Automotive Smart Key Fob: Worldwide Market Outlook, 2022

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Dublin, Dec. 06, 2018 (GLOBE NEWSWIRE) -- The report has been added to offering. One trend in the market is growing penetration rate of advanced functionalities in entry-segment cars. The global automotive industry is witnessing varied market dynamics in different geographic regions. Socioeconomic conditions, infrastructure, employment opportunities, and road networks define consumers' changing expectations and requirements in the global automotive market, particularly for the entry-segment passenger cars.According to the report, one driver in the market is safety and convenience associated with advanced vehicle access solutions. The automotive smart key fob market is growing in line with increasing sales volume of automobiles owing to its high penetration rate in automobiles, particularly passenger vehicles. The prominent automakers are equipping their vehicles with advanced key systems, which is driving the smart key fob market, owing to the benefits associated with the automotive smart key fob.

Further, the report states that one challenge in the market is smart key fobs are expensive and costly to replace. The global automotive smart key fob market is driven by numerous market enablers. However, there are certain challenges to the growth of the market. The cost of the development of smart key fobs is high, which adds to the overall cost of the vehicle, owing to the use of many electronic components in smart key fobs.

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Related Topics: Telematics and Vehicle Electronics

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Globe Newswire: 11:11 GMT Thursday 6th December 2018

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