The global car security system market growth is projected to reach a valuation of US$ 11.1 Billion in 2021. Surging demand for high passenger vehicles in the automotive industry is expected to bolster sales of car security system at 11.8% CAGR. As per Future Market Insights (FMI), the market valuation will reach US$ 33.8 Billion in 2031.
Key Takeaways:
- By vehicle type, passenger cars segment is projected to account for more than four-fifth of the total car security system market share in 2031
- The Europe is anticipated to hold a more than one fourth of the global car security system market in 2021
- Demand in Italy will continue supporting sales in the Europe car security system market
- The U.S. is projected to account for nearly three-fourth of sales in North America
According to Future Market Insights, the market for automotive security systems would be worth US$33.8 billion by 2031. By 2020, sales of auto security systems would account for about 5% of all vehicle electronics.
The following product categories have emerged on the market: passive keyless entry, central locking, alarm, and immobiliser. The four technology divisions are face detection systems, real-time location systems, and global positioning systems. The Asia-Pacific market for car security systems is anticipated to be driven by increasing vehicle production and enhanced safety features. According to projections, the region will dominate the market’s value in 2016. The second-largest market is thought to be in North America.
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The report’s investigation incorporated a wide range of secondary sources, including paid databases and directories. In order to have a more comprehensive understanding of the market for vehicle security systems, suppliers and experts from related industries have been engaged. The market’s size was determined using a bottom-up method that considered national production data for each type of vehicle (passenger cars, commercial vehicles, and off-highway vehicles).
In order to evaluate the size of the market and the volume of car security systems offered nationally, the typical number of car security systems installed in each type of vehicle has been determined. The size of the national market for each type of vehicle is then multiplied by the national average. For each application, the essential auto security systems at aftermarket prices (AOP). The value-based market size for each country is as a consequence calculated. The standard rural market was described. The global market for vehicle security systems consists of the regional market and a more thorough examination of the regional market.
Sales in the automobile sector are anticipated to increase over the coming years, particularly for electric vehicles. The desire for high-end automotive electronics to increase vehicle security and safety is expected to increase sales of car security systems. The market for car security systems is expanding as premium cars become more and more well-liked.
China is anticipated to dominate the East Asian market for automobile security systems, according to the regional research done by FMI. Both the significant presence of significant automobile manufacturers and the quick increase in passenger vehicle production in China are to blame for the expansion that has been observed.
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“Increasing incidence of car theft is encouraging automakers to develop better security features. To offer greater safety against car theft, incorporation of telematics has emerged as a key solution. Besides this, focus on innovations will continue rising as market players aim for competitive advantage,” says the FMI analyst.
Competitive Landscape
Future Market Insights states that Continental AG, Valeo, Hella, Robert Bosch, and Tokai Rika are the leading market players operating in the car security system market. Top car manufacturers are looking to provide new end to end solutions and products while keeping the aftermarket confined to their authorized dealers.
For instance, continental AG is developing ultra-wideband (UWB) radio technology as a part of vehicle access solution in the car connectivity Speak to
consortium (CCC). The new system is aimed to provide hand free operating system and elevate the anti-theft protection.
Market players are also looking to ride the bandwagon of growing adoption of telematics. For instance, ORBCOMM recently developed the next-gen ORBCOMM Platform which allows customers to track, monitor and control all their vehicles in one place – on the road, rail and at sea. For this groundbreaking innovation, ORBCOMM won 2021 Internet of Things (IoT) breakthrough award for M2M Vehicle Telematics Company of the Year.
Car Security Systems Markey by Category :
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
- East Asia
- South Asia & Pacific
- Middle East & Africa
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Future Market Insights (ESOMAR certified market research organization and a member of Greater New York Chamber of Commerce) provides in-depth insights into governing factors elevating the demand in the market. It discloses opportunities that will favor the market growth in various segments on the basis of Source, Application, Sales Channel and End Use over the next 10-years.
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