According to the report, the global automotive OEM key market is projected to reach US$ 280 Mn by 2030, expanding at a CAGR of ~2% during the forecast period. Rise in the purchasing power of the global population has fueled the sales of vehicles, thus boosting automobile production activities. This increase in automobile production has subsequently propelled the demand for automotive key solutions from automakers, thereby driving the automotive OEM key market across the globe.
On-going changes in the automotive sector, along with growing popularity of autonomous vehicles and shared mobility services, have transformed the traditional approach of vehicle security solutions from physical keys to virtual keys, which are stored in the smart devices of vehicle owners. This is negatively impacting the automotive OEM key market.
Expansion of Automotive OEM Key Market
Advancements in microelectronics and connectivity technologies are leading to the development of vehicle keys with advanced security features, such as biometric scanning, which are capable of performing multiple functions. For instance, in August 2020, KIA Corporation announced that its new Sorento vehicle model would be equipped with the remote smart parking assist feature that can be controlled through the key fob. Such keys enhance the customer experience and hence, they are expected to propel the global automotive OEM key market in the near future.
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Based on technology, the remote keyless entry system segment held a dominant share of the global automotive OEM key market in 2019. It is anticipated to expand at a notable CAGR during the forecast period, owing to their high ease of operation. The remote keyless entry system enables the consumer to open the doors and start the vehicle without inserting the key, thus creating convenience in operation, which has contributed towards its popularity.
In terms of key material, the carbon fiber segment led the global automotive OEM key market in 2019. It is expected to maintain its dominance during the forecast period. Keys made from carbon fiber are light in weight and have high strength, which make them highly convenient for handling and carrying. These benefits of carbon fiber material is propelling its share of the global automotive OEM key market.
Regional Analysis of Automotive OEM Key Market
In terms of region, the global automotive OEM key market has been segregated into North America, Europe, Asia Pacific, Middle East & Africa, and Latin America. Asia Pacific dominated the global automotive OEM key market in 2019. Rise in per capita income of the population coupled with rapid industrialization in the region has inflated the demand for passenger as well as commercial vehicles. This high demand, along with lucrative government policies and inexpensive labor has attracted numerous automakers to establish their production facilities in Asia Pacific. This growing presence of major automakers has boosted the sales and production of vehicles in Asia Pacific, thus fueling the automotive OEM key market in the region.
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Automotive OEM Key Market Players
Prominent players operating in the global automotive OEM key market include Altuna Group, Chiavit (Tornado Group), Continental AG, Credit Card Keys, dormakaba Holding, Garin System Co. Ltd, Hangzhou Zhengdian Technology Co., Ltd., Heights Security, Inc., LOCKMASTERS INCORPORATED, Mitsubishi Electric Corporation, One-Tool Co., Limited, QINGDAO EVERISE INT’L CO., LTD., Qinuo Electronics Co., Ltd., Runking Technology Co., Ltd, Sakthi Industries, Spark Minda, STRATTEC SECURITY CORPORATION, and TSNEW TECHNOLOGY CO., LIMITED.
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