Vehicle Security Market 2017-2023 to Cross USD 10.45 Billion Propelling at 6.8% CAGR

Market Research Future published a research report on “Vehicle Security Market Research Report- Forecast 2023” – Market Analysis, Scope, Stake, Progress, Trends and Forecast to 2023.

Global Vehicle Security Market, By Technology (Immobilizer System, Remote Central Locking System, Alarm System and Others), by Channel type (OEM, and Aftermarket), By Vehicle Type (Passenger Vehicle and Commercial Vehicle) and Region- Forecast 2017-2023

Market Synopsis of Vehicle Security Market

The growth of automotive industry leads to the increase in demand for automotive vehicle security market. The vehicle security market has been segmented based on technology, channel type and vehicle type. On the basis of technology the market segments include Immobilizer System, Remote Central Locking System, Alarm System and Others. Remote Central Locking System segment is dominating the vehicle security market as it helps in automatically locking all the vehicle’s doors as well as due to its convenience nature. On the basis of Channel type, it includes OEM and Aftermarket. OEM market is the major market for the growth of the vehicle security market. On the basis of vehicle type, the market is segmented as Passenger vehicle and Commercial vehicle. Passenger vehicles accounted for the largest market share, owing to the factors such as rising demand of passenger cars among a large pool of population, acts as a major factor for the growth of this segment. Increasing number of vehicles, progress of developing semi-autonomous & autonomous vehicles, and increasing demand for safety & comfort features from consumers, are likely to result in increased usage of vehicle security in automotive industry.

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The prominent players in the Vehicle Security Market include Valeo S.A.(France), Continental A.G.( Germany) Delphi Automotive PLC (U.K.), Hella KGaA Hueck & Co.(Germany) , Tokai Rika Co., Ltd. (Japan), Denso Corporation (Japan), Robert Bosch GmbH (Germany), Lear Corporation (U.S.), Omron Corporation (Japan).

Global Vehicle Security Market: Segmentation

Vehicle security market is highly application driven and systems are gaining popularity across end users segment. Asia-Pacific is referred to as fastest growing region for Vehicle Security. Increase in the modernization, technological advancement, rising vehicle production and cost-effective technologies, are expected to increase the growth of the market for vehicle security in Asia-Pacific. With increasing vehicle production in countries such as India and China, and the focus of manufacturers on increasing production capacity, the demand for vehicle security has been projected to grow, significantly. The market is expected to reach a market size of USD 10.45 Billion by the end of the forecast period at CAGR of 6.8%.

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