Car Security Market Seeing Growth, Drivers, New Trends And Key Players 2026
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The global car security market was valued at US$ 7,971.5 Mn in terms of value in 2019. The market is estimated to grow at a CAGR of 6.0% during the forecast period.
Car security system or vehicle security system is an intelligent electronic device installed in the car, in order to dissuade theft of the vehicle itself, the content in it or both. Generally, high-end vehicles are equipped with car security system with basic anti-theft solutions in mid-range cars. Car security system varies according to the type of car. Generally, high-end vehicles are equipped with car security system with basic anti-theft solutions in mid-range cars. Over the years, automakers have introduced innovative vehicle security systems such as alarm system, which produces an audible albeit loud sound when there is an attempt of unauthorized entry. Furthermore, high-end luxury cars have immobilizer system, wherein the security system restricts the car's movement by locking gear, steering wheel, lever or electronics systems.
Market Dynamics- Drivers
1. Increasing awareness among car owners regarding benefits of advanced security system is expected to drive the global car security system market during the forecast period
Increasing car thefts worldwide has compelled the car owners to deploy advanced security systems in their vehicles. The increase in car theft has increased the demand for automotive spare parts, as cars are dismantled and parts are sold in the aftermarket. Enhanced security measures and technologies have encouraged car owners to adopt anti-theft solutions for their cars. Thus, improved security system and growing awareness among consumers regarding benefits of car security systems are expected to boost the global car security system market growth over the forecast period. According to Germany's BKA Federal Police, in 2015, around 18,500 stolen vehicles were not recovered. According to Federal Bureau of Investigation (FBI), in 2012, around 721,053 motor vehicle thefts were reported. This was a 0.6% Y-o-Y increase in vehicle theft and a loss of US$ 4.3 Bn worth of vehicles.
2. Suitable regulatory policies and laws are expected to propel the global car security system market growth over the forecast period
Various government agencies are promoting car security systems, which is expected to boost the demand for the same. Use of basic systems such as immobilizers has been made mandatory in various countries namely Australia, in order to reduce car theft instances. Implementation of such as regulations is expected to boost the demand for vehicle security system. According to Government of Western Australia, Department of Transport, it is mandatory to fit government approved immobilizers before licensing or transferring a vehicle in the territory. If the vehicle to be licensed is already fitted with an immobilizer, confirmation about the government's approval must be done. Moreover, various insurance companies have sustained major losses due to increased incidences of car theft. Installing vehicle security system decreases the probability of car theft. In fact, some companies refuse to provide insurance to vehicles that are without security system. According to German Insurance Association, in 2014, insurance companies in Germany provided car-theft claims equivalent to US$ 280 million. These factors are expected to accelerate the market growth over the forecast period.
Asia Pacific region is expected to dominate the global car security market in 2019, accounting for 28.8% share in terms of value, followed by North America and Europe respectively.
Key car manufacturers in the market are focused on shifting production plants or expanding existing plants in emerging economies, in order to capitalize growing demand for automobiles and benefit lower capital and labor costs in these regions. Domestic component suppliers have significant growth opportunity as global automakers prefer local manufacturers for component supplies. Automotive component markets in the Latin American countries such as Mexico are expected to benefit significantly from demand for aftermarket and OEM products. For instance, in September 2016, Audi AG, a Germany-based carmaker, inaugurated a production plant of Audi Q5 in San Jose, Mexico. In April 2016, Ford Motor Company invested US$ 1.6 billion on a new production plant in Luis Potosi, Mexico. Furthermore, in 2015, BMW AG, the Germany-based leading automobile manufacturer, announced the establishment of a new plant in San Luis Potosí, Mexico. The plant is expected to start production in 2019.
The Mid-range cars segment of global car security market is accounted for 57.8% in 2019 and is expected to grow at a CAGR of 6.4% during the forecast period.
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Key companies operating in the global car security system market are Omron Corporation, Tokai Rika Co., Ltd., Valeo S.A., Continental AG, Delphi Automotive PLC, Robert Bosch GmbH, Denso Corporation, Mitsubishi Electric Corporation, and Tokai Rika Co., Ltd.
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