Car Security System Market Overview
Car security system is an essential tool to prevent theft and to keep the car protected from unwanted people. Further, car security system has significantly helped in reducing car thefts across the globe owing to their security devices such as sound alarm, shock sensor, central locking and immobilizers. Many advanced car security systems such as Avital 5103, Eclipse 360 degree vehicle surveillance security system are present in markets which are making the vehicle safer than ever before. Car security system can be easily installed in almost all type of vehicles such as low passenger cars, heavy vehicles, light vehicles etc.
Market Size & Forecast
The global car security system market is anticipated to flourish at a robust compound annual growth rate (CAGR) of 6.52% over the forecast period 2017-2024. Global car security system stood at a valuation of around USD 6.5 Billion by the end of year 2015 and is projected to reach at a valuation of around USD 12.2 billion by the end of 2024. Rising number of cars across the globe is expected to propel the growth of global car security system market during the forecast period.
In terms of region, global car security system market is segmented into five major regions which include North America, Europe, Asia Pacific, Latin America and Middle East & Africa region. Asia Pacific region is expected to be most reliable and revenue generated market of car security system and is anticipated to flourish at a modest CAGR of 9% during the forecast period. Furthermore, rising awareness among car owners towards car safety in developing countries such as China and India is driving the growth of global car security system market. Apart from this, rising adoption of remote keyless entry systems is a major trend in Asia Pacific region and is expected to escalate the demand for car security system in this region over the forecast period.
North America region is anticipated to witness significant growth during the forecast period. This growth of car security system in North America region can be attributed to presence of moneyed buyers which are expected to propel the demand for vehicles in this region which in turn, fuel the growth of car security system market in North America region. Moreover, regional markets of North America & Europe regions are more matured and are anticipated to witness a steady growth over the forecast period. Moreover, Latin America and Middle East & Africa regions are also anticipated to witness satisfactory growth rate over the forecast period.
Our-in depth analysis of the global car security system market includes the following segments:
By Car Type
By Sales Channel
By Product Type
Global car security system market is further classified on the basis of region as follows:
Growth Drivers & Challenges
Rising awareness among car owners towards car safety and theft prevention is major growth driver of global car security system market and is expected to consolidate the car security system market in near future. Further, technological development of car security system such as installation of shock sensor, Avital 5103 and Eclipse 360 degree vehicle surveillance security system are expected to foster the growth of car security system market in near future.
Population growth and increasing purchasing power of consumers are some of the major factors which are expected to propel the sales of vehicles around the world. Installation of car security system in almost every car to keep it safe from thieves is driving the growth of global car security system market. On the other hand, the rising demand for face detection and face positioning system is expected to propel the growth of global car security system market. Further, government and insurance companies in many countries such as Brazil and Indonesia are promoting the car security systems and forcing automakers to install these security features as a standard features in new cars.
However, the high cost of premium safety systems is restraining the growth of global car security system market. Additionally, recent failures of car security system to prevent thefts are major factors which are likely to hinder the growth of car security system market.
Scope & Context
Overview of the Parent Market
The global car security system market is segmented as follows:
Supply & Demand Risk
Porter’s Five Force Model
Geographical Economic Activity
Key Players (respective SWOT Analysis) and their Strategies and Product Portfolio
Recent Trends and Developments
Industry Growth Drivers and Challenges
Key Information for Players to establish themselves in current dynamic environment
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