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Automotive Smart Key Fob Market by Application and Geography - Forecast and Analysis 2020-2024

  • Published: Apr 2020
  • Pages: 120
  • SKU: IRTNTR40410
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The automotive smart key fob market share is expected to increase by 23.98 million units from 2019 to 2024, and the market’s growth momentum will accelerate at a CAGR of 3%.

This automotive smart key fob market research report provides valuable insights on the post COVID-19 impact on the market, which will help companies evaluate their business approaches. Furthermore, this report extensively covers automotive smart key fob market segmentation by application (entry-segments, mid-segments, and luxury-segments) and geography (APAC, Europe, MEA, North America, and South America). The automotive smart key fob market report also offers information on several market vendors, including Continental AG, DENSO Corp., HELLA GmbH & Co. KGaA, Hyundai Mobis co., Ltd, Mitsubishi Electric Corp., Panasonic Corp., Tokai Rika Co., Ltd., Toyota Motor Corporation, Valeo, and and ZF Friedrichshafen AG. among others.

What will the Automotive Smart Key Fob Market Size be During the Forecast Period?

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Automotive Smart Key Fob Market: Key Drivers, Trends, and Challenges

Based on our research output, there has been a negative impact on the market growth during and post COVID-19 era. The rising demand of automotive electronics is notably driving the automotive smart key fob market growth, although factors such as may impede the market growth. Our research analysts have studied the historical data and deduced the key market drivers and the COVID-19 pandemic impact on the automotive smart key fob industry. The holistic analysis of the drivers will help in deducing end goals and refining marketing strategies to gain a competitive edge.

Key Automotive Smart Key Fob Market Driver

One of the key factors driving growth in the automotive smart key fob 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 automakers 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. Automotive smart key fobs enable hands-free opening and closing of doors, boot, windows, and locating the vehicle in a parking lot. The smart key fob adds to the vehicle's safety against theft. The vehicle’s immobilizer system recognizes and validates the code sent by the smart key fob to start the ignition. Most of the smart key fob-based vehicle access systems use computer-encrypted microchips and coding, which increase the security quotient of the vehicle. Such factors act as market enablers.

Key Automotive Smart Key Fob Market Trend

The growing penetration rate of advanced functionalities in entry-segment cars is another factor supporting the automotive smart key fob market share growth. The global automotive industry is witnessing varied market dynamics in different geographic regions. Socioeconomic conditions, infrastructure, employment opportunities, and road networks define consumers' changing expectations and requirements in the global automotive market, particularly for entry-segment passenger cars. The competition in the small and compact car segment (entry-segment vehicles) has increased considerably. In the developing and emerging economies, particularly such as China and India in Asia, this segment of vehicles dominates the sales volume. With the considerable increased the competition in this segment, the automakers are undertaking the strategy of product differentiation by offering advanced functionalities in vehicles. Therefore, they are employing advanced features and systems for entertainment, safety, comfort, and convenience in this segment of vehicles. The penetration rate of the smart key fob in this segment of vehicles is high.

Key Automotive Smart Key Fob Market Challenge

The smart key fobs are expensive and costly to replace and will pose a major challenge for the automotive smart key fob market during the forecast period. The global automotive smart key fob market is driven by numerous market enablers. However, there are certain challenges to the growth of the market. The cost of the development of smart key fobs is high, which adds to the overall cost of the vehicle, owing to the use of many electronic components in smart key fobs. Automotive smart key fobs are made using advanced technology, which integrates hardware and complex software in terms of algorithms or encrypted floating key codes. These key fobs are expensive to maintain. Replacement due to loss of the key fob can cost between $200 and $400 (if purchased from an authorized dealership) as the control unit that monitors the vehicle's access system needs to be reprogrammed along with the new key and should be in sync with the engine immobilizer. Hence, the overall high cost of smart key fobs poses a challenge to market growth.

This automotive smart key fob market analysis report also provides detailed information on other upcoming trends and challenges that will have a far-reaching effect on the market growth. The actionable insights on the trends and challenges will help companies evaluate and develop growth strategies for 2020-2024.

Parent Market Analysis

Technavio categorizes the global automotive smart key fob market as a part of the global auto parts and equipment market within the global auto components market. Our research report has extensively covered external factors influencing the parent market growth potential in the coming years, which will determine the levels of growth of the automotive smart key fob market during the forecast period.

Who are the Major Automotive Smart Key Fob Market Vendors?

The report analyzes the market’s competitive landscape and offers information on several market vendors, including:

 

  • Continental AG
  • DENSO Corp.
  • HELLA GmbH & Co. KGaA
  • Hyundai Mobis co.
  • Ltd
  • Mitsubishi Electric Corp.
  • Panasonic Corp.
  • Tokai Rika Co.
  • Ltd.
  • Toyota Motor Corporation
  • Valeo
  • and ZF Friedrichshafen AG.

 

This statistical study of the automotive smart key fob market encompasses successful business strategies deployed by the key vendors. The automotive smart key fob market is fragmented and the vendors are deploying growth strategies such as using competitive intelligence to develop innovative vehicle access solutions to compete in the market.

Product Insights and News

  • Continental AG - The company offers smart key fobs for automotive.

To make the most of the opportunities and recover from post COVID-19 impact, market vendors should focus more on the growth prospects in the fast-growing segments, while maintaining their positions in the slow-growing segments.

The automotive smart key fob market forecast report offers in-depth insights into key vendor profiles. The profiles include information on the production, sustainability, and prospects of the leading companies.

Automotive Smart Key Fob Market Value Chain Analysis

Our report provides extensive information on the value chain analysis for the automotive smart key fob market, which vendors can leverage to gain a competitive advantage during the forecast period. The end-to-end understanding of the value chain is essential in profit margin optimization and evaluation of business strategies. The data available in our value chain analysis segment can help vendors drive costs and enhance customer services during the forecast period.

The value chain of the auto components market includes the following core components:

  • Inputs
  • Inbound logistics
  • Operations
  • Outbound logistics
  • Marketing and sales
  • Service
  • Innovation

The report has further elucidated on other innovative approaches being followed by manufacturers to ensure a sustainable market presence.

Which are the Key Regions for Automotive Smart Key Fob Market?

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53% of the market’s growth will originate from APAC during the forecast period. China and Japan are the key markets for automotive smart key fob in APAC. Market growth in this region will be faster than the growth of the market in other regions.

Rapid economic development in the emerging APAC economies has boosted per-capita income, which has increased the purchasing power of consumers and, in turn, increased automobile sales.This will facilitate the automotive smart key fob market growth in APAC over the forecast period. This market research report entails detailed information on the competitive intelligence, marketing gaps, and regional opportunities in store for vendors, which will assist in creating efficient business plans.

What are the Revenue-generating Application Segments in the Automotive Smart Key Fob Market?

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The automotive smart key fob market share growth by the entry-segment segment will be significant during the forecast period. The improving socioeconomic conditions and increasing employment opportunities are driving the automotive market in developing and emerging economies like China, India, and others.

This report provides an accurate prediction of the contribution of all the segments to the growth of the automotive smart key fob market size and actionable market insights on post COVID-19 impact on each segment.

 

Automotive Smart Key Fob Market Scope

Report Coverage

Details

Page number

120

Base year

2019

Forecast period

2020-2024

Growth momentum & CAGR

Accelerate at a CAGR of 3%

Market growth 2020-2024

23.98 mn units

Market structure

Fragmented

YoY growth (%)

3.42

Regional analysis

North America, APAC, Europe, South America, and MEA

Performing market contribution

APAC at 53%

Key consumer countries

China and Japan

Competitive landscape

Leading companies, Competitive strategies, Consumer engagement scope

Key companies profiled

Continental AG, DENSO Corp., HELLA GmbH & Co. KGaA, Hyundai Mobis co., Ltd, Mitsubishi Electric Corp., Panasonic Corp., Tokai Rika Co., Ltd., Toyota Motor Corporation, Valeo, and and ZF Friedrichshafen AG.

Market dynamics

Parent market analysis, Market growth inducers and obstacles, Fast-growing and slow-growing segment analysis, COVID 19 impact and recovery analysis and future consumer dynamics, Market condition analysis for the forecast period

Customization purview

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What are the Key Data Covered in this Automotive Smart Key Fob Market Report?

  • CAGR of the market during the forecast period 2020-2024
  • Detailed information on factors that will drive automotive smart key fob market growth during the next five years
  • Precise estimation of the automotive smart key fob market size and its contribution to the parent market
  • Accurate predictions on upcoming trends and changes in consumer behavior
  • The growth of the automotive smart key fob industry across North America, APAC, Europe, South America, and MEA
  • A thorough analysis of the market’s competitive landscape and detailed information on vendors
  • Comprehensive details of factors that will challenge the growth of automotive smart key fob market vendors

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Executive Summary

  • Market Overview

Market Landscape

  • Market ecosystem
  • Value chain analysis

Market Sizing

  • Market definition
  • Market segment analysis
  • Market size 2019
  • Market outlook: Forecast for 2019 - 2024

Five Forces Analysis

  • Five Forces Summary
  • Bargaining power of buyers
  • Bargaining power of suppliers
  • Threat of new entrants
  • Threat of substitutes
  • Threat of rivalry
  • Market condition

Market Segmentation by Application by Volume

  • Market segments
  • Comparison by Application by volume placement
  • Entry-segments - Market size and forecast 2019-2024 ($ millions)
  • Mid-segments - Market size and forecast 2019-2024 ($ millions)
  • Luxury-segments - Market size and forecast 2019-2024 ($ millions)
  • Market opportunity by Application by volume

Customer landscape

  • Overview

Geographic Landscape

  • Geographic segmentation
  • Geographic comparison
  • APAC - Market size and forecast 2019-2024
  • Europe - Market size and forecast 2019-2024
  • North America - Market size and forecast 2019-2024
  • South America - Market size and forecast 2019-2024
  • MEA - Market size and forecast 2019-2024
  • Key leading countries
  • Market opportunity by geography

Drivers, Challenges, and Trends

  • Market drivers
  • Volume driver - Demand led growth
  • Volume driver - Supply led growth
  • Volume driver - External factors
  • Volume driver - Demand shift in adjacent markets
  • Price driver - Inflation
  • Price driver - Shift from lower to higher-priced units
  • Market challenges
  • Market trends

Vendor Landscape

  • Overview
  • Vendor landscape
  • Landscape disruption

Vendor Analysis

  • Vendors covered
  • Market positioning of vendors
  • Continental AG
  • DENSO Corp.
  • HELLA GmbH & Co. KGaA
  • Hyundai Mobis co.,Ltd
  • Mitsubishi Electric Corp.
  • Panasonic Corp.
  • Tokai Rika Co., Ltd.
  • Toyota Motor Corporation
  • Valeo
  • ZF Friedrichshafen AG

Appendix

  • Scope of the report
  • Currency conversion rates for US$
  • Research methodology
  • List of abbreviations

Research Framework

Technavio presents a detailed picture of the market by way of study, synthesis, and summation of data from multiple sources. The analysts have presented the various facets of the market with a particular focus on identifying the key industry influencers. The data thus presented is comprehensive, reliable, and the result of extensive research, both primary and secondary.

TechnavioINFORMATION SOURCES

Primary sources

  • Manufacturers and suppliers
  • Channel partners
  • Industry experts
  • Strategic decision makers

Secondary sources

  • Industry journals and periodicals
  • Government data
  • Financial reports of key industry players
  • Historical data
  • Press releases
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TechnavioDATA ANALYSIS

Data Synthesis

  • Collation of data
  • Estimation of key figures
  • Analysis of derived insights

Data Validation

  • Triangulation with data models
  • Reference against proprietary databases
  • Corroboration with industry experts
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TechnavioREPORT WRITING

Qualitative

  • Market drivers
  • Market challenges
  • Market trends
  • Five forces analysis

Quantitative

  • Market size and forecast
  • Market segmentation
  • Geographical insights
  • Competitive landscape
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The automotive smart key fob market growth will increase by $23.98 million units during 2019-2024.
The automotive smart key fob market is expected to grow at a CAGR of 3.47% during 2019-2024.
Technavio has segmented the automotive smart key fob market by application by volume (Entry-segments, Mid-segments, and Luxury-segments) and geographic (APAC, Europe, North America, South America, and MEA).
Continental AG, DENSO Corp., HELLA GmbH & Co. KGaA, Hyundai Mobis co.,Ltd, Mitsubishi Electric Corp., Panasonic Corp., Tokai Rika Co., Ltd., Toyota Motor Corporation, Valeo, ZF Friedrichshafen AG are a few of the key vendors in the automotive smart key fob market.
APAC will register the highest growth rate of 53.17% among the other regions. Therefore, the automotive smart key fob market in APAC is expected to garner significant business opportunities for the vendors during the forecast period.
The key factors driving the automotive smart key fob market growth are:
  • Safety and convenience associated with advanced vehicle access solutions
  • Growing penetration rate of advanced functionalities in entry-segment cars
The automotive smart key fob market vendors should focus on grabbing business opportunities from the entry-segments segment as it accounted for the largest market share in the base year.
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