The intelligent key system is an electronic smart key that allows remote locking and unlocking of the vehicle. The intelligent key system activates the ignition and disengages the vehicle immobilizer without the insertion of the key in the ignition.
Surge in trends of electrification of vehicle systems is driving the intelligent key system market. Rising demand for comfort, such as saving of time to unlock the vehicle and easy entry without the hassle to turn the key, among consumers is driving the demand for the intelligent key system. Increasing demand for vehicle safety is boosting the intelligent key system market. The intelligent key system includes a code for the lock with the original key provided by the manufacturer, which is difficult to override and hence, reduces the chances of theft. A few intelligent key systems, such as Toyota’s smart key, unlock the vehicle as the driver approaches the vehicle without having to press the button to unlock. Such intelligent key systems prove effective when loading cargo and hence, are being increasingly adopted.
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The global intelligent key system market can be classified based on application, technology, sales channel, vehicle, and region. Based on application, the intelligent key system can be classified into single function-based and multifunction-based intelligent key systems. The multifunction smart-key is the new prototype car key provided by BMW. The intelligent key enables the driver to make a payment for road toll. Currently, the market comprises the single function-based segment; however, on-going research is expected to boost the adoption of the multifunction-based intelligent key among consumers.
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Based on technology, the global intelligent key system market can be divided into capacitive sensor technology, automotive remote transmitter technology, infra-red sensor technology, and others. The automotive remote transmitter technology has been widely adopted, which requires the driver to hold & press the button on the device for remote keyless entry. The capacitive sensor technology enables the driver to unlock the vehicle even when the device is in his pocket. The capacitive sensor technology segment is estimated to expand at a high growth rate owing to its rising adoption in premium vehicles.
In terms of vehicle type, the intelligent key system market can be split into passenger vehicle, light commercial vehicle, and heavy commercial vehicle. The passenger vehicle segment accounted for a notable share of the market, due to the high penetration of remote key among consumers.