Global Vehicle Security System Market: Overview
The global vehicle security system market is projected to grow at a robust pace between 2016 and 2024. Globally, the demand for hybrid vehicles has risen considerably, boosting vehicle manufacturing worldwide. Due to increase in the sales and production of vehicles, instances of hijacking and car theft have also increased. This, in turn, is fuelling the demand for vehicle security systems.
Vehicle security systems such as alarms, central locking, remote keyless entry, passive entry systems, and immobilizers are designed to protect cars from hijacking or theft. Recent technologies such as RFID, GPS, and RTLS have also come to into use for tracking down stolen cars. Regionally, Asia Pacific has been showing attractive opportunities for the market, trailed by North America and Europe. Growing awareness about vehicle safety and the increasing installation of state-of-the-art safety gadgets in vehicles have been driving the global vehicle security system market.
The report provides a comprehensive overview of the global vehicle security system market. It covers the prevailing trends influencing the market and its growth prospects between 2016 and 2024. Revenue generated from the sale of vehicles across various categories has been considered in order to calculate the market’s size. The report also compiles exhaustive information relating to the impact of the latest technological advancements in market. Some of the leading enterprises operating in the market are also profiled in the report to present a holistic overview of the competitive landscape.
Based on vehicle type, the global vehicle security system market can be segmented into commercial vehicles, passenger vehicles, and off-highway vehicles. On the basis of product type, the market is expected to witness increasing demand for immobilizers and remote keyless entry. In terms of technology, the market can be segmented into global positioning systems, real-time location systems, face detection systems, and GPS. Of these, the demand for face detection and face positioning systems is expected to increase at a robust pace.
Regionally, Asia Pacific is expected to emerge as the leading segment. The expansion of the automotive industry in China is expected to drive the Asia Pacific market for vehicle security systems. Despite witnessing robust growth around the world, the high cost of premium security features will restrain its growth to an extent. Additionally, irrespective of the utilities they offer to users, developing security features such as passive entry systems is a costly affair. This also reflects negatively on the overall market sales. This is mainly because developing these systems requires a customized approach for each vehicle model, besides a complex process of installation.
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Nevertheless, the introduction of the latest technological advancements will provide lucrative opportunities for enterprises in the market to capitalize on. The pressing need to ensure adequate vehicle security to theft will also fuel demand from the global vehicle security system market.
To study the competition prevailing in the market, the report also profiles companies such as Robert Bosch GmbH, Delphi Automotive, and Mitsubishi Electric. The products offered by these companies are driver assistance systems and components mainly for passenger and commercial vehicles. Using SWOT analysis, the report weighs out strengths and weaknesses of the companies profiled. The analysis also provides insights into the opportunities and threats that these companies could witness in the near future.