Europe Automotive Smart Key Market

Market Introduction

Western Europe is a well-known region for its improved living conditions, with higher income levels among residents. Germany, France, the UK, and Italy are among the prime contributors to the European automotive smart key market. Remote keyless car central locking systems are standard or optional in 70% of today's vehicles. They are made up of a key fob transmitter and a receiver installed inside the vehicle. They require a frequency to function, which in Europe is 433.92MHz. Europe has also opened up the 868MHz spectrum to accommodate the demand for remote keyless entry devices. These technologies, often known as smart keys or passive keyless entry, are common in luxury vehicles. When the driver approaches their vehicle, a paired radio transponder chip inside the car key identifies them. When the driver lifts the handle, the doors unlock and open. The engine is started by pressing a button on the dashboard. The start/stop button is intended to give more protection against car thieves. The car's computer can only recognize the code from the driver's particular key fob. The car cannot be stolen if the fob is not present. The driver clicks a button on the door handle to lock the car; a few systems even lock when the driver steps out of range. Some vehicles feature keyless boot opening systems with sensors on the back bumper that open the boot, simply moving the foot underneath the bumper, which is especially useful if the driver's hands are full. Surge in safety feature deployment in commercial and passenger vehicles is the major factor driving the growth of the Europe automotive smart key market.

The automotive sector plays an important role in economic growth and employment in many European countries. In April 2020, European countries recorded the historically lowest registrations of new cars. The decline in the demand, disruptions in supply chains, and challenges related to technologies have severely impacted the automotive sector in these countries, which put the economy in a deep crisis and resulted in a reduction in international trade. However, the reopening of dealerships to the public helped boost sales. For instance, according to the Society of Motor Manufacturers and Traders (SMMT), new registrations stood at 141,583 vehicles in April 2021, up from just 4,321 in April 2020. The lifting of restrictions in different regions can potentially bring more cars on the road, leading to the demand for increased vehicle security. Smartphone technology as an extension in the automotive sector has significant applications in the current COVID-19 pandemic situation. Therefore, the development of a smart key that can be accessed with a smartphone would provide significant growth opportunities for the automotive smart key market in the coming years.

Europe Automotive Smart Key Strategic Insights

Strategic insights for the Europe Automotive Smart Key provides data-driven analysis of the industry landscape, including current trends, key players, and regional nuances. These insights offer actionable recommendations, enabling readers to differentiate themselves from competitors by identifying untapped segments or developing unique value propositions. Leveraging data analytics, these insights help industry players anticipate the market shifts, whether investors, manufacturers, or other stakeholders. A future-oriented perspective is essential, helping stakeholders anticipate market shifts and position themselves for long-term success in this dynamic region. Ultimately, effective strategic insights empower readers to make informed decisions that drive profitability and achieve their business objectives within the market.

Europe Automotive Smart Key Report Scope

Europe Automotive Smart Key Regional Insights

The geographic scope of the Europe Automotive Smart Key refers to the specific areas in which a business operates and competes. Understanding local distinctions, such as diverse consumer preferences (e.g., demand for specific plug types or battery backup durations), varying economic conditions, and regulatory environments, is crucial for tailoring strategies to specific markets. Businesses can expand their reach by identifying underserved areas or adapting their offerings to meet local demands. A clear market focus allows for more effective resource allocation, targeted marketing campaigns, and better positioning against local competitors, ultimately driving growth in those targeted areas.

The automotive smart key market in Europe is expected to grow from US$ 1,881.71 million in 2021 to US$ 2,740.94 million by 2028; it is estimated to grow at a CAGR of 5.5% from 2021 to 2028. The demand for active and passive Keyless entry systems to lock, unlock, and start the car’s engine remotely using RF signals has increased significantly. Mechanical keys restrict unauthorized access to automobiles. Modern vehicles use microcontrollers for applications, such as passive keyless entry systems and vehicle immobilizer systems. Embedded electronic systems are convenient; however, system security can be breached through theft or fault in the wireless interface scanning. This factor has led to the development of an automobile keyless entry system using two-factor authentication, in which, the automobile can autonomously verify the user and device-based key fob authentication framework, enabling a two-factor authentication system. The emerging trends of two-factor authentication in keyless authorization systems to prevent security breaches and hacking is boosting the automotive smart key market. A state-of-the-art radio technology, innovative keyless system, high-precision, and interference-free key location system provide optimum safety and convenience to drivers and passengers. The increased connectivity and incorporation of complex software in automotive systems have made modern vehicles more susceptible to cyber security attacks. Improper signature verification, when implementing key fob, allows the attacker to update it with malicious firmware. The vehicle's missing certificate verification while pairing with the key fob is also a significant weakness leading to the necessity for secure and robust authorization systems. Transmitter technology recognizes the paired key’s presence by pairing the owner’s key fob to the car’s internal engine control unit (ECU). Constantly changing the frequencies pattern, which connects smart keys with vehicles, prevents hacking into the vehicle software.

Key Market Segments

The Europe automotive smart key market has been segmented based on application, technology, and country. On the basis of application, the Europe automotive smart key market is segmented into single function smart key and multi-function smart key. The single function smart key segment dominated the market in 2020 and multi-function smart key segment is expected to be the fastest growing during the forecast period. Based on technology, the market is segmented into remote keyless entry and passive keyless entry. The remote keyless entry segment dominated the market in 2020 and passive keyless entry segment is expected to be the fastest growing during the forecast period.

Major Sources and Companies Listed

A few major primary and secondary sources referred to for preparing this report on automotive smart key market in Europe are company websites, annual reports, financial reports, national government documents, and statistical database, among others. Major companies listed in the report are ALPHA Corporation; Continental AG; Denso Corporation; HELLA GmbH and Co. KGaA; Honda Lock Mfg. Co., Ltd.; Hyundai Mobis; Silca S.p. A.; TOYOTA MOTOR CORPORATION; and Valeo are among others.

Reasons to buy report

• To understand the Europe automotive smart key market landscape and identify market segments that are most likely to guarantee a strong return
• Stay ahead of the race by comprehending the ever-changing competitive landscape for Europe automotive smart key market
• Efficiently plan M&A and partnership deals in Europe automotive smart key market by identifying market segments with the most promising probable sales
• Helps to take knowledgeable business decisions from perceptive and comprehensive analysis of market performance of various segment form Europe automotive smart key market
• Obtain market revenue forecast for market by various segments from 2021-2028 in Europe region.

Europe Automotive Smart Key Market Segmentation

Europe Automotive Smart Key Market –By

Application

• Single Function
• Multi-function

Europe Automotive Smart Key Market –By Technology

• Remote Keyless Entry
• Passive Keyless Entry

Europe Automotive Smart Key Market -By Country

• France
• Germany
• UK
• Italy
• Russia
• Rest of Europe

Europe Automotive Smart Key Market -

Company Profiles

• ALPHA Corporation        
• Continental AG
• Denso Corporation
• HELLA GmbH and Co. KGaA
• Honda Lock Mfg. Co., Ltd.
• Hyundai Mobis
• Silca S.p. A.
• TOYOTA MOTOR CORPORATION
• Valeo