Vehicle Security Systems Market Size, Industry Analysis Report, Regional Outlook, Application Development Potential, Price Trends, Competitive Market Share & Forecast, 2020 - 2026
Report ID: GMI1907
Vehicle Security Systems Market size will witness a substantial growth in near future. Diverse variety of the product is used in automobiles for safety, security and alerts. Device are used to prevent unauthorized appropriation of goods considered valuable. It is fitted in different parts of automobile to protect automobile components and is widely used to ensure safety of passengers and vehicles from theft activities.
Commercial and passenger car industry will grow at over 10% and 9% respectively in next five years. Growing population worldwide is rising demand for vehicle security systems market. The system is used as an essential part of car to provide protection from unforeseen incidents. Passenger and commercial car segments are fastest growing sector in the economy. 2016 was a record breaking year for global car sales. Increasing spending on cars has fueled vehicle security system market.
Rising car thefts globally has boosted device demand at a higher pace. Frequent incidents have increased consumer awareness about various safety devices. It is installed by car manufacturers during production to alert drivers of certain unanticipated incident. Bulging theft incidence globally is surging vehicle security systems market.
Large number of new entrants in the industry are intensifying competition, that makes vehicle security systems market highly competitive in nature. Companies are manufacturing diverse variety of products for various automobiles parts. Upsurge in car purchase and consumer needs for these security devices is increasing demand of the product at faster pace.
Challenges in vehicle security systems market are its high cost and probability of false alarm. Technology used in creating devices are new in the industry thus, it incurs high initial cost for installation. It can ring false alarm due to rain or any other physical contact that can cause surrounding disturbances. These factors are creating hurdles in device growth and its usage.
Vehicle security systems market is segmented as per product into remote keyless entry, alarm, immobilizers, passive keyless entry and central locking. It is further divided on the basis of its technology such as global system for mobile communication, face detection, real time location, and positioning device. Passenger, commercial and off highway automobile use the device at wide level.
Belgium and Spain account for highest number of car theft cases globally. In 2012, Belgium reported 100,000 car robberies that is highest among all the other countries. Growing theft in the country drives demand for Europe vehicle security systems market. North America, led by the U.S. is largest luxury car manufacturer. The product is optional in low budget vehicles but is mandatory in all luxury cars. It provides ease in detecting theft, provides protection, adds value and prestige in automobile. Rising technological advancement and elevating luxury cars demand is expected to drive vehicle security system market.
Asia Pacific, especially India and China are major contributors in vehicle security systems market. The region is largest automobile producer in the world. Additionally, increasing population, rise in disposable income are factors boosting demand for the product. China automobile sales will grow over 4.5% in 2017 as taxation is curtailed down on hatch back cars engine. The country hosts nearly all recognized brands car manufacturers that includes Audi and Venucia. The product is featured by these car manufacturers making it most desirable feature in an automobile.
Key contributors in vehicle security systems market are Tokai Rika, Valeo, Bosch, Continental, Delphi Automotive, Lear Corporation. Valeo acquired gestigon in 2017, the move was taken to gain technological leadership in automated driving. This would provide Valeo in developing driving assistance operations, particularly in high growth technologies consisting of interior camera and image processing. By combining skills in a larger team, they will sharpen their edge and reinforce their leadership in autonomous and connected cars.
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