The global car security system market is projected to reach USD 13.5 billion in 2023 and is expected to grow to USD 40 billion by 2033, with a robust compound annual growth rate (CAGR) of 11.4% over the forecast period.
This growth is driven by the implementation of stringent vehicle security regulations and the continuous advancement of both passive and active safety and security technologies. Recent technological innovations have greatly enhanced the car security system market.
The proliferation of high-speed internet and the increased use of global positioning systems (GPS) and other connectivity solutions are also contributing to market expansion. These technologies offer consumers advanced security features, supporting the growth of the market. As the automotive sector undergoes a significant transformation with the digitization of in-car systems for automation, connectivity, and shared mobility, the demand for sophisticated car security systems is on the rise.
The prevalence of outdated and basic security systems in budget and entry-level vehicles has led to a rise in keyless theft incidents. In response, manufacturers are integrating advanced security modules into both low-end and high-end vehicles to combat this issue.
A notable example occurred in July 2019 when the German General Automobile Club (ADAC) tested 237 vehicles with keyless entry, discovering that nearly 230 were highly vulnerable to break-ins using inexpensive electronic devices known as relay boxes.
The surge in car theft cases, particularly those involving cyber threats and hacking, is driving an increased demand for state-of-the-art car security technologies. This trend is expected to significantly propel market growth in the coming years.
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Key Takeaways
- Italy’s car security system industry is projected to expand with a CAGR of 11.3% during the forecast period.
- The demand for car security systems in the United States is expected to capture a CAGR of 11.1% from 2023 to 2033.
- By vehicle type, the passenger car segment is projected to secure a CAGR of 14.2% during the forecast period.
- India is expected to expand with an impressive CAGR of 11.7% throughout the forecast period.
Competitive Landscape
The market for car security systems is highly competitive, with numerous prominent industry players making substantial investments in increasing their manufacturing capabilities
The key industry players in the market include Continental AG, Robert Bosch GmbH, HELLA GmbH & Co. Stoneridge Inc., Mitsubishi Electric Corporation, Huf Hülsbeck & Fürst GmbH & Co. KG, Valeo S.A., KGaA, Aptiv plc, Denso Corporation, Tokai Rika Co., Ltd., ALPHA Corporation, Marquardt GmbH, I Car Srl, Directed Inc., ALPS ALPINE CO. LTD, Atech Automotive (Wuhu) Co., Ltd.
Some Recent Developments in the Car Security System Market
- In July 2021, ZF unveiled the ZF ProAI supercomputer at IAA 2021 in Germany. This advanced system combines control units, software, sensors, and actuators to enable software-defined vehicles. It provides customized computing power for vehicles at any level of automation and incorporates cutting-edge security features to counter cyber threats.
- In March 2021, Hella inaugurated a new software and electronics development center in Craiova, Romania. This facility aims to support company expansion and conduct product testing.
- In February 2021, Bosch Mobility Solutions and Microsoft joined forces to develop a “software-defined vehicle” featuring enhanced digitalization, connectivity, automation, and advanced cybersecurity.
- In January 2021, Alps Alpine collaborated with Qualcomm Technologies Inc. to create an advanced in-vehicle camera positioning system, enhancing vehicle security and surveillance capabilities.
Comprehensive Market Insights: Full Report Overview
Key Segmentations
By Product Type:
- Central Locking System
- Car Alarm
- Immobilizer
- Remote Keyless Entry
- Others
By Vehicle Type:
- Passenger Car
- Compact
- Mid-Size
- Luxury
- SUV
- Light Commercial Vehicle
By Sales Channel:
- OEM
- Aftermarket
By Region:
- North America
- Latin America
- Europe
- Asia Pacific
- The Middle East and Africa
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