Europe Automotive Smart Keys Market - Forecasts and Trends (2015 - 2020)
The Europe Smart Key market is projected to reach $5.6 billion by the end of 2020 with a CAGR of 23%. Smart keys are an integral computerised system that uses chips and sensors to open door and start the engine of the vehicle without the use of physical keys. Smart Keys is often confused with the Keyless Go, a term for an automotive technology, which allows a driver to lock and unlock a vehicle without using the corresponding Smart Key buttons. A driver enters a vehicle with an equipped Keyless Go SmartKey or Keyless Go wallet size card, with the ability to start and stop the engine, without inserting the SmartKey. A transponder built within the Smart Key allows the vehicle to identify the driver. An additional safety feature is integrated into the vehicle, makes it impossible to lock a SmartKey with Keyless Go inside a vehicle. After a few years on the market, the luxury car OEMs have imitated the technology, along with some economy brands. With the automotive market in Europe reviving its state of situation to the pre-recession levels, the market for Automotive Smart Keys is expected to receive significant tractions in the region. The critical driver of the market in smart key system of a vehicle is the convenience 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 it in the pocket or bag without requiring to reach and dig around before getting into vehicle. There has been several research, development and innovations in the smart key technology with respect to the advancement in these systems. The UK motor insurance research expert introduced a standard for keyless entry, requiring the device to be inoperable at a distance of more than 10 cm from the vehicle. Nissan Micra system has been effective in becoming the secured system in this regard, while certain BMW and Mercedes keys have failed, theoretically due to the capability of allowing cars to be driven away while their owners were refuelling few meters away. Despite these security vulnerabilities, theft rates have decreased significantly by 7 -15 percent during the last 5-6 years, and the National Insurance Crime Bureau credits smart keys to a significant level for this decrease. Thereby, the demand for automotive smart keys as an automotive safety technology would capture significant demand in the forecast period in Europe. Among the application type, the market for multi-functional smart keys is expected to gain major traction in the market by 2020 with a share of more than 45% in the region. Among the components, the radio frequency for receiver block in smart key system would grow at the highest rate during the forecast period. Among technology type, Infrared sensor technology would have the highest CAGR by 2020. The market is significantly competitive with some of other major vendors like Valeo, Daedong, Silca, ALPHA, Denso, Guangzhou Guangpai, Hyundai Mobis, ZF-TRW, and others. WHAT THE REPORT OFFERS Market Definition along with identification of key drivers and restraints for the market. Market analysis with country specific assessments and competition analysis in the Europe Automotive Smart key of Cars market. Identification of factors instrumental in changing the market scenarios, rising prospective opportunities and identification of key companies, which can influence the market on the regional scale and at the country level. Extensively researched competitive landscape section with profiles of major companies along with their strategic initiatives and market shares. Identification and analysis of the Macro and Micro factors that affect the industry on both at the regional level and at the country level.