Dublin, June 25, 2024 (GLOBE NEWSWIRE) -- The "Car Security Systems Market - Forecasts from 2024 to 2029" report has been added to ResearchAndMarkets.com's offering.
The car security systems market is projected to grow at a CAGR of 11.22% from US$12.951 billion in 2022 to US$27.258 billion in 2029
The car security systems market is driven by the growing developments in automotive security technology over the years, which has increased the efficiency and reliability of the security features integrated into the vehicle for the drivers of that vehicle. The growth in the technological developments in car security systems has led several automobile manufacturers across the globe to adopt effective car safety solutions like anti-theft software and features into their new car models that provide more safety of the car from any outside attacks.
The growing number of car thefts and intrusion in car-to-steal cases are growing rapidly across the globe which is significantly increasing the demand for appropriate car security systems in modern vehicles. Hence, these factors are driving the demand for effective car security systems solutions in the market.
CAR SECURITY SYSTEMS MARKET DRIVERS:
Growth in the demand for autonomous vehicles worldwide is predicted to propel the car security systems market.
The demand for autonomous vehicles can gather real-time data and provide useful insights such as location, obstacles, fuel capacity, and other data to better manage the vehicle across the distance the driver wants to drive. This has made the driving experience of the driver of these autonomous vehicles much smoother and more effective by using features like self-drive or auto-drive.
These autonomous vehicles use software integrated with artificial intelligence technologies, which are prone to cyberattacks and can lead to sensitive data being stolen from the driver. This is why advanced cybersecurity features are integrated into these autonomous vehicles to prevent these cyber attacks. Thus, the growth in demand for autonomous vehicles is anticipated to fuel the car security systems in the market.
Various product innovation is anticipated to upsurge the market.
There are various products offered by key players in the industry which in turn fuels the market expansion. For instance, Keetec Blade, offered by TSS Group, is a car alarm system that can be installed in vehicles with 12 or 24-volt circuits integrated within them. The Keetec Blade can use the car keys to control the alarm system in new models of vehicles using the Can Bus and in older model vehicles with the help of analog connectivity. Additionally, there is a new feature that is integrated into these security systems with alarms, which is the Code To Drive function that can enable the driver to have keyless access to the vehicle with the use of a unique PIN code that enhances the vehicle security significantly.
Moreover, the AutoCrypt IDS, or intrusion detection system offered by Penta Security Inc., is a vehicle security system that is used in modern vehicles to enhance the security of the vehicle and make it anti-theft. This security system enhances the cybersecurity of the vehicle by preventing any cyberattacks by detecting and filtering these threats before they could cause any harm to the vehicle. These security systems are integrated with security sensors that use N-IDPS and H-IDS which can identify any abnormal data in the network.
CAR SECURITY SYSTEMS MARKET RESTRAINT:
Restraints due to high manufacturing costs and need for higher security software
The car security systems market, despite having an important role in improving the safety of the vehicles that are manufactured for the general public and increasing the trust of the driver in the car across different cities and regions worldwide. However, providing anti-theft features and security alarms for car safety can lead to various challenges that can be faced by the manufacturers of these car security systems that may impact the car security systems market negatively over the forecast period.
For instance, the high-cost requirement for the development and innovation of these advanced car security systems integrated with autonomous vehicles and artificial intelligence technology when automakers are trying to reduce the price of the vehicle for the customer leads to less adoption of these high-tech electric components with the large cost for the car security systems. In metropolitan cities, the need for advanced car security systems is increasing due to the growing number of car theft cases, and the increase in cyberattacks that can steal valuable data from the software of newer models of autonomous cars can hinder the car security systems market.
CAR SECURITY SYSTEMS MARKET - GEOGRAPHICAL OUTLOOK
The growth is projected to be prominent in the Asia Pacific region.
The Asia Pacific region is expected to show major growth in the car security systems market due to the rapid growth in the automotive industry coupled with the growth of electric vehicle demand in developing countries in the region like India and China.
The growing industrialization and urbanization in several countries across the Asia Pacific region, coupled with the government across the region from several countries promoting and making regulations regarding vehicle safety, are making several automakers in this region increase security in their vehicles. The presence of key car manufacturers like Hyundai, Honda, and TATA Motors that provide enhanced safety with luxury features like global pedestrian detection systems and smart keys that can provide keyless access to the car is contributing to fuel the car security systems market in Asia Pacific region over the forecast period.
Key Attributes:
| Report Attribute | Details |
| No. of Pages | 140 |
| Forecast Period | 2022 - 2029 |
| Estimated Market Value (USD) in 2022 | $12.95 Billion |
| Forecasted Market Value (USD) by 2029 | $27.26 Billion |
| Compound Annual Growth Rate | 11.2% |
| Regions Covered | Global |
Companies Featured
- Penta Security Inc.
- Maruti Suzuki
- TSS Group
- Argus Cyber Security
- Infineon Technologies
- Viper
- Tint World
- Scorpion Automotive
- T-Systems
- Hitachi Astemo, Ltd.
Market Segmentation
By Type
- Alarm
- Keyless Entry
- Immobilizer
- Central Locking
- Others
By Geography
- North America
- United States
- Canada
- Mexico
- South America
- Brazil
- Argentina
- Others
- Europe
- United Kingdom
- Germany
- France
- Italy
- Spain
- Others
- Middle East and Africa
- Saudi Arabia
- UAE
- Others
- Asia Pacific
- Japan
- China
- India
- South Korea
- Taiwan
- Thailand
- Indonesia
- Others
For more information about this report visit https://www.researchandmarkets.com/r/h7ufg
About ResearchAndMarkets.com
ResearchAndMarkets.com is the world's leading source for international market research reports and market data. We provide you with the latest data on international and regional markets, key industries, the top companies, new products and the latest trends.
Attachment
