Vehicle Security System Market Overview 2024-2033 – Competitive Landscape and Strategies
Posted by Ramakrishna TBRC on January 12th, 2024
The Vehicle Security System by The Business Research Company provides market overview across 60+ geographies in the seven regions - Asia-Pacific, Western Europe, Eastern Europe, North America, South America, the Middle East, and Africa, encompassing 27 major global industries. The report presents a comprehensive analysis over a ten-year historic period (2010-2021) and extends its insights into a ten-year forecast period (2023-2033).
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According to The Business Research Company’s Vehicle Security System, The vehicle security system market size has grown strongly in recent years. It will grow from .26 billion in 2023 to .02 billion in 2024 at a compound annual growth rate (CAGR) of 8.2%. The growth in the historic period can be attributed to rising vehicle theft rates, consumer awareness on vehicle security, integration of immobilizers, insurance industry requirements, advances in keyless entry systems.
The vehicle security system market size is expected to see strong growth in the next few years. It will grow to .59 billion in 2028 at a compound annual growth rate (CAGR) of 7.9%. The growth in the forecast period can be attributed to growing connected car technologies, increase in vehicle digitization, adoption of biometric vehicle access, regulatory standards for vehicle security, rise in cybersecurity concerns for connected vehicles. Major trends in the forecast period include development of advanced vehicle encryption systems, integration of artificial intelligence in security algorithms, expansion of remote vehicle monitoring, application of blockchain for secure vehicle data, evolution of multi-layered authentication in vehicle access systems.
The increasing cyberattacks are expected to propel the growth of the vehicle security system market going forward. A cyberattack is a deliberate attempt by an individual or organization to breach the information system of another individual or organization. As automotive innovation grows, cybersecurity evolves as a real concern. Automotive vehicle security system secures electronic systems, communication networks, software, and data collected by the new wave of intelligent cars from harm. If a vehicle’s computer systems aren’t protected properly, hackers can steal data or even take control of the vehicle. For instance, according to Automotive Cybersecurity Report 2021 published by Upstream, an Israel-based automotive cybersecurity company, the frequency of cyberattacks on cars increased 225% from 2018 to 2021 and 85% of the attacks in 2021 were carried out remotely. Therefore, the increasing cyberattacks drive the growth of the vehicle security systems market.
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The vehicle security system market covered in this report is segmented –
1) By Product Type: Immobilizers, Alarm System, Tracking System, Central Locking System, Remote Keyless Entry and Other Product Types
2) By Technology: Global Positioning System, Global System for Mobile Communication, Face Detection System, Real-Time Location System and Other Technologies
3) By Vehicle Type: Passenger Car, Commercial Vehicles and Other Vehicle Types
Technological advancements have emerged as a key trend gaining popularity in the vehicle security system market. Major companies operating in the vehicle security system sector are focused on developing new technological solutions to reinforce their position. For instance, in January 2022, Ford, a US-based automobile manufacturer, and ADT Security Services, a US-based security company announced a 0 million standalone joint venture called Canopy to help prevent theft from vehicles using sensors and AI. According to the companies, by 2023, Canopy will initially provide an after-market security product for customers to install a camera in a cargo vehicle or pickup that faces back and relies on AI to identify and report credible threats and trigger an alarm when signs and sounds of metal cutting or breaking glass or suspicious sounds or motion near a vehicle are detected. The joint venture's and technology's principal goal is to prevent vehicle theft before it happens.
The vehicle security system market report table of contents includes:
1. Executive Summary
2. Vehicle Security System Market Characteristics
3. Vehicle Security System Market Trends And Strategies
4. Vehicle Security System Market - Macro Economic Scenario
5. Global Vehicle Security System Market Size and Growth
....
31. Global Vehicle Security System Market Competitive Benchmarking
32. Global Vehicle Security System Market Competitive Dashboard
33. Key Mergers And Acquisitions In The Vehicle Security System Market
34. Vehicle Security System Market Future Outlook and Potential Analysis
35. Appendix
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