Global Automotive Key Blanks demand is anticipated to be valued at US$ 5.3 Billion in 2022, forecast to grow at a CAGR of 5.2% to be valued at US$ 8.8 Billion from 2022 to 2032.
Key blanks are keys that have not been shaped into a particular look or bit. Automotive key blanks, as the name implies, are key blanks that are specifically used in automobiles. Due to the required properties, automotive key blanks are more commonly made of brass and nickel silver material.
Automotive key blanks are typically imprinted with the logos of automotive brands such as Honda, Suzuki, BMW, Audi, and Hyundai, among others. One of the primary factors driving global demand for automotive key blanks is the rapidly expanding automotive industry. This, in turn, is expected to have a significant impact on the global automotive key blanks market.
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Which are Some Prominent Drivers Spearheading Automotive Key Blanks Market Growth?
The automotive key blanks market is inextricably linked to vehicle production and sales. The rise in automotive production will have a direct impact on OEM sales in the automotive key blanks market. Similarly, rising automotive sales and, as a result, rising on-road vehicle fleets are expected to contribute significantly to the global automotive key blanks aftermarket sales channel. The replacement rate of automotive key blanks is quite appealing due to general mishandling of vehicle keys by customers.
This, in turn, may have a positive impact on the aftermarket sales channel, which will contribute to the global automotive key blanks market during the forecast period. The growing demand for central locking systems, also known as power door locks or electric door locks is driving up the demand for plastic or metal head automotive key blanks. This is a continuing trend that is gaining traction in the global automotive key blanks market.
What are the Challenges Faced by the Automotive Key Blanks Industry?
One of the major factors restraining the growth of the global automotive key blanks market during the forecast period is the increasing demand for and sales of push button type ignition switch systems, which do not require key blanks.
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Why is Asia-Pacific emerging as an Opportunistic Automotive Key Blanks Market?
Asia Pacific is expected to be a prominent market for automotive key blanks sales during the forecast period owing to rapid industrialization in this region. The region is forecast to surge at over at a significant CAGR from 2022 to 2032.
Increasing the purchasing power of future middle-class populations. Furthermore, the growing global population, particularly the working population, will create new opportunities for the global automotive industry as well as the automotive key blanks market over the forecast period. The economies of China and Japan are expected to dominate the global automotive key blanks market in the current market scenario due to large scale automotive production and sales.
How is Europe Contributing to Growth of the Automotive Key Blanks Market?
According to Future Market Insights, The market in Europe is expected to grow significantly due to several macroeconomic factors such as the automotive industry’s strong outlook, growth in electric vehicle production, IOT in the automotive industry, and consumer interest in new products.
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Market Competition
Some of the key participants present in the global Automotive Key Blanks market include Kaba Ilco Corp., Goto Manufacturing Co. Ltd., Jet Hardware Manufacturing, Brockhage Corporation, Hudson Lock and Altuna Group USA Inc. among others.
Attributed to the presence of such high number of participants, the market is highly competitive.
Key Segments Profiled in the Automotive Key Blanks Industry Survey
Product Type:
- Plastic and Metal Head Automotive Key Blanks
- Transponder Technology Automotive Key Blanks
Material Type:
- Brass Automotive Key Blanks
- Nickel Automotive Key Blanks
- Others Automotive Key Blanks
Vehicle Type:
- Passenger Vehicle
- Light Commercial Vehicle
- Heavy Commercial Vehicle
Sales Channel:
- OEM
- Aftermarket
Region:
- North America
- Latin America
- Western Europe
- Eastern Europe
- APEJ
- Japan
- Middle East & Africa
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