced vehicle access solutions. The automotive smart key fob market is growing in line with increasing sales volume of automobiles owing to its high penetration rate in automobiles, particularly passenger vehicles. The prominent automobile manufacturers are equipping their vehicles with advanced key systems, which is driving the smart key fob market, owing to the benefits associated with the automotive smart key fob.
This market research report on the global automotive smart key fob market 2018-2022 also provides an analysis of the most important trends expected to impact the market outlook during the forecast period. Technavio classifies an emerging trend as a major factor that has the potential to significantly impact the market and contribute to its growth or decline.
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In this report, Technavio highlights the growing penetration rate of advanced functionalities in entry-segment cars as one of the key emerging trends in the global automotive smart key fob market:
Global automotive smart key fob market: Growing penetration rate of advanced functionalities in entry-segment cars
The global automotive industry is witnessing varied market dynamics in different geographic regions. Socio-economic conditions, infrastructure, employment opportunities, and road networks define consumers' changing expectations and requirements in the global automotive market, particularly for the entry-segment passenger cars.
“The competition in the small and compact car segment has increased considerably. This segment of vehicles dominates the sales volume in the developing and emerging economies such as China and India in Asia. India is rapidly becoming an automotive hub for different automakers and a profitable destination for tier-1 suppliers and is witnessing growing competition in the small and compact car segment,” says a senior analyst at Technavio for research on automotive electronics.
Global automotive smart key fob market: Segmentation analysis
This market research report segments the global automotive smart key fob market by application (entry-segment vehicles, mid-segment vehicles, and luxury-segment vehicles) and geographical regions (APAC, EMEA, and the Americas).
The mid-segment vehicles segment held the largest market share in 2017, accounting for nearly 46% of the market. This application segment is expected to dominate the global market throughout the forecast period.
APAC led the market in 2017 with a market share of over 50%. This region is expected to dominate the market through 2022, with an increase in its market share by nearly 2%.
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Some of the key topics covered in the report include:
- Market ecosystem
- Market characteristics
- Market segmentation analysis
- Market definition
- Market size and forecast
Five Forces Analysis
- Regional comparison
- Key leading countries
- Vendors covered
- Vendor classification
- Market positioning of vendors
- Competitive scenario
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