Market Analysis
Market Research Future (MRFR) projects the global vehicle security market to register a 7% CAGR from 2022–2030 (forecast period).
Rising Incidents of Vehicle Theft
Vehicle security systems, such as alarms, passive entry systems, central locking, remote keyless entry, and immobilizers are intended to keep cars from being hijacked or stolen. Recent technologies such as RFID, GPS, and RTLS are also being used to track down stolen vehicles. The growing number of vehicle burglaries and theft attempts has bolstered the global vehicle security market. The leading competitors in the global vehicle security market are extensively spending in research and development efforts in order to offer newer and more innovative security systems that can detect odd activity within the vehicle and notify the owner by activating an alarm or sending an SMS. Furthermore, the increased incidence of vehicle thefts has prompted vehicle manufacturers to swiftly implement the notion of biometric technology in vehicles. To grant access to the vehicle, biometrics use fingerprint, face, iris, hand, and retina recognition devices. They also recognize individuals based on physical and/or behavioral traits. They make it simple to access a vehicle by promptly processing the access request, collecting data, and recognizing authority. Voice recognition, typing patterns, and signature recognition are all possible with biometric technologies.
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Market Segmentation
The global vehicle security industry has been segmented on the basis of technology, component, and vehicle type.
On the basis of technology, the worlwide vehicle security market has been segmented into ultrasonic and radio frequency identification. The increasing demand for enhanced security systems in a vehicle, along with the rising penetration of automotive electronics, drives the demand for advanced technologies in the worldwide vehicle security market.
On the basis of components, the global vehicle security market has been segmented into ultrasonic intruder protection system (UIP), backup battery siren (BBS), automatic driver recognition system (ADRS), central locking system, automatic collision detection system, and remote keyless entry system. The central locking system segment is projected to account for the largest market share as the leading global automobile manufacturers are providing inbuilt central locking systems in vehicles.
On the basis of vehicle type, the global vehicle security market has been divided into passenger cars and commercial vehicles. The passenger car segment is predicted to dominate the market throughout the forecast period due to the rising penetration of security systems in passenger vehicles.
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Regional Analysis
APAC to Lead the Global Market
Due to the presence of major manufacturers and their operating units throughout the region, China, Japan, and India account for the majority of the growth in the Asia Pacific vehicle security market. These companies make significant investments in research and development in order to provide sophisticated vehicle security technologies. Furthermore, the market for vehicle security in the region is predicted to rise rapidly due to rising population, industrialization, and aggressive growth in the manufacturing industry, as well as increased demand for automobiles, mainly in China and India.
In 2017, China accounted for the lion's share of the worldwide vehicle security market. The growing demand for putting safety and security measures in passenger cars, as well as the growing middle class, rapid economic development, and increasing population levels, have increased the number of vehicles in China, resulting in an increase in vehicle thefts. This increases the demand for vehicle security components and solutions to combat theft throughout the country. Furthermore, countries with high vehicle theft rates, such as Japan, India, Australia, and Malaysia, provide significant growth potential for the vehicle security market. Due to the rigorous rules regulated by regulatory authorities about vehicle thefts and the increase in the number of manufacturing plants of the key competitors in the vehicle security industry, China and Japan are the fastest developing countries in the Asia Pacific vehicle security market.
Key Players:
· Denso Corporation (Japan)
· Robert Bosch GmbH (Germany)
· HELLA GmbH & Co. KGaA (Germany)
· Valeo (France)
· Mitsubishi Electric Corporation (Japan)
· Continental AG (Germany)
· Lear Corporation (US)
· Tokairika Co Ltd (Japan)
· Omron Corporation (Japan)
· Alps Alpine Co. Ltd (Japan)
Continental is still working on developing digital vehicle keys for automated driving and mobility solutions, including car-sharing and fleet services. This necessitates the development of innovative vehicle access methods in the automobile industry, as traditional vehicle keys will no longer suffice for future mobility concepts. As a result, the company has expanded its smart access solution for easy vehicle access by smartphone to provide drivers with a full set of services.
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