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
By 2031, the market for automobile security systems would be valued US$33.8 billion, according to Future Market Insights. Auto security system sales would make up around 5% of total vehicle electronics by 2020.
The market has developed the following product categories: remote keyless entry, passive keyless entry, central locking system, alarm, and immobiliser. Face detection systems, real-time location systems, and global positioning systems make up the four technology divisions. Rising vehicle production and improved safety features are expected to drive the Asia-Pacific market for auto security systems. Forecasts indicated that the area will control the market’s value in 2016. North America is estimated to have the second-largest market.
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Numerous secondary sources, including paid databases and directories, were used in the report’s study. Suppliers and specialists from relevant industries have been consulted in order to have a deeper grasp of the market for vehicle security systems. A bottom-up approach was used to calculate the market’s size, taking into account national production data for each category of vehicle (passenger cars, commercial vehicles, and off-highway vehicles).
The typical number of car security systems installed in each vehicle type has been determined in order to assess the market size and volume of car security systems provided nationally. The national average is then multiplied by the size of the national market for each type of vehicle. The necessary car security systems at aftermarket prices (AOP) for each application. As a result, the value-based market size for each nation is determined. the typical country market was explained The regional market and a more detailed analysis of the regional market make up the worldwide market for vehicle security systems.
In the following years, the automotive industry’s sales are expected to grow, especially for electric vehicles. It is projected that sales of car security systems would rise in response to the rising demand for high-end automotive electronics for improved vehicle security and safety. The market for automobile security systems is also growing as a result of the rising popularity of luxury vehicles.
According to the regional analysis conducted by FMI, China is expected to dominate the East Asian market for automotive security systems. The expansion that has been seen is a result of both the large presence of major automotive companies and the sharp rise in passenger vehicle manufacturing in China.
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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
About Us
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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