LONDON, Feb. 18, 2016 /PRNewswire/ -- The market for Smart Key in USA is projected to reach $7.5 billion by the end of 2020 with a CAGR of 28%. Smart Keys were a critical feature only in the luxury vehicles. However, increased safety norms are expected to spike the market for these systems in low-end vehicles as well. With the change in vehicle owner expectations for their vehicles to perform tasks that would involve a minor physical or mental effort on their part, the remote "key" has become a mainstay of the vehicle model design. The driver is not required to insert a metal key into the tumbler. Smart Key requires to press a button on a wireless transmitter to perform this arduous chore of locking or unlocking the vehicle doors. In addition, push-button ignition switches have also become common, eliminating the requirement to rotate the mechanical key in an ignition switch cylinder.
The OEMs have been on a binge of offering advanced features relative to the unlocking/locking of doors, control of windows, moon roofs, mirrors, seat adjustment, radio pre-sets, and remote engine starting via key fobs that are carried by the driver. A transponder in the smart key features a small chip inside the key head that sends a signal to the signal amplifier and in turn to the ECU, which then disengages the immobilizer system and allows engine to start. The proximity fob, needs to be in the range of the system in order for the system to allow the engine to start via a push button ignition switch. The convenience that these systems provide, helps to significantly drive the growth of the market. However, the OEMs in the USA were a little reluctant to adopt the technology with regards to the extent of safety these systems provide.
The vehicles equipped with smart keys were found out to be highly vulnerable to be hacked, allowing thieves to steal a car easily. The research from the Swiss Federal Institute of Technology found that the smart key fobs, especially present in a luxury vehicles, are highly susceptible to hacking. The feature allows a driver to unlock doors and start a vehicle without touching the fob. Using radio signals, the fob and vehicle sends encrypted signals to each other over short distances, which were vulnerable. With wired and wireless connections between their antennas, the team was able to unlock and start ten different vehicles even when the distance was eight meters away from the key fob holder. Since the keyless entry systems use the same basic design, the hack can work on millions of vehicles. The car fails to get any signals or alarms, since the signal received is not false.
Among the application type, the market for smart keys for multifunctioning is expected to gain major traction in the market by 2020 with a share of more than 58% in the region. Among technology type, Infrared sensor technology would have the highest CAGR till 2020. The market is significantly competitive with some of other major vendors like Valeo, Daedong, Silca, ALPHA, Denso, Shanghai Kaigao, Hyundai Mobis, ZF-TRW, and others. The market has been segmented by application (single function and multi-function), by technology (transmitter, capacitive sensors and IR sensors), by installation (OEM and aftermarket).
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 USA 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 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.
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