Europe Automotive Smart Key Market Forecast to 2028 - COVID-19 Impact and Regional Analysis By Application (Single Function and Multi-function) and Technology (Remote Keyless Entry and Passive Keyless Entry)
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.
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Market Overview and Dynamics
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.
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- To understand the Europe automotive smart key market landscape and identify market segments that are most likely to guarantee a strong return
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- 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
TABLE OF CONTENTS
1. Introduction
1.1 Study Scope
1.2 The Insight Partners Research Report Guidance
1.3 Market Segmentation
2. Key Takeaways
3. Research Methodology
3.1 Coverage
3.2 Secondary Research
3.3 Primary Research
4. Europe Automotive Smart Key Market Landscape
4.1 Market Overview
4.2 Europe PEST Analysis
4.3 Ecosystem Analysis
4.4 Expert Opinions
5. Europe Automotive Smart Key Market – Key Market Dynamics
5.1 Market Drivers
5.1.1 Raised Production of Luxury Cars
5.1.2 Surge in Safety Feature Deployment in Commercial and Passenger Vehicles
5.2 Market Restraints
5.2.1 Concerns Regarding Data Security and Cybercrime
5.3 Market Opportunities
5.3.1 Advancements in Automotive Telematics and Advanced Driving Assistance Systems (ADAS)
5.4 Future Trends
5.4.1 Increasing Uptake of Keyless Authorization Systems in Vehicles
5.5 Impact Analysis of Drivers And Restraints
6. Automotive Smart Key – Europe Market Analysis
6.1 Europe Automotive Smart Key Market Overview
6.2 Europe Automotive smart key Market Revenue Forecast and Analysis
7. Europe Automotive Smart Key Market Analysis – By Application
7.1 Overview
7.2 Automotive Smart Key Market, By Application (2020 and 2028)
7.3 Single Function
7.3.1 Overview
7.3.2 Single Function: Automotive Smart Key Market – Revenue and Forecast to 2028 (USD Million)
7.4 Multi-function
7.4.1 Overview
7.4.2 Multi-Function: Automotive Smart Key Market – Revenue and Forecast to 2028 (USD Million)
8. Europe Automotive Smart Key Market Analysis – By Technology
8.1 Overview
8.2 Automotive Smart Key Market, By Technology (2020 and 2028)
8.3 Remote Keyless Entry
8.3.1 Overview
8.3.2 Remote Keyless Entry: Automotive Smart Key Market – Revenue and Forecast to 2028 (USD Million)
8.4 Passive Keyless Entry
8.4.1 Overview
8.4.2 Passive Keyless Entry: Automotive Smart Key Market – Revenue and Forecast to 2028 (USD Million)
9. Europe Automotive Smart Key Market – Country Analysis
9.1 Overview
9.1.1 Europe: Automotive Smart Key Market, By Key Country
9.1.1.1 Germany: Automotive Smart Key Market – Revenue and Forecast to 2028 (US$ Million)
9.1.1.1.1 Germany: Automotive Smart Key Market, By Application
9.1.1.1.2 Germany: Automotive Smart Key Market, By Technology
9.1.1.2 France: Automotive Smart Key Market – Revenue and Forecast to 2028 (US$ Million)
9.1.1.2.1 France: Automotive Smart Key Market, By Application
9.1.1.2.2 France: Automotive Smart Key Market, By Technology
9.1.1.3 Italy: Automotive Smart Key Market – Revenue and Forecast to 2028 (US$ Million)
9.1.1.3.1 Italy: Automotive Smart Key Market, By Application
9.1.1.3.2 Italy: Automotive Smart Key Market, By Technology
9.1.1.4 UK: Automotive Smart Key Market – Revenue and Forecast to 2028 (US$ Million)
9.1.1.4.1 UK: Automotive Smart Key Market, By Application
9.1.1.4.2 UK: Automotive Smart Key Market, By Technology
9.1.1.5 Russia: Automotive Smart Key Market – Revenue and Forecast to 2028 (US$ Million)
9.1.1.5.1 Russia: Automotive Smart Key Market, By Application
9.1.1.5.2 Russia: Automotive Smart Key Market, By Technology
9.1.1.6 Rest of Europe: Automotive Smart Key Market – Revenue and Forecast to 2028 (US$ Million)
9.1.1.6.1 Rest of Europe: Automotive Smart Key Market, By Application
9.1.1.6.2 Rest of Europe: Automotive Smart Key Market, By Technology
10. Europe Automotive Smart Key Market - COVID-19 Impact Analysis
10.1 Overview
11. Industry Landscape
11.1 Overview
11.2 Market Initiative
12. Company Profiles
12.1 ALPHA Corporation
12.1.1 Key Facts
12.1.2 Business Description
12.1.3 Products and Services
12.1.4 Financial Overview
12.1.5 SWOT Analysis
12.1.6 Key Developments
12.2 Continental AG
12.2.1 Key Facts
12.2.2 Business Description
12.2.3 Products and Services
12.2.4 Financial Overview
12.2.5 SWOT Analysis
12.2.6 Key Developments
12.3 Denso Corporation
12.3.1 Key Facts
12.3.2 Business Description
12.3.3 Products and Services
12.3.4 Financial Overview
12.3.5 SWOT Analysis
12.3.6 Key Developments
12.4 Honda Lock Mfg. Co., Ltd.
12.4.1 Key Facts
12.4.2 Business Description
12.4.3 Products and Services
12.4.4 SWOT Analysis
12.4.5 Key Developments
12.5 Hyundai Mobis
12.5.1 Key Facts
12.5.2 Business Description
12.5.3 Products and Services
12.5.4 Financial Overview
12.5.5 SWOT Analysis
12.5.6 Key Developments
12.6 Silca S.p. A.
12.6.1 Key Facts
12.6.2 Business Description
12.6.3 Products and Services
12.6.4 SWOT Analysis
12.6.5 Key Developments
12.7 TOYOTA MOTOR CORPORATION
12.7.1 Key Facts
12.7.2 Business Description
12.7.3 Products and Services
12.7.4 Financial Overview
12.7.5 SWOT Analysis
12.7.6 Key Developments
12.8 Valeo
12.8.1 Key Facts
12.8.2 Business Description
12.8.3 Products and Services
12.8.4 Financial Overview
12.8.5 SWOT Analysis
12.8.6 Key Developments
12.9 HELLA GmbH and Co. KGaA
12.9.1 Key Facts
12.9.2 Business Description
12.9.3 Products and Services
12.9.4 Financial Overview
12.9.5 SWOT Analysis
12.9.6 Key Developments
13. Appendix
13.1 About The Insight Partners
13.2 Word Index
LIST OF TABLES
Table 1. Europe Automotive smart key Market Revenue and Forecast to 2028 (US$ Million)
Table 2. Europe Automotive Smart Key Market, By Country – Revenue and Forecast to 2028 (US$ Million)
Table 3. Germany Automotive Smart Key Market, By Application– Revenue and Forecast to 2028 (US$ Million)
Table 4. Germany Automotive Smart Key Market, By Technology – Revenue and Forecast to 2028 (US$ Million)
Table 5. France Automotive Smart Key Market, By Application– Revenue and Forecast to 2028 (US$ Million)
Table 6. France Automotive Smart Key Market, By Technology – Revenue and Forecast to 2028 (US$ Million)
Table 7. Italy Automotive Smart Key Market, By Application– Revenue and Forecast to 2028 (US$ Million)
Table 8. Italy Automotive Smart Key Market, By Technology – Revenue and Forecast to 2028 (US$ Million)
Table 9. UK Automotive Smart Key Market, By Application– Revenue and Forecast to 2028 (US$ Million)
Table 10. UK Automotive Smart Key Market, By Technology– Revenue and Forecast to 2028 (US$ Million)
Table 11. Russia Automotive Smart Key Market, By Application– Revenue and Forecast to 2028 (US$ Million)
Table 12. Russia Automotive Smart Key Market, By Technology – Revenue and Forecast to 2028 (US$ Million)
Table 13. Rest of Europe Automotive Smart Key Market, By Application– Revenue and Forecast to 2028 (US$ Million)
Table 14. Rest of Europe Automotive Smart Key Market, By Technology – Revenue and Forecast to 2028 (US$ Million)
Table 15. List of Abbreviation
LIST OF FIGURES
Figure 1. Europe Automotive Smart Key Market Segmentation
Figure 2. Europe Automotive Smart Key Market Segmentation – By Country
Figure 3. Europe Automotive Smart Key Market Overview
Figure 4. Europe Automotive Smart Key Market, By Application
Figure 5. Europe Automotive Smart Key Market, By Technology
Figure 6. Europe Automotive Smart Key Market, By Country
Figure 7. Europe PEST Analysis
Figure 8. Automotive Smart Key Market- Ecosystem Analysis
Figure 9. Europe Automotive Smart Key Market Impact Analysis of Drivers and Restraints
Figure 10. Europe Automotive smart key Market Revenue Forecast and Analysis (US$ Million)
Figure 11. Europe Automotive Smart Key Market Revenue Share, by Product Type (2020 and 2028)
Figure 12. Europe Single Function: Automotive Smart Key Market – Revenue and Forecast to 2028 (USD Million)
Figure 13. Europe Multi-Function: Automotive Smart Key Market – Revenue and Forecast to 2028 (USD Million)
Figure 14. Europe Automotive Smart Key Market Revenue Share, by Technology (2020 and 2028)
Figure 15. Europe Remote Keyless Entry: Automotive Smart Key Market – Revenue and Forecast to 2028 (USD Million)
Figure 16. Passive Keyless Entry: Automotive Smart Key Market – Revenue and Forecast to 2028 (USD Million)
Figure 17. Europe: Automotive Smart Key Market, By Key Country- Revenue 2020 (US$ Million)
Figure 18. Europe: Automotive Smart Key Market Revenue Share, By Key Country (2020 and 2028)
Figure 19. Germany: Automotive Smart Key Market – Revenue and Forecast to 2028 (US$ Million)
Figure 20. France: Automotive Smart Key Market – Revenue and Forecast to 2028 (US$ Million)
Figure 21. Italy: Automotive Smart Key Market – Revenue and Forecast to 2028 (US$ Million)
Figure 22. UK: Automotive Smart Key Market – Revenue and Forecast to 2028 (US$ Million)
Figure 23. Russia: Automotive Smart Key Market – Revenue and Forecast to 2028 (US$ Million)
Figure 24. Rest of Europe: Automotive Smart Key Market – Revenue and Forecast to 2028 (US$ Million)
Figure 25. Impact of Covid-19 Pandemic in Europe Country Markets
- 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
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