LONDON, March 1, 2016 /PRNewswire/ -- The market for UK Smart Key market is projected to reach $1.1 billion by the end of 2020 with a CAGR of 23%.The greater recovery of the automotive market in the country from the economic recession of 2012 has significantly helped to improve the automotive industry scenario in Europe. The automotive industry in UK has significantly benefited from significant investments by many of the world's major vehicle manufacturers including BMW Group, Ford, Vauxhall, Jaguar Land Rover, Nissan and Toyota. The growth in the automotive industry in the country would significantly impact the growth of the passenger luxury vehicle segment and thereby the automotive smart key market in the country. Huge proportion of automotive components produced in the country are exported to more than 100 countries, which also provides a significant scope of growth in the former market.
Availability of smart key systems has increased significantly with the increase in the availability of smart start and smart entry systems in different splits. Technological advancements in these systems helped to increase the fitment rates of such system to more than 20% on all new passenger cars in the last 3 years. Smart keys, apart from providing intelligent vehicle entry solutions are also enabled to start the vehicle's engine by just simply pressing the ignition button, located next to the steering column. Smart keys, has also the ability to store individual user settings which enables the seat, mirrors, steering wheel and even audio preferences to be automatically adjusted by pressing a single button (like that in BMW). Some models for Ford have settings, which can also prevent the vehicle from exceeding a speed when a certain key is used to start it. The advancement in automotive technology and the degree of research and development in automotive technology would help to significantly drive the market for smart keys in UK. Denso's 'passive key' technology detects the low-power signal emitted from the vehicle as the driver approaches where the key automatically responds to the vehicle by emitting a key code. The receiver receives the key code and sends to the entry electronic control unit (ECU) of the vehicle. The ECU confirms the key code and when the driver touches the door handle, the ECU unlocks the doors. Similarly to start the vehicle engine, the driver pushes the ignition button. The start ECU allows the engine to start only when the key code is again confirmed.
Among the application, type the market for smart keys for multi-functional is expected to gain major traction in the market by 2020 with a share of more than 67% in the region. Among the technology, the infrared sensor technology in smart key system would grow at the highest rate. Among customer segments, the market for aftermarket in the smart key systems in the country would have highest CAGR by 2020. The market is significantly competitive with some of other major vendors like Valeo, Denso, 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 UK 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 in the market.
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