Future Market Insight's (FMI's) recent study on the car security system market provides in-depth insights into key factors affecting growth through 2031. The survey also highlights micro and macro-economic indicators favoring the car security systems market growth. It also forecasts the scope for expansion of the market across various segments based on product type, vehicle type, and sales channel for the next 10-years.
DUBAI, UAE, Nov. 23, 2021 /PRNewswire/ -- As per the latest survey conducted by FMI, the global car security system marketsize is poised to reach US$ 11.1 Bn in 2021. Growing concerns regarding vehicle safety among users and automotive manufacturers are facilitating the growth in the market.
A swift rise in incidence of car thefts across the world is the primary factor driving the market. In response to this, the car security system market is projected to surpass US$ 33.8 Bn by 2031.
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According to preliminary reports by the National Insurance Crime Bureau, nearly 873,080 automotive thefts were reported across the U.S. in 2020, which is 9.2% more compared to 2019. This rise in number of thefts is increasing demand for vehicle theft prevention systems such as car alarms and immobilizers.
Growing automation in the automotive industry and introduction of remote operating features in next-generation vehicles are increasing the installation of security systems such as keyless access and central locking systems.
Also, the implementation of regulations mandating the installation of basic car security system in vehicles is boosting the market. Surging adoption of car security systems, especially across North America and Europe, will drive the sales at 11.8% CAGR over the forecast period (2021-2031).
In terms of product type, the passenger cars segment is projected to outpace light commercial vehicle segment. The segment is expected to account for more than 4/5th of sales through 2031. Surging demand for luxury cars and sport utility vehicles (SUVs) across the U.S., China, and India is driving the growth in the segment.
"Increasing adoption of advanced automotive electronics and integration of novel technologies such as telematics, artificial intelligence, and electronic control units (ECUs) by original equipment manufacturers (OEMs) are expected to accelerate the growth in the market," says a FMI analyst.
Key Takeaways from Car Security System Market Study
The U.S. is projected to dominate the North America market, accounting for nearly 3/4th of the overall sales in the region between 2021 and 2031.
Italy is forecast to emerge as one of the highly remunerative markets in Europe, creating an absolute dollar opportunity of around US$ 901.8 Mn by 2031-end.
India is estimated to account for the largest share in South Asia & Pacific, projecting sales at a CAGR of 13% over the assessment period.
China is expected to account for nearly 18.1% of the global revenue share, favored by the increasing demand for passenger cars in the country.
Based on the sales channel, the aftermarket segment is anticipated to account for over 70% of the total share in the market from 2021 to 2031.
Integration of smart electronic features and advanced sensors across older passenger vehicles is driving the sales of car security systems in the automotive aftermarket segment.
Surging demand for small size commercial vehicles with advanced security features from small and medium-sized enterprises, especially, across the emerging economies such as India, China, Brazil, and others is driving the sales of car security systems.
High cost of installation and maintenance of car security systems and the need to replace the systems after every 4 to 5 years are factors expected to limit the sales.
Inadequate adoption of security systems in the entry-level vehicle segment to maintain the affordability of the cars across the targeted population is hampering the market growth.
Key companies in the global market are aiming at entering into partnership, mergers, acquisitions, and strategic collaborations to expand their production facilities. Some of the players are emphasizing on research and development (R&D) to launch high quality and advanced car security systems to gain a competitive edge. For instance:
In June 2021, Hella, a Germany-based automotive part supplier, announced introducing a digital car key system named, "Smart Car Access." The key is in-built with ultra-wideband technology which provides complete hands-free and smartphone-based vehicle access to the user.
In February 2020, the Mitsubishi Electric Corporation, Japanese multinational electronic manufacturing company, announced launching a sensor-security technology which is capable of detecting malicious attacks through its sensor fusion algorithm. The product launch will assist the company to strengthen its portfolio across vehicle security.
Key players in the car security system market profiled by FMI are:
Robert Bosch GmbH
HELLA GmbH & Co. KGaA
Tokai Rika Co., Ltd.,
Mitsubishi Electric Corporation,
Huf Hülsbeck & Fürst GmbH & Co. KG,
I Car Srl,
ALPS ALPINE CO. LTD
Atech Automotive (Wuhu) Co., Ltd.
More Valuable Insights on Car Security SystemMarket
The latest study by FMI offers an unbiased analysis of the global car security system market, providing detailed insights into factor favoring the growth in the market through 2031. The study also disclosed growth projections in car security system market with detailed segmentation:
The report offers insight into car security system market demand outlook for the forecast period 2021-2031
The market study also highlights projected sales growth for car security system market between 2021 and 2031
Car security system market survey identifies key growth drivers, restraints, and other forces impacting prevailing trends and evaluation of current market size and forecast and technological advancements within the industry
Car security system market share analysis, covering key companies within the industry and coverage of strategies such as mergers & acquisitions, joint ventures, collaborations or partnerships, and others
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About Future Market Insights (FMI)
Future Market Insights (FMI) is a leading provider of market intelligence and consulting services, serving clients in over 150 countries. FMI is headquartered in Dubai, and has delivery centers in the UK, U.S. and India. FMI's latest market research reports and industry analysis help businesses navigate challenges and make critical decisions with confidence and clarity amidst breakneck competition. Our customized and syndicated market research reports deliver actionable insights that drive sustainable growth. A team of expert-led analysts at FMI continuously tracks emerging trends and events in a broad range of industries to ensure that our clients prepare for the evolving needs of their consumers.