Car Security Systems Market Booming Worldwide and Advancement Outlook

Posted on 2019-07-16 by P&S Intelligence in Automotive, Software, Technology, Transportation & Logistics // 0 Comments

Car Security Systems Market

The increase in vehicle sales, customer’s preference for sophisticated and reliable vehicle security systems and government regulations are the major growth drivers for the global car security systems market. The growing consumer awareness about sophisticated vehicle security features, and vehicle security regulations are the other factors driving the growth of the global market. Owing to the worldwide increase in the production and sales of cars, the global car security systems market is anticipated to witness extraordinary growth during the forecast period. The increasing demand for engine start security and keyless access systems, and growing use of smart mobile applications in vehicle security systems are some of the opportunities, which are expected to give a major boost to the growth of the global market for car security systems in the future.

Due to the highest population in developing countries, such as China and India, the car sales are also increasing, which is also driving the growth of the global car security systems market. Western Europe is anticipated to be the second largest market and is likely to show strong potential for car security system in the near future. Car security system has become mandatory for newly produced cars in some of the Western European countries, such as the U.K. and Finland.

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North America is poised to show strong growth opportunities for the car security system market, especially in the United States. According to federal bureau of investigation (FBI), in 2013, 699,594 motor vehicles were reported to be stolen in the U.S. The growing vehicle thefts is a major factor, driving the growth of the global car security systems market.

However, high cost of car security systems and failure of vehicle security systems are some of the factors restraining the growth of the market. The different types of anti-theft security systems are used by vehicle manufacturers; for example, General Motors have a system called content theft deterrent (CTD) system, which starts an alarm if the doors are opened without the key. However, the system does not prevent a thief from driving the car away. As compared to aftermarket anti-theft systems, the factory installed security systems are more reliable and have less probability to misbehave. Another concern with some of the aftermarket anti-theft systems is the durability of the Chinese electronics used in the anti-theft module. The aftermarket systems are mostly equipped with recycled chips or other components of poor quality, which fail in an year or two, while the system starts to cause problems.

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Mitsubishi Electric Corporation, Robert Bosch GmbH, HELLA KGaA Hueck & Co., Lear Corporation, Tokai Rika Co. Ltd., ALPS ELECTRIC CO. LTD., Delphi Automotive LLP are some of the competitors in the global car security systems market.

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