Vehicle Security System Market is segmented By Product (Central Locking System, Alarm, Remote Keyless Entry, Immobilizer, and Others), By Technology (Global Positioning System (GPS), Real-Time Location System (RTLS), Face Detection System, and Others), and By Vehicle (Passenger Cars, Off-Highway Vehicles, Commercial Vehicles) and Region (United States, Canada, Mexico, South America, France, Germany, Italy, Spain, United Kingdom, Russia, China, India, Philippines, Malaysia, Australia, Austria, South Korea, Middle East, Japan, South Africa, Rest of World)
Vehicle Security System Market size was estimated at $9,200.4 million in 2020 and is expected to reach $15,916.2 million by 2028, growing at a CAGR of 7.2% during the forecast period of 2021 to 2028.
Alarm systems, central lock, remote sensors, passive imaging sensors, and immobilizers are all used to safeguard vehicles from hijacking or theft. Recent innovations such as RFID, GPS, and RTLS are also being used to locate stolen vehicles. Growing consumer awareness of vehicle safety and the rising installation of cutting-edge safety features in automobiles have fueled the worldwide vehicle security system market.
Vehicle security systems help prevent vehicle theft and unauthorized access vehicle use. With the increased number of automobiles on the road and the growth of related crime, the demand for vehicle security systems is critical. Numerous security system categories are available on the market, including central locking, alarm systems, and passive keyless entry. Almost all major manufacturers now provide car security systems as a standard or optional feature on their vehicles. As a result, the car security system not only ensures passenger safety but also increases passenger convenience.
Vehicle Security System Market Growth and Trend
Due to the increasing number of new entries into the sector, the rivalry is rising, making the vehicle security systems market extremely competitive by nature. In addition, businesses manufacture a wide array of items for various automotive components. As a result, increased automobile purchases and customer desire for these security systems drive up demand for the product. Increased theft occurrences have increased car safety system usage. As a result, automotive manufacturers are installing advanced vehicle security systems that enable tracking of the vehicle and quick notification of the owner in an incident. The information is sent to the tracking server using a worldwide strategy for mobile (GSM) and a global positioning system (GPS), enabling real-time vehicle location information. As a result, rising car thefts are projected to drive market expansion during the projection period.
Road traffic collisions are the leading cause of mortality in the automobile industry. As a result, escalating car accidents globally are increasing demand for vehicle security systems. According to the World Health Organization (WHO), around 1.35 million people die each year in traffic accidents. As a result, international Requirements, the International Organization for Standardization (ISO 26262), the Society of Automotive Engineers (SAE J3061), and the National Road Safety Policy have all developed stringent vehicle safety and security regulations to address this problem. As a result, growing awareness about safety and security is projected to drive market growth throughout the forecast period. The markets challenges include the high cost and possibility of false alarms. Because the technology utilized to create the devices is new to the industry, the initial cost of installation is considerable. In addition, it may sound like a false alert as a result of rain or any other physical contact that causes nearby disturbances. These obstacles are impeding device expansion and usage.
The expense of installing a sophisticated security system raises the vehicles overall price. While safety is a primary consideration when acquiring a new automobile, it comes at a premium price. For example, Advanced Driver Assistance Systems (ADAS) are costly because they incorporate a range of high-tech sensors. Due to cost limitations, more efficient systems are initially deployed in high-end cars, where the cost of the system has less influence on the total price of the vehicle than it does on actual cars. As a result, the increased cost of an advanced vehicle network security is projected to limit market growth throughout the projection period.
Vehicle Security System Market Segmentation
The vehicle security system market is segmented by product, technology, and vehicle. Based on product, the market consists of central locking system, alarm, remote keyless entry, immobilizer, and others. By technology, the market is divided into Global Positioning System (GPS), Real-Time Location System (RTLS), face detection system, and others. Based on vehicle, the market is divided into passenger cars, off-highway vehicles, commercial vehicles.
Vehicle Security System Market Country Analysis
The Asia Pacific is projected to emerge as the dominant segment regionally. Chinas automotive sector development is projected to fuel the Asia Pacific market for vehicle security systems. However, despite significant growth around the globe, the high cost of premium security devices would limit the markets transition to a certain extent. Moreover, regardless of the benefits they provide, implementing security measures such as passive entry systems is an expensive endeavour. This also has a detrimental effect on total market sales. This is primarily because designing these systems needs a tailored strategy for each vehicle type, in addition to a complex installation process.
Vehicle Security System Market Share and Competition
The major players operating in the global vehicle security system market are Robert Bosch GmbH, Continental AG, Delphi Automotive, Valeo SA, Mitsubishi Electric Corporation, Denso Corporation, Hella Kgaa Hueck, Lear Corporation, Tokai Rika, and ZF TRW Automotive Holdings Corporation.
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• Estimation/projections/forecast for revenue and unit sales (2021 – 2028)
• Data breakdown for every market segment (2021 – 2028)
• Gross margin and profitability analysis of companies
• Price analysis of each product type
• Business trend and expansion analysis
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Industry Segmentation and Revenue Breakdown
Product Analysis (Revenue, USD Million, 2021 - 2028)
• Central Locking System
• Remote Keyless Entry
Technology Analysis (Revenue, USD Million, 2021 - 2028)
• Global Positioning System (GPS)
• Real-Time Location System (RTLS)
• Face Detection System
Vehicle Analysis (Revenue, USD Million, 2021 - 2028)
• Passenger Cars
• Off-Highway Vehicles
• Commercial Vehicles
Region Analysis (Revenue, USD Million, 2021 – 2028)
• North America
o United States
• South America
o United Kingdom
• Asia Pacific
o South Korea
• Middle East
o GCC C ountries
o South Korea
• South Africa
• Rest of World
Vehicle Security System Market Companies
• Robert Bosch GmbH
• Continental AG
• Delphi Automotive
• Valeo SA
• Mitsubishi Electric Corporation
• Denso Corporation
• Hella Kgaa Hueck, Lear Corporation
• Tokai Rika
• ZF TRW Automotive Holdings Corporation
• United States Vehicle Security System Industry Research Report
• Europe Vehicle Security System Industry Research Report
• Asia Pacific Vehicle Security System Industry Research Report
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