Car Security System Market to reach over USD 15.22 billion by the year 2031 – Exclusive Report by InsightAce Analytic

InsightAce Analytic Pvt. Ltd. announces the release of a market assessment report on the “Global Car Security System Market Size, Share & Trends Analysis Report By Product Type (Central Locking System, Car Alarm, Immobilizer, Remote Keyless Entry), by Vehicle Type          (Passenger Car, Light Commercial Vehicle), by Sales Channel (OEM, Aftermarket), Region, Market Outlook And Industry Analysis 2031″

The Global Car Security System Market is estimated to reach over USD 15.22 billion by 2031, exhibiting a CAGR of 6.7% during the forecast period. 

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The car security system is a collection of electronic devices and features designed to protect a vehicle and its occupants from theft and unauthorized access. These systems have evolved significantly to incorporate advanced technologies to enhance security and deter potential thieves. The lockdowns and closure of production facilities brought about by the COVID-19 pandemic had a detrimental effect on the market, slowing the demand for car security systems. But as people became more aware of the advantages of security systems in constrained automobiles, the market’s growth was slowed. This trend is projected to continue over the forecast period. Over the past few decades, consistent technical advancements have tremendously benefited the global market for car security systems.

One of the main factors fueling this market’s expansion is the rise in car theft rates around the globe. Additionally, the government’s initiatives to require automakers to incorporate immobilizers as a standard feature in every new vehicle they create are another important factor in this market’s favor. The implementation of strict vehicle security regulations by regional governments and improvements in passive and active safety/security technology is driving up demand in the industry. Furthermore, the international market for car security systems has profited greatly from consistent technological improvements over the past few decades. Additional factors driving the growth of the auto security system market is the spread of high-speed internet and the rising popularity of global positioning systems and other internet connectivity systems that may provide customers with cutting-edge security features.

List of Prominent Players in the Car Security System Market:

• ALPS ALPINE CO. LTD
• Aptiv plc
• Atech Automotive (Wuhu) Co., Ltd.
• Continental AG
• Denso Corporation
• Directed Inc.,
• HELLA GmbH & Co. KGaA
• Huf Hülsbeck & Fürst GmbH & Co. KG,
• I Car Srl
• Marquardt GmbH,
• Mitsubishi Electric Corporation
• Robert Bosch GmbH
• Stoneridge Inc.
• Tokai Rika Co., Ltd.,
• Valeo S.A.,

Market Dynamics:

Drivers-

The automotive aftermarket is driving the growth of the car security system market due to increased demand. Introducing digital security and smart technology features in vehicles contributes to the sales of automotive security systems. The rising customer demand, particularly for aftermarket installations, creates opportunities to sell passenger car security systems. Moreover, insurance companies worldwide have faced significant losses due to the surge in vehicle theft. Some insurers have stopped insuring vehicles that lack security systems because the presence of anti-theft devices reduces the likelihood of car theft. Conversely, certain insurers offer substantial discounts for vehicles equipped with security systems. Furthermore, new regulations mandate automobile manufacturers worldwide to incorporate basic security measures, even in low-cost passenger cars that constitute a significant portion of the overall market. This requirement will drive the global market for car security systems during the forecast period.

Challenges:

The price may change depending on the system’s complexity and the vehicle’s particular needs. Some advanced features could also call for subscription fees or other costs, which restrains the market’s expansion. Car security systems use sensors, GPS, and wireless connections. These technology techniques can have some drawbacks. For instance, GPS tracking may be hampered if the burglar is using signal-blocking equipment, or the area has poor satellite reception. However, high prices for premium security features and the propensity for electronic parts used in car security systems to fail are anticipated to restrain market expansion. Additionally, worries about cyber security hazards are anticipated to pose a challenge to the market for auto security systems throughout the projected timeframe.

Regional Trends:

The North America car security system market is expected to register a major market share. Rising vehicle theft rates and growing awareness of the importance of vehicle security have driven the need for auto security systems in the area. Government rules and insurance incentives encouraging the installation of car security systems have also helped the business expand. Technological advancements have significantly impacted the development of the market. Besides, Europe had a substantial share of the market. Auto safety norms and standards are extremely severe in Europe. These regulations frequently stipulate that security equipment like immobilizers, alarms, and anti-theft systems must be installed on automobiles. This has increased the demand for car security systems in the area.

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Recent Developments:

• In March 2021, Dodge unveiled a new security system for its Charger and Challenger Muscle Cars, allowing owners to customize their security settings. This system incorporates a ‘double verification’ feature, including four-digit secondary encryption, to enhance protection against auto theft.
• In September 2020, Mercedes-Benz introduced new packages, namely URBAN GUARD Vehicle Protection and URBAN GUARD Vehicle Protection Plus, across all its model series.

Segmentation of Car Security System Market-

Type

• Central Locking System
• Car Alarm
• Immobilizer
• Remote Keyless Entry
• Others

By Vehicle Type    

• Passenger Car
• Light Commercial Vehicle

by Sales Channel   

• OEM
• Aftermarket

By Region-

North America-

• The US
• Canada
• Mexico

Europe-

• Germany
• The UK
• France
• Italy
• Spain
• Rest of Europe

Asia-Pacific-

• China
• Japan
• India
• South Korea
• Southeast Asia
• Rest of Asia Pacific

Latin America-

• Brazil
• Argentina
• Rest of Latin America

 Middle East & Africa-

• GCC Countries
• South Africa
• Rest of Middle East and Africa

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