The global car security system market 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.
Future Market Insights has forecast the global car security system sales to reach a valuation of US$ 33.8 Billion by 2031. As of 2020, car security system market comprised nearly 5% of overall automotive electronics market.
The market has been classified by product type as follows: alarm, immobilizer, remote keyless entry, passive keyless entry, and central locking system. It has been segmented by technology into global positioning system, global system for mobile communication, face detection system, and real-time location system. Enhanced safety features and the increasing production of vehicles are expected to drive the vehicle security system market in Asia-Pacific. The region is estimated to lead the market, in terms of value, in 2016. The North American region is estimated to be the second-largest market for vehicle security systems, owing to the growing trend of installing safety features in vehicles.
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The research methodology used in the report involves various secondary sources, including paid data base and directories. Experts from related industries and suppliers have been interviewed to understand the future trends of the vehicle security system market. The bottom-up approach has been used to estimate the market size, wherein country-wise vehicle production statistics have been taken into account for each vehicle type (passenger car, commercial vehicle, and off-highway vehicle).
The average number of vehicle security systems that are incorporated in each vehicle category has been identified and multiplied by vehicle production numbers to obtain the country-level vehicle security system volume to arrive at the market size. This country-wise market size, in terms of volume, for each vehicle type is then multiplied with the country-wise average OE price (AOP) of vehicle security systems required for each application. This results in the country-wise market size, in terms of value. The summation of the country-wise market provides the regional market and further summation of the regional market provides the global vehicle security system market.
The automotive industry is expected to grow rapidly in the coming years with sales expected to skyrocket especially in electric vehicle space. Growing demand for advanced automotive electronics for improved car security and safety is expected to push the sales of car security systems. Besides this, the rising demand for luxury vehicles is propelling the car security system market growth.
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As per FMI’s regional analysis, China is anticipated to dominate the East Asia car security system market. Growth registered in China can be attributed to the strong presence of key automotive players, along with exponential rise in the production of passenger vehicles.
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
“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.
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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
About Future Market Insights (FMI)
Future Market Insights, Inc. (ESOMAR certified, Stevie Award – recipient 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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