Vehicle Security Market Research Report - Global Forecast till 2023

Posted by Market Research Future on March 12th, 2020

Market Synopsis:

A vehicle security system refers to a defense system of an automotive against external, malicious threats for securing it in all possible ways. The car security system includes the detection, prevention, and response to threats through the use of various technologies. These technologies include radio frequency identification and ultrasonic. In addition, the global vehicle security market is expected to ascend due to the rising incidents of vehicle theft and the adoption of biometric technology in vehicle security.

However, the global vehicle cyber security market is expected to face some friction in growth owing to the potential failure of electronic components and the high cost of the vehicle security system. In addition, poor quality control during the manufacturing and assembly process is bound to result in improper manufacturing of electronic components, which may cause the failure. The survey conducted by the Market Research Future (MRFR) has stated that the global vehicle security market is expected to register a 6.38% CAGR during the forecast period. The global vehicle security market is likely to garner a market revenue valuation of USD 13,408.83 million by the end of the forecast period.

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Market Segmentation

The global vehicle security market is studied for various segments that are based on technology, component, vehicle type, and region. By technology, the global vehicle security market is segmented into ultrasonic and radio frequency identification. Upscaling demand for enhanced security systems in the vehicles, coupled with the rising penetration of automotive electronics is driving the demand for advanced technologies in the global vehicle security market. The radio frequency identification segment is likely to grow at the fastest pace, registering a lucrative CAGR during the forecast period.

Based on component, the global vehicle security camera market is segmented into ultrasonic intruder protection system (UIP), backup battery siren (BBS), central locking system, automatic collision detection system, remote keyless entry system, and automatic driver recognition system (ADRS). The central locking system segment is accounting for the largest share of the global vehicle security market during the forecast period. The remote keyless entry system segment is growing at the fastest rate over the forecast period, and is anticipated to showcase a 10.15% CAGR during this timeline.

Based on vehicle type, the global vehicle security market is segmented into passenger cars and commercial vehicles. Among these, the passenger car segment is expected to dictate the global vehicle security market through the forecast period. This can be owed to the rising penetration of security systems in passenger vehicles. The passenger cars segment is likely to ascend at a 7.37% CAGR during the forecast period.

Based on sales channel, the global vehicle security market is segmented into original equipment manufacturers and aftermarket.  The aftermarket segment is likely to grow at the fastest rate during the forecast period. This can be owed to the varieties of product offerings from the aftermarket.

Detailed Regional Analysis

The global vehicle security market is studied for a regional segmentation of North America, Europe, Asia-Pacific, and the rest of the world. Within Asia Pacific, the vehicle security market is likely to grow at a substantial rate. China, Japan, and India are expected to emerge as potential growth pockets in the regional vehicle security market in the forthcoming years. This can be owed to the presence of major manufacturers and their operating units throughout the region.

Key Players

Some prominent players present in the global vehicle security market include  Denso Corporation (Japan), Robert Bosch GmbH (Germany), HELLA GmbH & Co. KGaA (Germany), Valeo (France), Mitsubishi Electric Corporation (Japan), Continental AG (Germany), Lear Corporation (US), Tokairika, Co, Ltd (Japan), Omron Corporation (Japan), and Alps Alpine Co., Ltd (Japan). These players are expected to invest heavily in the research and development activities for offering sophisticated technologies for the security of vehicles.