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.
According to Future Market Insights, the market for automotive security systems would be worth US$33.8 billion by 2031. By 2020, the market for automobile security systems would account for roughly 5% of all automotive electronics.
The following product categories have been used to categorise the market: central locking system, immobiliser, alarm, remote keyless entry, and passive keyless entry. It has been divided into four technological categories: face detection system, real-time location system, and global positioning system. The vehicle security system market in Asia-Pacific is anticipated to be driven by improved safety features and rising vehicle manufacturing. According to predictions, the area would dominate the market in terms of value in 2016. The second-largest market is thought to be in North America.
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In the report’s research approach, a variety of secondary sources—including paid databases and directories—have been utilised. To better understand the market for vehicle security systems, experts from related fields and suppliers have been consulted. The market size was estimated using a bottom-up methodology that took into consideration country-level statistics on the production of each type of vehicle (passenger car, commercial vehicle, and off-highway vehicle).
To determine the volume of vehicle security systems sold at the national level and calculate the market size, the average number of vehicle security systems installed in each vehicle category has been determined. The volume of the country-level market for each type of vehicle is then multiplied by the national average. For each application, the required vehicle security systems, at OE pricing (AOP). This has the effect of determining the value-based market size per country. summarising the average country-wise market provides the The global market for vehicle security systems is provided by the regional market and a further summary of the regional market.
Sales in the automobile industry are anticipated to soar in the upcoming years, particularly for electric vehicles. Sales of automobile security systems are anticipated to increase in response to the growing demand for sophisticated automotive electronics for increased vehicle security and safety. In addition, the market for automotive security systems is expanding because to the increased demand for luxury cars.
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China is predicted to dominate the East Asian market for car security systems, according to FMI’s regional study. The significant presence of major automotive firms and the rapid increase in passenger vehicle production in China are both responsible for the growth that has been observed.
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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