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, sales of auto security systems would account for about 5% of all vehicle electronics.
The following product categories have been established for the market: passive keyless entry, remote keyless entry, alarm, immobiliser, and central locking system. The four technology divisions are face detection systems, real-time location systems, and global positioning systems. The Asia-Pacific market for vehicle security systems is anticipated to be driven by enhanced safety features and rising vehicle production. Forecasts indicated that the region 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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The report’s research technique employed a number of secondary sources, including commercial databases and directories. To have a better understanding of the market for vehicle security systems, suppliers and experts from related industries have been consulted. The market’s size was determined using a bottom-up methodology that took into account national production data for each type of vehicle (passenger cars, commercial vehicles, and off-highway vehicles).
In order to evaluate the market size and the volume of vehicle security systems offered on a national level, the average number of vehicle security systems installed in each vehicle category has been calculated. The size of the national market for each type of vehicle is then multiplied by the national average. For each application, the required vehicle security systems at OE prices (AOP). The value-based market size for each country is established as a result. An overview of the average country-level market The global market for vehicle security systems consists of the regional market and a further description 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
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