LONDON--(BUSINESS WIRE)--The automotive smart key fob market is expected to grow by 23.98 million units during 2020-2024, according to the latest market research report by Technavio. Request a free sample report
As the global automotive industry is evolving, the penetration rate of automotive electronics is increasing in modern automobiles. This is a primary market enabler for the smart keys as traditional mechanical keys are fast becoming obsolete. The advanced smart keys use RFID, chips, and other sensors to lock/unlock doors, open/close windows, open trunk, and locate parked vehicles. These smart keys use a button on key fobs or touch-based operation for controlling various vehicle functions. Hence, the growing penetration of electronic components for automotive applications is driving market growth.
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As per Technavio, the growing penetration rate of advanced functionalities in entry-segment cars will have a positive impact on the market and contribute to its growth significantly over the forecast period. This research report also analyzes other significant trends and market drivers that will influence market growth over 2020-2024.
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. In addition, with constant advances in technology, there is a high demand for vehicles that are equipped with advanced functionalities. Thus, prominent automobile manufacturers are equipping their vehicles with advanced key systems, owing to the benefits associated with the automotive smart key fob. This is driving the smart key fob market.
“Factors such as the emergence of smart key fob with touchscreen digital display, and the advent of vehicles with virtual key will have a positive impact on the growth of the automotive smart key fob market value during the forecast period,” says a senior analyst at Technavio.
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Automotive Smart Key Fob Market: Segmentation Analysis
This market research report segments the automotive smart key fob market by application (entry-segments, mid-segments and luxury-segments), and geography (North America, APAC, Europe, South America and MEA).
The APAC region led the automotive smart key fob market in 2019, followed by Europe, North America, South America and MEA. During the forecast period, the APAC region is expected to register the highest incremental growth due to the high-volume sales of automobiles in developing and emerging economies, such as China, India, and ASEAN countries.
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Some of the key topics covered in the report include:
- North America
- South America
- Vendors covered
- Vendor classification
- Market positioning of vendors
- Competitive scenario
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