Published by mark itwired
Posted on October 7, 2021
The car security market will register moderate growth in 2021 with worldwide demand up 5.4% year over year. As per Future Market Insights (FMI) analysis, car security system sales will grow, reaching nearly $7.6 billion in 2021 at a compound annual growth rate (CAGR) of 5.8%.
Some of the governments around the world have mandated the addition of car security system. This, coupled with increasing sales of new vehicles and economic cars in emerging economies will drive the market growth.
Leading original equipment manufacturers and luxury automakers are installing advanced car security system like telematics linked with 5G connectivity and internet of things to stand out in the competition. This will positively influence the market growth.
According to a preliminary report from National Insurance Crime Bureau, in U.S. auto theft rose by 9.2% from 2019 to 2020 as 873,080 auto thefts were recorded in 2020 in comparison to 799,644 thefts in 2019. Rising awareness among car owners regarding importance of a good car security system coupled with increasing cases of car theft across the globe will fuel the demand for car security system.
To know more about this market, request a sample@ https://www.futuremarketinsights.com/reports/sample/rep-gb-617
Increasing demand for hassle free monitoring and tracking system with improved car security along with focus on reducing the cost of security system are encouraging the development of new security systems, thus boosting the market growth, states ESOMAR-certified Future Market Insights (FMI) in its recent analysis.
Establishment of mega factories in developing countries of Asia and Latin America will allow market players to capitalize on unexplored opportunities. Rising per capita income of middle class population and increasing production of budget cars will drive the market over the assessment period. Mid-range car segment is expected to hold more than 56.9% market share in 2021.
Key Takeaways from FMI’s Car Security System Market Study
“Increasing incidence of car theft is encouraging automakers to develop better security features. To offer greater safety against car theft, incorporation of telematics has emerged as a key solution. Besides this, focus on innovations will continue rising as market players aim for competitive advantage,” says the FMI analyst.
Competitive Landscape
Future Market Insights states that Continental AG, Valeo, Hella, Robert Bosch, and Tokai Rika are the leading market players operating in the car security system market. Top car manufacturers are looking to provide new end to end solutions and products while keeping the aftermarket confined to their authorized dealers.
For instance, continental AG is developing ultra-wideband (UWB) radio technology as a part of vehicle access solution in the car connectivity consortium (CCC). The new system is aimed to provide hand free operating system and elevate the anti-theft protection.
Market players are also looking to ride the bandwagon of growing adoption of telematics. For instance, ORBCOMM recently developed the next-gen ORBCOMM Platform which allows customers to track, monitor and control all their vehicles in one place – on the road, rail and at sea. For this groundbreaking innovation, ORBCOMM won 2021 Internet of Things (IoT) breakthrough award for M2M Vehicle Telematics Company of the Year.
Prominent players operating in the car security system market are:-
More Insights on the Global Car Security System Market
In its latest report, FMI offers an unbiased analysis of the global car security system market, providing historical data for the period of 2016-2020 and forecast statistics for the period of 2021-2031. In order to understand the global market potential, its growth, and scope, the market is segmented on the basis of product type (immobilizer system, remote central locking system, alarm system, and other systems), car type (economic cars, mid–size cars, and premium cars), sales channel (original equipment manufacturers and aftermarket), across seven major regions (North America, Latin America, Eastern Europe, Western Europe, Asia Pacific excluding Japan, Japan, and Middle East & Africa)
Get Access to Research Methodology Prepared by Experts>>> https://www.futuremarketinsights.com/ask-question/rep-gb-617
Scope of Report
| Attribute | Details |
| Forecast Period | 2021-2031 |
| Historical Data Available for | 2016-2026 |
| Market Analysis | USD Million for Value |
| Key Regions Covered | North America, Latin America, Western Europe, Eastern Europe, Asia Pacific excluding Japan, Japan, and Middle East and Africa |
| Key Countries Covered | U.S., Canada, Brazil, Mexico, Argentina, Rest of Latin America, EU-5, BENELUX (Belgium, Netherlands, Luxembourg), NORDIC (Denmark, Finland, Iceland, Norway, Sweden), Rest of Western Europe, Poland, Russia, Rest of Eastern Europe, China, India, Japan, GCC Countries, South Africa, Israel, Turkey, Iran, Rest of Middle East & Africa, Australia, New Zealand, South Korea, the Philippines, Malaysia, and Thailand |
| Key Segments Covered | By Car type, By Product Type, By Sales Channel, and Region |
| Key Companies Profiled |
|
| Report Coverage | Market Forecast, Company Share Analysis, Competition Intelligence, DROT Analysis, Market Dynamics and Challenges, and Strategic Growth Initiatives |
| Customization & Pricing | Available upon Request |
Key Questions Answered in the Report
The global car security system market is forecast reach the market valuation of around US$ 7.6 Bn in 2021. It is expected to increase at moderate pace during the forecast period.
The car security system market experienced 5.4% year-on-year growth rate between 2020 and 2021.
Car security system market recorded CAGR of around 1.6% in terms of unit volume from 2016 until 2020.
Growing adoption of telematics and car OEMs focusing on providing end to end solutions and keeping the aftermarket to their authorized dealer are the key trends prevailing in the car security system market.
Increasing cases of car theft and increasing demand for low cost car security system in economic cars will drive the demand of car security system during the assessment period.
Demand registered in North America will continue rising, backed increasing sales and production in the U.S. and Canada, the North America market is anticipated to expand at 4.4% CAGR during the forecast period.
The post Car Security Systems Sales to Record 5.8% CAGR through 2031, Rise in Cyber Threats Challenges Rapid Market Growth Due to COVID-19 Pandemic appeared first on Industry News Analsis.
The car security market will register moderate growth in 2021 with worldwide demand up 5.4% year over year. As per Future Market Insights (FMI) analysis, car security system sales will grow, reaching nearly $7.6 billion in 2021 at a compound annual growth rate (CAGR) of 5.8%.
Some of the governments around the world have mandated the addition of car security system. This, coupled with increasing sales of new vehicles and economic cars in emerging economies will drive the market growth.
Leading original equipment manufacturers and luxury automakers are installing advanced car security system like telematics linked with 5G connectivity and internet of things to stand out in the competition. This will positively influence the market growth.
According to a preliminary report from National Insurance Crime Bureau, in U.S. auto theft rose by 9.2% from 2019 to 2020 as 873,080 auto thefts were recorded in 2020 in comparison to 799,644 thefts in 2019. Rising awareness among car owners regarding importance of a good car security system coupled with increasing cases of car theft across the globe will fuel the demand for car security system.
To know more about this market, request a sample@ https://www.futuremarketinsights.com/reports/sample/rep-gb-617
Increasing demand for hassle free monitoring and tracking system with improved car security along with focus on reducing the cost of security system are encouraging the development of new security systems, thus boosting the market growth, states ESOMAR-certified Future Market Insights (FMI) in its recent analysis.
Establishment of mega factories in developing countries of Asia and Latin America will allow market players to capitalize on unexplored opportunities. Rising per capita income of middle class population and increasing production of budget cars will drive the market over the assessment period. Mid-range car segment is expected to hold more than 56.9% market share in 2021.
Key Takeaways from FMI’s Car Security System Market Study
“Increasing incidence of car theft is encouraging automakers to develop better security features. To offer greater safety against car theft, incorporation of telematics has emerged as a key solution. Besides this, focus on innovations will continue rising as market players aim for competitive advantage,” says the FMI analyst.
Competitive Landscape
Future Market Insights states that Continental AG, Valeo, Hella, Robert Bosch, and Tokai Rika are the leading market players operating in the car security system market. Top car manufacturers are looking to provide new end to end solutions and products while keeping the aftermarket confined to their authorized dealers.
For instance, continental AG is developing ultra-wideband (UWB) radio technology as a part of vehicle access solution in the car connectivity consortium (CCC). The new system is aimed to provide hand free operating system and elevate the anti-theft protection.
Market players are also looking to ride the bandwagon of growing adoption of telematics. For instance, ORBCOMM recently developed the next-gen ORBCOMM Platform which allows customers to track, monitor and control all their vehicles in one place – on the road, rail and at sea. For this groundbreaking innovation, ORBCOMM won 2021 Internet of Things (IoT) breakthrough award for M2M Vehicle Telematics Company of the Year.
Prominent players operating in the car security system market are:-
More Insights on the Global Car Security System Market
In its latest report, FMI offers an unbiased analysis of the global car security system market, providing historical data for the period of 2016-2020 and forecast statistics for the period of 2021-2031. In order to understand the global market potential, its growth, and scope, the market is segmented on the basis of product type (immobilizer system, remote central locking system, alarm system, and other systems), car type (economic cars, mid–size cars, and premium cars), sales channel (original equipment manufacturers and aftermarket), across seven major regions (North America, Latin America, Eastern Europe, Western Europe, Asia Pacific excluding Japan, Japan, and Middle East & Africa)
Get Access to Research Methodology Prepared by Experts>>> https://www.futuremarketinsights.com/ask-question/rep-gb-617
Scope of Report
| Attribute | Details |
| Forecast Period | 2021-2031 |
| Historical Data Available for | 2016-2026 |
| Market Analysis | USD Million for Value |
| Key Regions Covered | North America, Latin America, Western Europe, Eastern Europe, Asia Pacific excluding Japan, Japan, and Middle East and Africa |
| Key Countries Covered | U.S., Canada, Brazil, Mexico, Argentina, Rest of Latin America, EU-5, BENELUX (Belgium, Netherlands, Luxembourg), NORDIC (Denmark, Finland, Iceland, Norway, Sweden), Rest of Western Europe, Poland, Russia, Rest of Eastern Europe, China, India, Japan, GCC Countries, South Africa, Israel, Turkey, Iran, Rest of Middle East & Africa, Australia, New Zealand, South Korea, the Philippines, Malaysia, and Thailand |
| Key Segments Covered | By Car type, By Product Type, By Sales Channel, and Region |
| Key Companies Profiled |
|
| Report Coverage | Market Forecast, Company Share Analysis, Competition Intelligence, DROT Analysis, Market Dynamics and Challenges, and Strategic Growth Initiatives |
| Customization & Pricing | Available upon Request |
Key Questions Answered in the Report
The global car security system market is forecast reach the market valuation of around US$ 7.6 Bn in 2021. It is expected to increase at moderate pace during the forecast period.
The car security system market experienced 5.4% year-on-year growth rate between 2020 and 2021.
Car security system market recorded CAGR of around 1.6% in terms of unit volume from 2016 until 2020.
Growing adoption of telematics and car OEMs focusing on providing end to end solutions and keeping the aftermarket to their authorized dealer are the key trends prevailing in the car security system market.
Increasing cases of car theft and increasing demand for low cost car security system in economic cars will drive the demand of car security system during the assessment period.
Demand registered in North America will continue rising, backed increasing sales and production in the U.S. and Canada, the North America market is anticipated to expand at 4.4% CAGR during the forecast period.
The post Car Security Systems Sales to Record 5.8% CAGR through 2031, Rise in Cyber Threats Challenges Rapid Market Growth Due to COVID-19 Pandemic appeared first on Industry News Analsis.
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