Car Security Market Research, Insights 2024, Share, Trends, Competitive Landscape, Business Statistics and Forecast till 2031 | Omron Corporation, Tokai Rika Co., Ltd

Car security systems provide safety and protection against unauthorized access or theft of vehicles and valuables inside. Types of systems include alarm systems, immobilizers, steering wheel locks and tracking devices.

Market Dynamics:

Car theft and damage to properties inside vehicles continue to prevail globally. Rising concerns regarding safety of assets even during parking have boosted implementation of advanced car security solutions. Furthermore, growing demand for integrated security and infotainment systems from automakers and aftermarket is aiding the expansion of car security market. Alarm systems utilizing sensors, keyless entry and immobilizers restricting ignition or fuel supply in unauthorized operations account for maximum share. Tracking devices for real-time location and recovery in case of theft are also gaining prominence. Technological advancements have made such systems more affordable and user-friendly.

The Global Car Security Market was valued at US$ 12.94 Bn in 2023 and is expected to exhibit a CAGR of 9.7% over the forecast period (2023-2030) to reach US$ 24.73 Bn in 2030.

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Major Key Players:

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.

Detailed Segmentation:

Global Car Security Market, By Car Type
Economic Cars
Mid-Range Cars
Premium cars

Global Car Security Market, By Sales Channel
OEM
Aftermarket

Global Car Security Market, By Product Type
Immobilizer system
Remote Central Locking System
Alarm System
Other Systems
Car Security Market Drivers

Increasing incidence of vehicle theft has fuelled adoption of advanced security systems

The rapidly growing number of vehicle thefts across the world has become a major concern for both vehicle owners and manufacturers. According to statistics, around 35,000 vehicles were reported stolen in the United States alone in 2020. This serves as a key growth driver as vehicle owners are increasingly realizing the need to safeguard their cars through advanced security systems. Alarm systems, vehicle tracking devices, and immobilizers are being widely adopted to reduce the risk of theft.

Stringent government regulations on vehicle security and safety

Various governments around the world have introduced stringent regulations mandating the installation of certain security features in new vehicles. For instance, the European Union has made it compulsory for all new cars to be equipped with an immobilizer and an alarm system. Similarly, South Korea and other countries have their own set of regulations. These regulatory pushes by governments have accelerated the demand for car security systems from automakers. To comply with norms and manufacture compliant vehicles, automotive companies heavily rely on security system providers, thus boosting market prospects.

Car Security Market Restrain

High costs of advanced security features prohibit mass adoption

While basic security solutions like steering wheel locks and alarms are fairly affordable, next-gen technologies featuring active tracking, remote monitoring and advanced immobilization come at significantly higher prices. For example, professionally installed vehicle tracking devices may cost anywhere between $200 to $1,000. The operational costs associated with subscription services further add to the expenses. Such high investments discourage many budget-conscious consumers, restricting faster revenue growth for car security firms.

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Car Security Market Opportunity

Growing popularity of connected cars paves way for new-age security offerings

The rapid evolution of connectivity in modern vehicles has opened up a plethora of opportunities for security solution providers to develop next-generation capabilities. As the number of internet-connected vehicles multiplies, car security companies are leveraging the power of telematics to roll out innovative features like real-time theft alerts, two-way communications during emergencies, geo-fencing capabilities and remote system controls. Integrating telematics and emerging technologies in their products allows these firms to offer enhanced security, convenience and personalized services to car owners.

Car Security Market Trend

Rise of self-driving vehicles to drive innovations centered around cybersecurity

With major automakers aggressively working towards the development of autonomous vehicles, cyberattacks and vulnerabilities in connected car systems have emerged as a significant concern. As vehicles get smarter with infotainment and advanced driver-assistance systems (ADAS), the risks of cyber-intrusions also increase. This presents a massive market trend for security solution providers to focus their R&D efforts on strengthening cyber defenses, detecting anomalies, and ensuring safety in next-gen self-driving technologies. The growing complexity and digitization of cars is expected to fuel innovations around automotive cybersecurity in the coming years.

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𝗙𝗔𝗤'𝗦:

What is the projected size of the Car Security Market by 2031?
Which major countries will experience the greatest impact from the Car Security Market?
Which regional market in the Car Security Market is the largest?
Which leading companies dominate the majority of the Car Security Market?
Which geographic market within the Car Security Market industry is expected to exhibit the most significant growth potential?
What are the primary drivers of the Car Security Market?
What are the current trends and future predictions for the global Car Security Market industry?
What are the key strategies employed in the Car Security Market?
What are the main growth prospects for the Car Security Market?

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