Vehicle Security System Market: Summary
The Global Vehicle Security System Market is projected to reach around USD 14.5 billion by 2027 at a CAGR of around 7.4%.
The vehicle security system helps in lowering the risk involved in losing the vehicles and provides accident notification. This system is mostly electronic and controlled by a computer onboard which helps in providing location information, real-time tracking by using short message service (SMS) and also tracks vehicle driver activity.
Vehicle Security System Market: Drivers & Restraints
• Increasing Vehicle Thefts
Rising incidents regarding thefts have increased adoption towards vehicle safety systems. For instance, as per the Federal Bureau of Investigation around 748,841 vehicles were stolen in the US in 2018. Hence, advanced vehicle security system is being installed by automotive manufacturers which helps in tracking the vehicle and to alert the owner immediately if an incident occurs. By using a global system for mobile (GSM) and global positioning system (GPS), the information is transferred to the tracking server together which helps to achieve real-time vehicle location information.
Therefore, increasing vehicle thefts are expected to propel the market growth during the forecast period.
• Rising Awareness Towards Safety & Security
Road accidents are the major cause of death in the automotive sector. Hence, rising vehicle accidents worldwide are driving the demand for the vehicle security system. As per the World Health Organization (WHO), around 1.35 million people die annually due to road accidents. To overcome this situation, International Standards, International Organization for Standardization (ISO 26262), Society of Automotive Engineers (SAE J3061), and National Road Safety Policy have come up with strict vehicle safety and security standards.
Hence, rising awareness towards safety & security is expected to propel the market growth during the forecast period.
• High Cost of Advanced Security System
The installation cost of an advanced security system increases the overall price of the vehicle. Safety is one of the biggest factors while purchasing a new car, however, it is associated with high cost. For instance, Advanced Driver Assistance Systems (ADAS) is built in a variety of high-tech sensors and is expensive. Due to the presence of cost constraints, the more efficient systems are first implemented in high-end vehicles, where the impact of the cost of the system on the overall cost of the vehicle is minor than for standard vehicles.
Hence, the high cost of an advanced vehicle security system is expected to restrain the market during the forecast period.
Vehicle Security System Market: Key Segments
• Based on Product Type: Immobilizers, Alarm System, Tracking System, Central Locking System, Remote Keyless Entry and Others.
• Based on Technology: Global Positioning System (GPS), Global System for Mobile (GSM), Real-Time Location Systems (RTLS), Biometric System, Face Detection System and Others.
• Based on Vehicle Type: Passenger Cars, Light-Duty Vehicle (LDV) and Heavy-Duty Vehicle (HDV).
• Based on Region Covers: North America, South America, Europe, Asia-Pacific, Middle East & Africa and South America, with individual country-level analysis.
Vehicle Security System Market: Report Scope
The report on the vehicle security system market covers a deep dive analysis of historic, recent and current market trends. Furthermore, market share/ranking analysis of key players, market dynamics, competition landscape, country-wise analysis for each region covered and the entire supply chain dynamics are covered through the below segmentation.
Report Features Specifics
Historical/Estimated/Forecasted Market Size Years 2018-2027
Base Year for Market Calculation 2019
Forecasted Period 2020-2027 (2020 estimated year, forecasted up to 2027)
Measured Units Value (USD Million), Volume (Units)
Segments Included Product Type, Technology, and Vehicle Type
Regional Coverage North America, Asia-Pacific, Europe, Middle East & Africa, South Africa
KEY Companies Covered
• Lear Corporation (Company Description, Company Overview, Product Synopsis, Key Developments, SWOT Analysis)
• Continental AG
• Robert Bosch GmbH
• DENSO CORPORATION
• Delphi Technologies
• Mitsubishi Electric Corporation
• HELLA GmbH & Co.
• ZF Friedrichshafen AG
• TOKAIRIKA,CO, LTD.
• Other Key Companies
Vehicle Security System Market: Report Segmentation
For the scope of the report, In-depth segmentation is offered by Forencis Research
Vehicle Security System Market, by Product Type
• Alarm System
• Tracking System
• Central Locking System
• Remote Keyless Entry
Vehicle Security System Market, by Technology
• Global Positioning System (GPS)
• Global System for Mobile (GSM)
• Real-Time Location Systems (RTLS)
• Biometric System
• Face Detection System
Vehicle Security System Market, Vehicle Type
• Passenger Cars
• Light-Duty Vehicle (LDV)
• Heavy-Duty Vehicle (HDV)
Vehicle Security System Market, by Region
• North America
o South Korea
o Rest of Asia-Pacific
o Rest of Europe
• Middle East & Africa
o Saudi Arabia
o Rest of Middle East & Africa
• South America
o Rest of South America
Key Questions answered by the report
• What are the prominent developments affecting the market worldwide and its growth?
• What will be the impact of the developments in the market on the industry and the market players in the future?
• What are the evolving variations of the market globally?
• What are the evolving functions of the market worldwide?
• What are the prominent aspects that will affect market growth globally during the study period?
• Who are the key players operating in the market across the world?
• How are the key players leveraging in the present market scenario globally?
• Vehicle Security System Market Providers
• Vehicle Security System Market Solution and Services Suppliers, Distributors and Dealers
• End-Users of Varied Segments of Vehicle Security System Market
• Government Bodies and Intellectual Institutions
• Associations and Industrial Organizations
• Research & Consulting Service Providers
• Research & Development Organizations
• Investment Banks & Private Equity Firms
60+ MARKET TABLES AND 30+ FIGURES WILL BE INCLUDED IN THE VEHICLE SECURITY SYSTEM MARKET STUDY