Car Security System Market Revenue Expected to Increase at a CAGR of 6.0% over 2016–2026

Car security systems have greatly helped in reducing car thefts around the world. On the other hand, increasing instances of vehicle thefts in countries such as South Africa and India have shown the importance of car security systems. Different automakers offer different car security systems such as immobilizers, glass break sensors, inclination sensors, shock sensors, stolen vehicle trackers, central locking systems, perimeter sensors, alarm systems etc. North America has the largest aftermarket share and China is the biggest production base. With the increasing car security consumption in APEJ region and rising awareness among car owners, the region is expected to overtake the North America market in the coming years.

Global sales of car security systems was valued at US$ 6,479.2 Mn in 2015 and is projected to reach US$ 12,170.8 Mn by 2026. Sales revenue is expected to increase at a CAGR of 6.0% during the forecast period (2016–2026).

Increasing overall car production and rising instances of car thefts are fuelling the global car security system market

Rising awareness among car owners due to increasing instances of car thefts are consolidating the car security system market. Along with increasing overall car production, there is a raising demand for car security systems. Increasing car fleet and limited life of some car security products are bolstering the replacement market. Moreover, insurance policies and government regulations are forcing automakers to install these car security systems as standard features in new cars. According to Western Australia Department of Transport, fitment of immobilizer is mandatory before licensing and transferring a vehicle in a territory. But high cost of these systems are limiting the global car security system market, some systems are offered as optional while some are preserved for luxury cars.

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OEM market has lower prices as compared to aftermarket prices

Globally OEM market is the major market whereas aftermarket has higher growth than OEM market. But in Middle East and Africa region, aftermarket has 65% share of car security system market by region in given products. OEM market has lower prices as compared to aftermarket prices.

Immobilizer systems have huge penetration in OEM market while aftermarket is dominated by remote central locking system

In terms of volume, immobilizer system has huge penetration in OEM market where aftermarket is dominated by remote central locking system, owing to larger lifespan of immobilizer systems. Due to increasing adoption of other systems in economic cars and mid-range cars, other system segment is expected to register the highest CAGR of 6.0% over the forecast period.

Mid-range cars segment is estimated to possess 56.9% share of the market

Economic cars are now being equipped with various security systems as a standard, rising penetration of security systems in economic cars along with increasing production of economic cars are driving the market and increasing the Y-o-Y growth rate over the forecast period. Mid-range car segment is estimated to possess 56.9% share of the market.

Turkey, South Africa, Mexico, India and China are the fastest growing car security systems markets

APEJ has the highest CAGR of 8.7% with largest market as China and South Korea with share of 65.8% and 11.5% respectively in 2015. Countries such as Turkey, South Africa, Mexico, India and China are the fastest growing markets. Western Europe is estimated to have 19.9% share of global market with leading country as Germany, whereas Spain, UK and France share 13.0%, 13.4% and 13.2% of Western Europe car security system market.

global car security systems market_image for preview analysis

As aftermarket segment is highly fragmented, new entrants are focussing on this segment of the market

Key players in the global car security system market include Valeo S.A., Continental A.G., Delphi Automotive PLC, Hella KGaA Hueck & Co., Tokai Rika Co., Ltd., Mitsubishi Electric Corporation, Denso Corporation, Robert Bosch GmbH, Lear Corporation, Omron Corporation.

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Aftermarket is highly fragmented, new entrants are focussing on the aftermarket segment. Car OEMs are shifting towards growing economies, car security system manufacturers are focussing on such regions where car OEMs are establishing new production plants.

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This release was published on openPR.