Update News: Increasing Vehicle Thefts To Boost The Vehicle Security System Market
Vehicle Security System Market: Key Highlights
- According to the new market research report “Vehicle Security System Market by Product Type (Immobilizers, Alarm System, Tracking System, Central Locking System, Remote Keyless Entry and Others), by Technology (Global Positioning System (GPS), Global System for Mobile (GSM), Real-Time Location Systems (RTLS), Biometric System, Face Detection System and Others), by Vehicle Type (Passenger Cars, Light-Duty Vehicle, and Heavy-Duty Vehicle ), by Region (Asia Pacific, Europe, Middle East & Africa, South America, North America) — Global Forecast (2019 to 2027)”, the vehicle security system market is estimated to reach around USD 14.5 Billion by 2027 at a CAGR of around 7.4% during the review period
- Rising vehicle thefts is a key factor driving the demand for the vehicle security system market
- However, the high cost of advanced security system remains a major restraining factor for the market growth
Vehicle Security System Market: Key Market Dynamics
- Any safety failures result in severe injury and loss of life. Government regulations have come up with strict vehicle safety and security standards. Hence, rising road accidents worldwide are propelling the demand for the vehicle security system
- Increasing incidents regarding vehicle thefts have increased adoption towards vehicle safety systems
- Growing adoption of a biometric system is anticipated to boost the vehicle security system market in the future
- Rise in cybersecurity threats is likely to act as a challenge for market growth
Vehicle Security System Market: Regional Overview
The growth in the Asia-Pacific region is attributed to the high production and sales of automobiles and the demand for advanced security featured vehicles. This region has witnessed high penetration of vehicle security systems due to the adoption of premium and smart vehicles, owing to the rising per capita income in countries such as Japan, South Korea, and China which are expected to boost the market growth.
In Europe, the increasing vehicle production, and customers’ preference towards premium and luxury cars are expected to propel the demand for vehicle security system. Furthermore, the European Union has decided mandatory usage of driver assistance systems in every vehicle from 2022 to increase road safety and to contribute towards the Vision Zero project which will boost the market growth.
Vehicle Security System Market: Key Players Overview
- Lear Corporation:
Lear Corporation is a US-based company that manufactures automotive electrical and seating systems. In April 2019, the company completed the acquisition of Xevo, which is a leading automotive software supplier that develops solutions for cars, cloud, and mobile devices. This acquisition will enhance Lear’s capability in getting advancement in connectivity, services, software, and data analytics.
- Robert Bosch GmbH:
Robert Bosch GmbH is a German-based company. The company offers industrial products, auto spare parts, mobility, control and drive technology, business process outsourcing, and others. In December 2018, the company has launched perfectly keyless system by turning the smartphone into a car key which prevents car theft using digital technologies such as signal jamming, signal relaying, and key programming, etc.
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