Car Security Systems Market is set to exceed around 5.64% CAGR with Key Industry Participants in the Market Include BOSCH, CONTINENTAL, DELPHI AUTOMOTIVE, TOKAI RIKA, and VALEO

Market Analysis:

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, due to the presence of moneyed buyers. Asia-Pacific region is predicted to see the fastest rate of growth till 2022.

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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 to manufacture car security systems. 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.

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Market Segments:
Car Security Systems Market is segmented by:
1. Type: Alarms, Keyless Entry, Immobilizers, Central Locking, Others
2. Geography: North America, South America, Europe, Asia Pacific, Middle East & Africa

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.

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This release was published on openPR.