Increasing Sales of Passenger Vehicles Position North America as a Highly Lucrative Market for Car Security Systems: Future Market Insights

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DUBAI, U.A.E, Sept. 22, 2021 /PRNewswire/ -- As per the latest insights from FMI, the global car security system market is estimated to total US$ 7.6 billion by 2021. In response to the rising awareness regarding benefits of advanced security system amongst automotive owners, the sales of car security system are projected to grow at a CAGR of 5% during the forecast period, from 2021 to 2031.

Demand for car security system is expected to rise by year on year (YoY) growth of 5.4% in 2021, owing to the increasing production of passenger cars and luxury vehicles. As per the German Association of the Automotive Industry, over 4.6 million passenger cars and 224,009 luxury vehicles were manufactured in Germany in 2019. These vehicles come inbuilt with these security systems, thus, rise in production of these vehicles will drive the market growth.

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Increasing incidence of vehicle theft is a primary factor accelerating the sales of car security system. According to a preliminary study by the National Insurance Crime Bureau, automotive theft rose from 799,644 in 2019 to 873,080 in 2020, exhibiting growth by 9.2% in the U.S. This is creating a high demand for vehicle theft prevention and recovery systems such as immobilizers, alarming systems, and geological positioning system (GPS) trackers.

As per FMI, the North America market is anticipated to expand at a CAGR 4.4%, due to the increasing sales of passenger cars and vehicle theft in the countries such as the U.S. and Canada. 

"Growing number of favorable government policies, mandating the presence of security systems in new vehicles and advancement in real-time data monitoring along with integration of telematics are expected to create opportunities for the market growth," says the FMI analyst.

Key Takeaways from FMI's Car Security System Market Study

• In North America, the U.S. is estimated to remain dominant market, owing to the presence of leading manufacturers Continental AG and Bosch.
• Germany is projected to contribute maximum sales in the Europe market, driving regional growth at a CAGR of 4.2% through 2031.
• The market in China is forecast to experience a rapid growth, due to the rising sales of luxury vehicles and increasing cases of car theft in the country.
• South Korea and Japan are anticipated to collectively hold a global share of nearly 9.0% in the car security system market in 2021.
• Based on car type, mid-size car segment is predicated to hold more than 56.9% of the overall market share, driven by increasing sales of budget passenger cars.

Key Drivers

• Increasing cases of vehicle theft across countries such as the U.S., China, Japan, and Australia is propelling the demand for car security system.
• Government initiatives adopted for making car security systems like GPS and vehicle trackers mandatory in every car is boosting the growth of the market.
• Growing demand for premium and luxury vehicles and increasing consumer spending on high-tech security systems are the factor boosting the sales across premium car segment.

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Key Restraints

• High initial cost of installation is a key factor hampering the sales of car security systems.
• Less adoption of car security system across economic car segment due to the restrain of keeping the cost of these cars economical is hampering the market growth.

Competitive Landscape

As per the FMI's analysis, Continental AG, Valeo, Hella, Robert Bosch, and Tokai Rika are the leading companies operating in the car security system market. Key players are investing in research and development (R&D) projects and introducting novel security systems to gain the competitive advantage over other player. For instance,

• In March 2021, Dodge, an American brand of automobiles, announced introducing owner-customized 'double verification' security system for its Challenger and Charger muscle cars. The system provides four-digit secondary encryption and help preventing auto theft.

• In June 2021, Hella, an internationally operating German automotive part supplier, announced launching its digital car key with in-built ultra-wideband technology named "Smart Car Access." The key provides complete hands-free, smartphone-based vehicle access.

Key players in the car security system market profiled by FMI are:

• Valeo S.A.
• Continental A.G.
• Delphi Automotive PLC
• Hella KGaA Hueck & Co.
• Tokai Rika Co., Ltd
• Mitsubishi Electric Corporation
• Denso Corporation
• Robert Bosch GmbH
• Lear Corporation
• Omron Corporation.

More Insights on the Car Security System Market Survey

The latest market study on the car security system market by Future Market Insights gives a detailed segmentation for the forecast period of 2021-2031. In order to gain a better perspective of the global car security system market potential, its growth, trends, and opportunities, the market is segmented on the basis of:

By Car Type:

• Economic Cars
• Mid-Range Cars
• Premium Cars

 By Product Type:

• Immobilizer system
• Remote Central Locking System
• Alarm System
• Other Systems

 By Sales Channel:

• OEM
• Aftermarket

By Region:

• North America
• Latin America
• Western Europe
• Eastern Europe
• Asia Pacific excluding Japan (APEJ)
• Japan
• Middle East and Africa (MEA)

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Key Questions Covered in Car Security System Market Report 

• The report offers detailed insights into car security system market demand outlook for 2021-2031
• The market study also highlights projected sales growth for car security system market between 2021 and 2031
• Car security system market survey identifies key growth drivers, restraints, and other forces impacting prevailing trends and evaluation of current market size and forecast and technological advancements within the industry
• Car security system market share analysis of the key companies within the industry and coverage of strategies such as mergers & acquisitions, joint ventures, collaborations or partnerships, and others.

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SOURCE Future Market Insights