PUBLISHER: AnalystView Market Insights | PRODUCT CODE: 1514950
PUBLISHER: AnalystView Market Insights | PRODUCT CODE: 1514950
Car Security System Market size was valued at USD 8,918.20 Million in 2023, expanding at a CAGR of 7.50% from 2024 to 2032.
Car security systems are designed to prevent theft or hijacking. Examples of these systems include alarms, central locks, remote keyless entry, passive entry, and anti-theft systems. All around the world, the use of car security systems has been steadily rising. Nowadays, almost all significant automakers offer vehicle security systems as an optional or standard feature. The vehicle security system enhances the passenger safety and comfort. Due to the surge in auto thefts worldwide, there is a growing need for high security, which in turn raises the need for effective car security systems.
Car Security System Market- Market Dynamics
Rise of Vehicle Ownership and the car Security System Market
A rise in vehicle ownership is likely to drive the car security system industry growth. Vehicle ownership is the legal possession and control of a motorized vehicle, such as a car, truck, motorcycle, or any other self-propelled vehicle. Vehicle security systems are a vital part of vehicle ownership, providing owners with peace of mind and protection. These systems protect the car from theft, break-ins, and vandalism, lowering the chance of losing an asset. They play an important part in preserving the vehicle's safety and security, which improves the whole ownership experience. For instance, in 2021, Statistics Canada, a Canadian government department, issued an article stating that the total number of road motor vehicles registered in Canada climbed to 26.2 million in 2021, up 1.9% from 2020.
Car Security System Market- Key Insights
As per the analysis shared by our research analyst, the global market is estimated to grow annually at a CAGR of around 7.50% over the forecast period (2024-2032)
Based on product type segmentation, the central locking system segment will dominate the car security system market.
Based on Vehicle Type segmentation, passenger car was the leading type in 2023
On the basis of region, North America was the leading revenue generator in 2023
The Global Car Security System Market is segmented on the basis of Product Type, Vehicle Type, Sales Channel, and Region.
The market is divided into five categories based on product type: Central Locking Systems, Car Alarms, Immobilizers, Remote Keyless Entry, and Others. The car security system market from the central locking system category will attain a significant industry share by 2032, owing to increasing usage in automobiles worldwide. Central locking systems provide convenience and increased security, appealing to consumers looking for effective ways to protect their automobiles. There have also been innovations, such as keyless entry and remote-control functionality. The increasing emphasis on developing advances in central locking systems will also contribute to segment growth.
The market is divided into two categories based on Vehicle Type: Passenger Cars and Light Commercial Vehicles. The passenger car industry currently dominates the market. Passenger automobiles may accommodate up to nine passengers, including the driver. Commercial vehicles, on the other hand, are the fastest-growing segment throughout the projected period due to rising demand in the processing, manufacturing, and logistics sectors, as well as ongoing growth in the tourism and hospitality sectors.
Car Security System Market- Geographical Insights
Geographically, this market is widespread into the regions of North America, Latin America, Europe, Asia Pacific, and the Middle East and Africa. These regions are further divided as per the nations bringing business. The North American car security system market has a sizable regional revenue share. The North American car security system market is expected to grow rapidly due to the region's expanding automotive industry, as well as an increasing trend among residents to install safety features due to the high auto theft rate. Used car sales have expanded dramatically in recent years across the country, increasing the number of vehicles in use and operating. This extra factor influences demand for car security systems in the aftermarket sector.
The Asia-Pacific Vehicle Security Market is predicted to expand at the quickest CAGR between 2024 and 2032. This is owing to rising population, industrialization, and the rapid expansion of the manufacturing industry. Furthermore, China's Vehicle Security market had the highest market share, while India's Vehicle Security market was the fastest-growing in the Asia-Pacific region.
Major players in the Vehicle Security market, including Continental AG, Robert Bosch GmbH, Hella GmbH & Co. KGaA, Aptiv plc, Denso Corporation, Tokai Rika Co., Ltd., and ALPHA Corporation, are investing in R&D to drive demand. Market participants are also pursuing a variety of strategic measures to expand their global footprint, with notable market developments including contractual agreements, mergers and acquisitions, new product launches, higher investments, and collaboration with other organizations. To grow and survive in a more competitive and expanding market, the vehicle security industry must offer affordable products.
In January 2021, DENSO collaborated with Aeva, a US-based LiDAR and perception technologies Company, to create next-generation vehicle sensing and perception technologies.
GLOBAL CAR SECURITY SYSTEM MARKET KEY PLAYERS- DETAILED COMPETITIVE INSIGHTS
Continental AG
Robert Bosch GmbH
HELLA GmbH & Co. KGaA
Aptiv plc
Denso Corporation
Tokai Rika Co., Ltd.,
ALPHA Corporation
Stoneridge Inc.,
Mitsubishi Electric Corporation,
Huf Hulsbeck & Furst GmbH & Co. KG,
Valeo S.A.,
Marquardt GmbH,
I Car Srl,
Directed Inc.,
ALPS ALPINE CO. LTD
Atech Automotive (Wuhu) Co., Ltd.
Others