Market Trends of Asia-Pacific Automotive Smart Key Industry
This section covers the major market trends shaping the APAC Automotive Smart Key Market according to our research experts:
Passive Keyless Entry Segment to Experience Highest Growth
Currently, the passive keyless entry (PKE) is experiencing high growth and it is expected to continue its dominance during the forecast period. The growing demand in PKE is mainly due to its automated technology when the user or driver is nearby to the vehicle. Majority ok PKE devices can be operated while stored in the user's pocket or bag, unlike a standard remote keyless entry (RKE) device, which requires the user to hold the device and push a button to lock or unlock the vehicle.
Many automobile company manufacturers are focusing on the PKE devices to provide comfort to the customer, which is generating demand to the market. For instance,
- In March 2019, Xiaopeng Motors, a Chinese electric vehicle manufacturer have selected G+D Mobile Security for their smart digital car key solution. It allows the drivers to receive and share their digital car keys via their Xiaomi smartphone and mobile network.
Additionally, some smart keys of vehicles such as BMW, Range Rover and Mercedes-Benz have the ability to store user preferences such as seat positions, steering wheel position, mirror settings, climate control temperature settings, and stereo preferences which can be automatically adjusted by pressing a single button. For instance,
- In January 2020, Range Rover had launched its Second Generation Range Rover Evoque in New Delhi, India. It includes all the latest features such as Activity Key, which is a fully waterproof wristband and can perform all the activities like locking and unlocking the door with a single touch.
Similarly, many automobile companies have introduced smart phone key technology to eliminate the use of traditional keys. Thus, the increasing focus on the advancements of PKE segment shall lead to its highest growth.
China to Dominate the Market
The OEMs in China are dominating the market currently. The growth is mainly attributed as there is presence of many OEMS in this region such as Fiat Chrysler Automobiles, FAW Group, and Cadillac. Also, the demand for smart keys is the China is rapidly growing, as many customers are opting for latest technology advancements. For instance,
- In September 2019, Xpeng Motors had become the first smart car equipped with Alibaba In-Car Mini APP. It includes real-time vehicle-to-app interaction with digital smart key. Also, it includes AI-powered vision and voice interaction and individual user setting, which enables the seat, mirrors, steering wheel and even audio preferences to be automatically adjusted.
The demand for smart keys in the China is growing rapidly, as various Chinese and companies are launching vehicles with keyless entry features, which shall lead to a growth of the automotive smart key market in China. For instance,
- In November 2018, FAW Group, a Chinese state-owned automotive manufacturing company, had launched Hongqi R Flag model with latest technology developments such as intelligent mobility and advanced environment-friendly.
The increasing demand for smart keys with advanced technology in this region is likely to propel the smart key market in the years to come.
