Market Size of Europe Automotive Smart Keys Industry
| Study Period | 2019 - 2029 |
| Base Year For Estimation | 2023 |
| Forecast Data Period | 2024 - 2029 |
| Historical Data Period | 2019 - 2022 |
| CAGR | > 15.00 % |
| Market Concentration | Medium |
Major Players
*Disclaimer: Major Players sorted in no particular order |
Need a report that reflects how COVID-19 has impacted this market and its growth?
Europe Automotive Smart Key Market Analysis
The Europe automotive smart keys market is expected to register a CAGR of over 15%, during the forecast period (2020 - 2025).
- Smart keys are an integrated computerized system that uses chips and sensors to open the doors and start the engine of the vehicle without the use of physical keys. Smart keys are often confused with Keyless Go, a term for an automotive technology that allows the driver to lock and unlock a vehicle without using the corresponding smart key buttons.
- A critical driver of the market in smart key systems is the convenience that the smart key provides. The keys need not be kept in the hand to enjoy the features, and people enjoy the fact that the keys can be kept in the pocket or bag without requiring to reach around before getting into the vehicle.
- The OEMs are adopting lightweight and eco-friendly materials for the manufacturing of the inside chip and buttons for smart keys. Thus, the usage of lightweight materials for developing the components of developing compact and attractive smart keys shall provide growth opportunities for the market in the coming years.
