Car Security Systems Market to Grow at a CAGR of 5.64% by 2023: Top Key Vendors - Bosch, Continental, Delphi Automotive, Tokai Rika, Valeo,

With the increase in the sales of the car year by year, the cases of car theft have risen around the world which is prompting the companies like Bosch, Continental, Delphi Automotive, Tokai Rika and Valeo to manufacture car security systems. The car security systems market is expected to grow at a CAGR of 5.64% and is projected to reach a valuation of approximately USD 10 Billion during the estimated period from 2018 u2013 2023.

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The incidence of car theft has come down drastically in recent years and this can be attributed to the rising use of these security systems. However, the incidence is still disturbingly high and theft numbers are concentrated among entry-level cars that have basic security systems. The incidence of theft amongst luxury cars that have state-of-the-art security systems is relatively less, pointing towards the advantages of having modern security systems in the car. Passenger car security products such as immobilizers, alarms, central locking systems, and Remote Keyless Entry (RKE) protect cars from theft or hijacking. These passenger car security products immediately alert the owner in cases of theft

Key Developments

Government orders/rules in vehicle security play an important role in the expansion of the market. Many emerging markets including Brazil and Malaysia have legislation that requires each car produced to have immobilizers present. However, these legislations are not there in much fast growing and big markets like India. Major markets in the coming years will have basic car safety regulations, and this will boost the car security market globally.

The trend of remote keyless entry systems is catching on in the Asia-Pacific region and is expected to give manufacturer’s ample opportunity. Hyundai Motors India Ltd. was the first automobile company to introduce Keyless Remote Entry (RKE) or car immobilizers in their economy or budgeted cars eg. Hyundai i20 and Verna.Though this technology is only available in the high variant of the car rather than the basic model.

Major Players: BOSCH, CONTINENTAL, DELPHI AUTOMOTIVE, TOKAI RIKA, VALEO, amongst others

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Mature In Developed Economy

The market is more mature in the developed regions of North America and Europe, where most cars come with factory car security systems. North America region is anticipated to witness significant growth during the forecast period. This growth of car security system in North America region can be attributed to the presence of moneyed buyers which are expected to propel the demand for vehicles in this region which in turn, fuel the growth of car security system market in North America region. Moreover, regional markets of North America & Europe regions are more matured and are anticipated to witness steady growth over the forecast period.

The demand for immobilizers is expected to be the fastest among all the categories, as most new automobiles coming post-2020 is expected to feature these systems. Car immobilizers are deemed to be one of the most important aspects of car safety and hence will register the fastest growth. The Asia-Pacific region is predicted to see the fastest rate of growth till 2022. But post-2022, Africa, on account of the boom in sales of automobiles, might overtake Asia-Pacific to become the fastest growing market in the world.

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This release was published on openPR.