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Automotive Key Market: Technological Advancements and Move Towards Digital World Driving Revenue Growth

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The automotive key is a used to operate the vehicle. It is an important component of the vehicle. It is used to lock and unlock the vehicle, kick start or ignite the engine, and carry out a few operations. Automotive keys are used to provide security to the vehicles. The automotive key has evolved significantly since its inception. It has become more reliable, effective, lightweight, smart, and handy. Currently, keys have become intelligent and can operate the vehicle without coming in contact with the vehicle. Changing preferences and increasing electrification of the vehicle driving the automotive key market.

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Increase in demand for automobiles is propelling the requirement for automotive keys. Furthermore, rising demand for enhanced vehicle security and effective safety have led to the development of keys that are durable, reliable, and lightweight. This, in turn, is expected to drive the global automotive key market during the forecast period. Technological enhancements and Changing trends in the market have boosted the demand for the market.

Changing preferences of customers about safety and security of vehicles is expected to boost the demand for automotive keys during the forecast period. Increase in demand for highly advanced and technologically improved vehicles is among the major factors for increasing the demand of the automotive key . Moreover, increase in demand for electronically/remotely operated components incorporated in secure vehicles is a key factor driving the automotive key market. This, in turn, is projected to offer lucrative opportunities to the market. Expansion of the automotive component industry is a major driver of the automotive key market.

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The global automotive key market can be segmented based on material, type, vehicle type, sales channel, and region. In terms of material, the market can be bifurcated into metal, alloys, carbon fiber, plastic, and others. Based on type, the automotive key market can be divided into traditional key, jackknife/switchblade key, transponder key, Vat key, master key, and smart key. Based on vehicle type, the automotive key market can classified into two wheelers, passenger vehicle, light commercial vehicle, and heavy commercial vehicle.

The passenger vehicle segment can be further bifurcated into hatchback, sedan, SUV/MUV, and others. In terms of sales channel, the market can be split into original equipment manufacturer (OEM) and aftermarket. The OEM segment is expected to hold a major share of the automotive key market during the forecast period. The aftersales segment held a notable share of the market, as the key requires replacement several times. Based on region, the global automotive key market can be split into Asia Pacific, Middle East & Africa, Europe, Latin America, and North America. Asia Pacific is projected to account for a major share of the market, as the region has presence of major producers of vehicles in the world.

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