Global Vehicle Security Market Fueled by Keyless Technologies| Market to Grow by 2023, Countries and Companies Outlook

 

Vehicle security is of paramount importance as the sales of passenger and commercial vehicles are on the rise. The alarming incidence of crimes and accidents are vital evidence of its impending need in populous cities. The global vehicle security market report by Market Research Future (MRFR) provides estimations and projections for the period of 2018 to 2023 (forecast period) by listing out drivers, challenges, trends, and hurdles. The COVID-19 pandemic and its impact on the production line are explored in the report.

Market Scope

The global vehicle security market is estimated to register a 6.38% CAGR during the forecast period, as per MRFR. The growing demand for enhanced security systems in vehicles along with the increasing penetration of automotive electronics can drive the demand for advanced technologies in the global vehicle security market. This is evident with various innovations being integrated into latest vehicles for alerting owners in cases of thefts such as sending an SMS to the owner’s phone. The growing population in urban areas and the spending amount on cars can have a positive impact on the market.

The use of biometric technology within vehicles for identifying owners can fuel the market growth. Biometric systems rely on fingerprints, iris, retina, and hands for identifying owners with their cars and authorizing entry by cross-checking it with a centralized database. However, challenges from cyber security and high cost of premium features can deter the market growth.

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 Segmentation

The global vehicle security market has been segmented on the basis of technology, component, and vehicle type.

On the basis of technology, the global vehicle security market is segmented into ultrasonic and radio frequency identification. The radiofrequency identification segment is expected to grow at a rapid pace during the forecast period.

On the basis of component, the global vehicle security market is segmented into automatic driver recognition system (ADRS), ultrasonic intruder protection system (UIP), automatic collision detection system, backup battery siren (BBS), central locking system, and remote keyless entry system. The central locking system segment is expected to account for the largest market share as major global automobile manufacturers are providing inbuilt central locking systems in the vehicles. On the other hand, remote keyless entry systems are likely to display 10.15% CAGR during the forecast period.

On the basis of vehicle type, the vehicle security market has been divided into passenger cars and commercial vehicles. The passenger car segment is expected to dominate the market throughout the forecast period due to increasing penetration of security systems in passenger vehicles.

On the basis of sales channel, the market is segmented into original equipment manufacturers and aftermarket.

Regional Analysis

The global vehicle security market is segmented into North America, Europe, Asia Pacific (APAC), and Rest-of-the-World (RoW). APAC is expected to grow at a phenomenal rate during the forecast period due to procurement of luxury and commercial vehicles by consumers. Within APAC, most of the growth of the vehicle security market can be attributed to China, Japan, and India, owing to the presence of major manufacturers and their operating units throughout the region. The investment of players in research and development activities to offer sophisticated technologies for the security of the vehicles will be a plus for the market. Additionally, the market expected to witness a tremendous demand owing to increasing population, industrialization, and aggressive growth of manufacturing industry, and demand for automobiles, primarily in China and India.

North America is expected to assume the second position in the global vehicle security market followed by Europe. The use of wireless security which functions with the help of smartphone applications and elevated demand for luxury cars can drive the market demand exponentially.

Competitive Outlook

Tokairika, Co, Ltd, Robert Bosch GmbH, Alps Alpine Co., Ltd, Continental AG, Mitsubishi Electric Corporation, Denso Corporation, Lear Corporation, Omron Corporation, HELLA GmbH & Co. KGaA, and Valeo are key players of the global vehicle security market. Mergers and acquisitions are major strategies of players to sustain in the overall market.

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Key Questions Addressed by the Report

• What was the historic market size?
• Which segmentation (Product/ Capacity) is driving market?
• What will be the growth rate?
• How are the key players in this market?
• What are the strategies adopted by key players?

TABLE OF CONTENTS

 

1 EXECUTIVE SUMMARY

 

2 SCOPE OF THE REPORT

2.1 MARKET DEFINITION

2.2 SCOPE OF THE STUDY

2.2.1 DEFINITION

2.2.2 RESEARCH OBJECTIVE

2.2.3 ASSUMPTIONS

2.2.4 LIMITATIONS

2.3 RESEARCH PROCESS

2.3.1 PRIMARY RESEARCH

2.3.2 SECONDARY RESEARCH

2.4 MARKET SIZE ESTIMATION

2.5 FORECAST MODEL

 

3 MARKET LANDSCAPE

3.1.1 THREAT OF NEW ENTRANTS

3.1.2 BARGAINING POWER OF BUYERS

3.1.3 THREAT OF SUBSTITUTES

3.1.4 SEGMENT RIVALRY

3.1.5 BARGAINING POWER OF BUYERS

3.2 VALUE CHAIN/SUPPLY CHAIN ANALYSIS

 

4 MARKET DYNAMICS

4.1 INTRODUCTION

4.2 MARKET DRIVERS

4.3 MARKET RESTRAINTS

4.4 MARKET OPPORTUNITIES

4.5 MARKET TRENDS

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