Industry Outlook

Vehicle security system prevents vehicle theft and avoids usage of vehicles by some unauthorized person. A significant rise in the number of automotive across the globe and proportional growth in crime associated with automotive considerably accelerated the demand for vehicle security system. Consequently, vehicle security systems market scored a value of US$ 7.50 Bn in 2020 and projected to mark US$ 13.95 Bn by 2029. The market contemplated growing with a growth rate of 6.7% throughout the forecast period from 2021-2029.

"Immobilizers Zoomed Ahead Over Vehicle Security Systems in Terms of Market Value"

Central locking systems and vehicle alarm systems were the leading vehicle security systems and adopted by several automotive manufacturers. However, aforementioned technology came with serious shortcomings and antisocial elements were successful to break-in and attempted vehicle theft. Immobilizer vehicle security systems do not allow engine to start in case of unauthorized entry. This does not allow the criminals to fly-away with the vehicles. It is one of the most trusted security systems and extensively preferred by leading automotive manufacturers over alarm and central locking systems. Immobilizer security systems projected to lead to the overall segment in terms of market value.

"OEM and Aftermarket Market Value Runs in Close Quarters in Vehicle Security Systems Market"

The market value and market share of OEM and aftermarket vehicle security systems indicated head-to-head competition with each other. However, OEM has an upper hand on aftermarket in terms of trust and peace of mind with respect to consumers’ preference. Although the cost of OEM vehicle security is quite high compared to aftermarket, OEM was successful in installing trust factor and encouraging consumers to go for this distribution channel. However, developing countries of Asia Pacific are price driven economies and consumers here often go for low-cost aftermarket alternative. Therefore, large number of vehicle security systems by aftermarket gained enough market share to challenge OEM in Asia Pacific.

"Passenger Cars Undisputedly Dominated the Vehicle Security Systems Market"

In 2020, passenger cars are the clear winner in terms of market value and share in overall vehicle security systems market. Majority of the crimes such as vehicle thefts are associated with passenger cars and realizing the fact, automotive manufacturers roll out their every product with security features. Unfortunately, another vehicle type not yet got enough attention with respect to security systems. Commercial vehicles including public transport and school buses vehicle security system are gaining some momentum and projected to grow with a considerable growth rate in coming year.

"Asia Pacific Secured the Majority of Market Share in Vehicle Security Systems Market"

Largest automotive vehicle market tag helped Asia Pacific to claim majority of market share to dominate overall vehicle security systems market. The region is home to some of the largest automotive manufacturers and the demand for passenger cars is considerably high in developing countries. In addition, rise in the number of criminal activities associated with automotive and especially vehicle theft urged demand for vehicle security systems in Asia Pacific. North America and Europe trailed Asia Pacific in terms of market value. Introduction of biometrics security and passive entry system is highly encouraged in North American automotive manufacturers. High demand coupled with disposable income ranked North America second in global vehicle security systems market.

"Fortifying Product Security is the Key for Leading Vendors to be on the Forefront"

Vehicle security system is one the few components in automotive manufacturing that is quite consolidated and is characterized by few but strong competitors. These companies are backed by heavy funding for research and development for product improvement. Besides, these companies face each other to acquire long-term partnership with leading automotive manufacturers as their OEMs. Strategic geographic expansion is also of the vital strategies observed closely by these players, which makes entry of new companies more difficult. Some of the key vehicle security systems vendors profiled in this research study include Hella KGaA Hueck & Co., Continental AG, Robert Bosch, Denso Corporation, Delphi Automotive PLC, Valeo S.A., Omron Corporation, Lear Corporation, TRW Automotive, Alps Electric, and Mitsubishi Electric Corporation among others.

Historical & Forecast Period

This study report represents analysis of each segment from 2022 to 2032 considering 2023 as the base year. Compounded Annual Growth Rate (CAGR) for each of the respective segments estimated for the forecast period of 2024 to 2032.

The current report comprises of quantitative market estimations for each micro market for every geographical region and qualitative market analysis such as micro and macro environment analysis, market trends, competitive intelligence, segment analysis, porters five force model, top winning strategies, top investment markets, emerging trends and technological analysis, case studies, strategic conclusions and recommendations and other key market insights.

Research Methodology

The complete research study was conducted in three phases, namely: secondary research, primary research, and expert panel review. key data point that enables the estimation of Vehicle Security Systems market are as follows:

• Research and development budgets of manufacturers and government spending
• Revenues of key companies in the market segment
• Number of end users and consumption volume, price and value.
• Geographical revenues generate by countries considered in the report
• Micro and macro environment factors that are currently influencing the Vehicle Security Systems market and their expected impact during the forecast period.

Market forecast was performed through proprietary software that analyzes various qualitative and quantitative factors. Growth rate and CAGR were estimated through intensive secondary and primary research. Data triangulation across various data points provides accuracy across various analyzed market segments in the report. Application of both top down and bottom-up approach for validation of market estimation assures logical, methodical and mathematical consistency of the quantitative data.

Key questions answered in this report

• What are the key micro and macro environmental factors that are impacting the growth of Vehicle Security Systems market?
• What are the key investment pockets with respect to product segments and geographies currently and during the forecast period?
• Estimated forecast and market projections up to 2032.
• Which segment accounts for the fastest CAGR during the forecast period?
• Which market segment holds a larger market share and why?
• Are low and middle-income economies investing in the Vehicle Security Systems market?
• Which is the largest regional market for Vehicle Security Systems market?
• What are the market trends and dynamics in emerging markets such as Asia Pacific, Latin America, and Middle East & Africa?
• Which are the key trends driving Vehicle Security Systems market growth?
• Who are the key competitors and what are their key strategies to enhance their market presence in the Vehicle Security Systems market worldwide?