The Global Car Security System Market Size is valued at 8.59 billion in 2022 and is predicted to reach 15.22 billion by the year 2031 at a 6.7% CAGR during the forecast period for 2023-2031.
Car security systems are made to guard against theft, break-ins, and other security risks for both the vehicles and the people inside. These systems use various technologies and features to improve vehicle security and dissuade potential offenders. One of the main elements fueling the growth of the market for auto security systems is the rise in car theft incidents around the globe. Various regional governments are making efforts to reduce the number of auto thefts.
Manufacturers are boosting their investments to meet regulatory criteria, which helps the industry grow even more. The stringent enforcement of vehicle security regulations by governments at the regional level, coupled with advancements in passive and active safety/security technology, is fueling increased demand in the industry.
The global market for car security systems has greatly benefited from continuous technological advancements over the past few decades. Another contributing factor to the growth of the automotive security system market is the widespread adoption of high-speed internet connection and the increasing popularity of global positioning systems and other internet-connected technologies, which offer customers advanced security features.
Moreover, new global regulations mandate automobile manufacturers to incorporate basic security measures, even in lower-cost passenger cars, constituting a significant portion of the overall market. This requirement is expected to propel the growth of the global car security system market throughout the forecast period.
Additionally, the proliferation of high-speed internet and the increasing adoption of global positioning systems and other internet-connected technologies drive consumers' demand for advanced security features. However, the price of car security systems may vary depending on their complexity and the vehicle's specific needs. Some advanced features may also come with subscription fees or additional costs, which are restraints to expanding the market.
Competitive Landscape:
Some of the Car Security System market players are:
- ALPS ALPINE CO. LTD
- Aptiv plc
- Atech Automotive (Wuhu) Co., Ltd.
- Continental AG
- Denso Corporation
- Directed Inc.,
- HELLA GmbH & Co. KGaA
- Huf Hülsbeck & Fürst GmbH & Co. KG,
- I Car Srl
- Marquardt GmbH,
- Mitsubishi Electric Corporation
- Robert Bosch GmbH
- Stoneridge Inc.
- Tokai Rika Co., Ltd.,
- Valeo S.A.,
Market Segmentation:
The car security system market is segmented based on product, vehicle type, sales channel. Based on the product, the car security system's tremendous market is segmented into alarms, keyless entry, immobilizer, central locking and other types. Vehicle Type segment includes passenger car, light commercial vehicle. Sales Channel segment includes OEM, aftermarket.
Based On The Product, The Central Locking Segment Is A Major Contributor To The Car Security System Market
The central locking category will hold a major share of the global Car Security System market in 2022. Central locking is a standard feature in most current cars and is a crucial part of automobile security systems. It offers convenience, improves security, and cooperates with other security features to safeguard the car and its occupants. Because central locking makes it simple and secures to lock or unlock all doors at once, it increases convenience and security. The driver may lock or unlock the entire car with a single action, saving time and effort compared to locking or unlocking each door individually.
The North America Car Security System Market Holds A Significant Regional Revenue Share
The North American car security system market is expected to register a tremendous market share due to the region's expanding automotive industry. This market is anticipated to grow rapidly in the region due to the increasing trend among residents to install safety features due to the high auto theft rate. Over the past few years, used automobile sales have significantly increased nationwide, increasing the number of cars in use and operation. This additional element influences the demand for car security systems in the aftermarket sector.
In addition, Asia Pacific is projected to grow rapidly in the global car security system market due to the region's expanding automotive industry. This is because Asia Pacific's capability for producing cars is expanding, as are its exports of automobiles. The fact that the aftermarket industry is expanding in the Asia Pacific is encouraging for the market for automobile security systems in the area.
Car Security System Market Report Scope:
|
Report Attribute |
Specifications |
|
Market Size Value In 2022 |
USD 8.59 Bn |
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Revenue Forecast In 2031 |
USD 15.22 Bn |
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Growth Rate CAGR |
CAGR of 6.7% from 2023 to 2031 |
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Quantitative Units |
Representation of revenue in US$ Million, Volume (Units) and CAGR from 2023 to 2031 |
|
Historic Year |
2019 to 2022 |
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Forecast Year |
2023-2031 |
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Report Coverage |
The forecast of revenue, the position of the company, the competitive market structure, growth prospects, and trends |
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Segments Covered |
Product, Vehicle Type, Sales Channel |
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Regional Scope |
North America; Europe; Asia Pacific; Latin America; Middle East & Africa |
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Country Scope |
U.S.; Canada; U.K.; Germany; China; India; Japan; Brazil; Mexico; The UK; France; Italy; Spain; China; Japan; India; South Korea; Southeast Asia; South Korea; Southeast Asia |
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Competitive Landscape |
Alps Alpine Co. Ltd, Robert Bosch GmbH, Continental AG, Clifford (Directed Inc.), Delphi Technologies, HELLA GmbH & Co. KGaA, Lear Corporation, Mitsubishi Electric Corporation, TOKAI RIKA CO. LTD, Valeo and Viper Security Systems (Directed Electronics) |
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Customization Scope |
Free customization report with the procurement of the report, Modifications to the regional and segment scope. Particular Geographic competitive landscape. |
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Pricing and Available Payment Methods |
Explore pricing alternatives that are customized to your particular study requirements. |
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