The global vehicle security system market is anticipated to grow at a CAGR of 7.0% during the forecast period (2022-2028). Owing to the increasing cases of vandalism and theft of vehicles, there has been emerged the need for a robust vehicle security system. These are aimed at monitoring the vehicle to avoid any potent mishap. When the system identifies a threat from a particular zone or sensor, it results in the activation of an alarm thereby intimating the vehicle owner of the possible trigger. The market growth is majorly attributable to the regulation of stringent vehicle security norms by the governments from all across the globe coupled with the advancement in passive and active safety or security technologies. Consistent advancements in technology in the last few decades have also surged the global vehicle security system market. Further, as per the Europol, in July 2020, the European Union’s law enforcement body, the Polish National Police found that car thieves had been stealing Mercedes-Benz equipped with the KEYLESS-GO system mostly in Germany, moving them to Poland, and dismantling them to sell for parts.
The market growth is also attributable to the rising cases of vehicle theft without using keys. For instance, in July 2019, German General Automobile Club had organized a series of tests on 237 vehicles with keyless entry and found that about 230 of them were worryingly easy to break into using cheap electronic equipment called relay boxes. This demands the integration of multiple standalone systems by the manufacturers that offer more robust and modern car security modules in both low-end and high-end cars. Such factors are projected to spur the growth of the global vehicle security system market.
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Market Coverage
- The market number available for – 2021-2028
- Base year- 2021
- Forecast period- 2022-2028
- Segment Covered-
- By Application
- By Product Type
- By Technology
- Regions covered-
- North America
- Europe
- Asia-Pacific
- Rest of the World
- Competitive Landscape: Robert Bosch GmbH, Continental AG, and Valeo SA, among others.
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Global Vehicle Security System Market Report by Segment
By Application
- Passenger Car
- Commercial Vehicle
- Off-Highway Vehicle
By Product Type
- Alarm
- Immobilizer
- Remote Keyless Entry
- Passive Keyless Entry
- Central Locking System
Key questions addressed by the report
- What is the market growth rate?
- Which segment and region dominate the market in the base year?
- Which segment and region will project the fastest growth in the market?
- How has COVID-19 impacted the market?
- Deviation from the pre-COVID-19 forecast
- Most affected region and segment
- Who is the leader in the market?
- How players are addressing challenges to sustain growth?
- Where is the investment opportunity?
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