Selbyville, Delaware, March 06, 2024 (GLOBE NEWSWIRE) --
The car security system market valuation is projected to cross USD 17.7 billion by 2032, as reported in a research study by Global Market Insights Inc.
Rising technology advancements, such as GPS tracking, biometric authentication, and remote monitoring coupled with the heightened awareness of the benefits of vehicle security will catalyze the market growth. Lately, consumers are increasingly recognizing the importance of protecting their vehicles from theft and unauthorized access, further driving the availability of innovative security features to offer convenience. The prioritization of vehicle safety by consumers will also influence the industry growth. For instance, in November 2023, Reliance Jio introduced a new device, JioMotive. This innovative device set new standards for car security with its features, including location tracking and theft alert capabilities.
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Car security system market from the central locking system segment will achieve remarkable industry share by 2032, propelled by widespread adoption in vehicles worldwide. Central locking systems offer convenience and enhanced security, appealing to consumers seeking efficient ways to safeguard their vehicles. Additionally, there have been advancements, such as keyless entry and remote-control features. The rising focus on bringing innovations in central locking systems will also add to the segment growth.
The light commercial vehicle segment will gain a considerable share of the car security system market till 2032. The growth is driven by the increasing use of light commercial vehicles for transportation and delivery purposes, making them prime targets for theft. Fleet owners and logistics companies are investing in advanced security systems to protect their assets and ensure the safety of goods in transit. Additionally, the affordability and ease of installation of security systems in light commercial vehicles will further contribute to the segment expansion.
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North America car security system market size will generate USD 6.4 billion through 2032, attributed to stringent vehicle security regulations, high vehicle theft rates, and tech-savvy consumer base. The presence of key market players in the region is driving significant advancements in automotive security technology. The strong emphasis on vehicle safety and the growing demand for advanced security features will also contribute to the regional industry growth.
Some of the leading companies operating in the car security system market are Robert Bosch GmbH, Continental AG, DENSO Corporation, Mitsubishi Electric Corporation, Tokai Rika Co. Ltd., Valeo SA, Alpha Corporation, Aptiv Plc, Aptech Automotive, Avital, Directed Inc., Stoneridge Inc., Viper Security, and ZF Friedrichshafen AG are some of the car security system industry players. These companies are bolstering their global presence by investing in advanced technologies, such as GPS tracking, remote monitoring, and biometric authentication to enhance vehicle protection. Partnerships with automakers and aftermarket retailers are also essayed by them for expanding their market reach.
In February 2024, the Maryland State Police, in collaboration with the Vehicle Theft Prevention Council, is offering complimentary steering wheel locks to Hyundai and Kia owners in Maryland.
Partial chapters of report table of contents (TOC):
Chapter 1 Methodology & Scope
1.1 Market scope & definitions
1.2 Base estimates & calculations
1.3 Forecast calculations
1.4 Data sources
1.4.1 Primary
1.4.2 Secondary
1.4.2.1 Paid sources
1.4.2.2 Public sources
Chapter 2 Executive Summary
2.1 Industry 3600 synopsis, 2018-2032
Chapter 3 Car Security System Market Insights
3.1 Industry ecosystem analysis
3.2 Supplier landscape
3.2.1 Component suppliers
3.2.2 Manufacturers
3.2.3 Technology providers
3.2.4 System integrators
3.2.5 Distribution channel
3.2.6 End users
3.3 Profit margin analysis
3.4 Technology & innovation landscape
3.5 Patent analysis
3.6 Key news & initiatives
3.7 Regulatory landscape
3.8 Impact forces
3.8.1 Growth drivers
3.8.1.1 Rise in vehicle theft incidents
3.8.1.2 Growing awareness among consumers about the importance of vehicle security
3.8.1.3 Increasing sales of luxury and high-end vehicles
3.8.1.4 Continuous advancements in technology
3.8.2 Industry pitfalls & challenges
3.8.2.1 High initial costs
3.8.2.2 False alarms and nuisance
3.9 Growth potential analysis
3.10 Porter’s analysis
3.10.1 Supplier power
3.10.2 Buyer power
3.10.3 Threat of new entrants
3.10.4 Threat of substitutes
3.10.5 Industry rivalry
3.11 PESTEL analysis
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About Global Market Insights Inc.
Global Market Insights Inc., headquartered in Delaware, U.S., is a global market research and consulting service provider, offering syndicated and custom research reports along with growth consulting services. Our business intelligence and industry research reports offer clients with penetrative insights and actionable market data specially designed and presented to aid strategic decision making. These exhaustive reports are designed via a proprietary research methodology and are available for key industries such as chemicals, advanced materials, technology, renewable energy, and biotechnology.
