The global car security system market is projected to reach a valuation of US$ 11.1 Bn 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 Bn in 2031.
Future Market Insights has forecast the global car security system sales to reach a valuation of US$ 33.8 Bn by 2031. As of 2020, car security system market comprised nearly 5% of overall automotive electronics market.
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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.
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.
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 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.
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Car Security System Market by Category
By Car Type:
- Economic Cars
- Mid-Range Cars
- Premium Cars
By Product Type:
- Immobilizer system
- Remote Central Locking System
- Alarm System
- Other Systems
By Sales Channel:
- OEM
- Aftermarket
By Region:
- North America
- Latin America
- Western Europe
- Eastern Europe
- Asia Pacific excluding Japan (APEJ)
- Japan
- Middle East and Africa (MEA)
Prominent players operating in the car security system market are:-
- Valeo S.A.,
- Continental A.G.,
- Delphi Automotive PLC,
- Hella KGaA Hueck & Co.,
- Tokai Rika Co., Ltd.,
- Mitsubishi Electric Corporation,
- Denso Corporation,
- Robert Bosch GmbH,
- Lear Corporation,
- Omron Corporation.
- Nexen Tire America Inc.
Key Points Covered in Car Security System Market Study
- Market estimates and forecast 2015-2031
- Key drivers and restraints impacting market growth
- Segment-wise, Country-wise, and Region-wise Analysis
- Competition Mapping and Benchmarking
- Brand share and Market Share Analysis
- Key Product Innovations and Regulatory Climate
- COVID-19 Impact On Car Security System Market And How To Navigate
- Recommendation on Key Winning Strategies
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The post Car Security System Market is projected to expand at a robust 11.8% CAGR between 2021 and 2031, And valuation will reach US$ 33.8 Bn in 2031 appeared first on Future Market Insights.
