The global car security system market is projected to reach a valuation of US$ 11.1 Bn in 2021. Surging demand for high passenger vehicles in the automotive industry is expected to bolster sales of car security system at 11.8% CAGR. As per Future Market Insights (FMI), the market valuation will reach US$ 33.8 Bn in 2031.
Future Market Insights has forecast the global car security system sales to reach a valuation of US$ 33.8 Bn by 2031. As of 2020, car security system market comprised nearly 5% of overall automotive electronics market.
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The automotive industry is expected to grow rapidly in the coming years with sales expected to skyrocket especially in electric vehicle space. Growing demand for advanced automotive electronics for improved car security and safety is expected to push the sales of car security systems. Besides this, the rising demand for luxury vehicles is propelling the car security system market growth.
As per FMI’s regional analysis, China is anticipated to dominate the East Asia car security system market. Growth registered in China can be attributed to the strong presence of key automotive players, along with exponential rise in the production of passenger vehicles.
Key Takeaways:
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“Increasing incidence of car theft is encouraging automakers to develop better security features. To offer greater safety against car theft, incorporation of telematics has emerged as a key solution. Besides this, focus on innovations will continue rising as market players aim for competitive advantage,” says the FMI analyst.
Competitive Landscape
Future Market Insights states that Continental AG, Valeo, Hella, Robert Bosch, and Tokai Rika are the leading market players operating in the car security system market. Top car manufacturers are looking to provide new end to end solutions and products while keeping the aftermarket confined to their authorized dealers.
For instance, continental AG is developing ultra-wideband (UWB) radio technology as a part of vehicle access solution in the car connectivity consortium (CCC). The new system is aimed to provide hand free operating system and elevate the anti-theft protection.
Market players are also looking to ride the bandwagon of growing adoption of telematics. For instance, ORBCOMM recently developed the next-gen ORBCOMM Platform which allows customers to track, monitor and control all their vehicles in one place – on the road, rail and at sea. For this groundbreaking innovation, ORBCOMM won 2021 Internet of Things (IoT) breakthrough award for M2M Vehicle Telematics Company of the Year.
Car Security System Market by Category
By Car Type:
By Product Type:
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Prominent players operating in the car security system market are:-
Key Points Covered in Car Security System Market Study
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Electric Scooters Market : Growing environmental concerns, coupled with demand for reduced costs of commute, easy commutation, and emission control are primary factors encouraging the adoption of electronic vehicles across the world. These factors also will enable the electric scooters sales to total US$ 8.8 Bn in 2021.
About FMI
Future Market Insights (FMI) is a leading provider of market intelligence and consulting services, serving clients in over 150 countries. FMI is headquartered in Dubai, the global financial capital, and has delivery centers in the U.S. and India. FMI’s latest market research reports and industry analysis help businesses navigate challenges and make critical decisions with confidence and clarity amidst breakneck competition. Our customized and syndicated market research reports deliver actionable insights that drive sustainable growth. A team of expert-led analysts at FMI continuously tracks emerging trends and events in a broad range of industries to ensure that our clients prepare for the evolving needs of their consumers.
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