Car Security Systems Sales to Record 6.0% CAGR through 2026, Rise in Cyber Threats Challenges Rapid Market Growth Due to COVID-19 Pandemic

 

 

The car security systems market was estimated at US$ 6,479.2 Mn during 2015 and is anticipated to touch US$ 12,170.8 Mn toward 2026 end. The global car security systems market is projected to grow at a CAGR of 6.0% in terms of revenue over the projected period (2016–2026).

Key Developments and Product Innovations

Automobile producers are amplifying the deployment of security systems in novel vehicles to be prominent in competition. Manufacturers are also witnessing a rising trend for remote keyless entry systems especially in the Asia-Pacific region which is likely to give manufacturers ample growth prospects.

Hyundai Motors Ltd has been the first automobile company to launch car immobilizers or remote keyless entry (RKE) in their budgeted or economy cars, like Verna and Hyundai i20. Conversely, this technology is not accessible on the basic models and only in the higher variants of the cars.

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COVID-19 Impact Analysis

COVID-19 outbreak has increased the chances of cyberattacks that can impact the production system of a company as well. Recently Honda confirmed that the company is dealing with a ransomware attack which is impacting its operations all around the world. Hackers are using Covid-19 associated lures to prey on individuals’ heightened anxiety during this pandemic, into downloading booby-trapped files and documents. Companies must ensure their security protocols and systems are advanced and ensure that colleagues working from home are extra vigilant.

Key Takeaways from Market Study

• Based on the sales channel, the OEM market category will dominate worldwide, however, the market share of OEM and aftermarket sub-category is varying from one nation to the other.
• Based on the car type, Midrange cars are projected to dominate during the projected period. The economic car category is likely to reflect a higher CAGR during the forecast period. Car security systems utilized in economic cars add less value to the market and are of low value. The premium cars are decked with several security systems that boost the security systems’ value set up per car.
• Based on product type, the global market is segmented into a remote central locking system, immobilizer system, alarm system along with other systems that incorporate perimeter sensors, vehicle trackers, glass break sensors, and ultrasonic sensors. The other category is likely to record the maximum CAGR in the market while the remote central locking system would continue to lead in the OEM and aftermarket market. Immobilizers are majorly sold in the OEM market due to their huge infiltration in all the car types.

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Regional Insights

North America’s regional market accounted for a value share of 30.0% in the global market in 2016 but APEJ is projected to gain a higher growth pace during the conjectured time frame. APEJ recorded the highest CAGR of 8.7% with the biggest market as South Korea and China with a share of 11.5% and 65.8% respectively during 2015. Nations such as China, India, Mexico, South Africa, and Turkey are the quickest growing markets. Western Europe is projected to have a 19.9% market share globally with the leading nation like Germany, whereas France, UK, and Spain share 13.2%, 13.4%, and 13.0%of the Western European market.