Vehicle Security System Market

Global Vehicle Security System Market Size (2024 to 2029)

The global vehicle security system market is predicted to be worth USD 16.12 billion in 2024 and USD 28.29 billion by 2029, registering a CAGR of 11.9% from 2024 to 2029.

Vehicle safety systems, such as alarm systems, central locking, keyless remote control, passive entry systems, and immobilizers protect vehicles from hijacking and theft. Newer technologies, such as RFID, GPS, and RTLS, are also used to track stolen cars.

Asia-Pacific is the largest market for vehicle security systems, followed by North America and Europe. The growth of the vehicle safety systems market is driven by higher production of vehicles, a greater awareness of the safety of vehicles, and the growing installation of safety functions in motor vehicles. It is estimated that the Asia-Pacific region represents the largest market share in terms of value, and China contributes significantly to the growth of the vehicle security systems market in the region.

The growing awareness of car owners about the safety and prevention of vehicle theft is a major driver of the growth of the global vehicle safety systems market and should consolidate the market for vehicle safety systems soon. It is also expected that the technological development of vehicle security systems, such as the installation of a shock sensor, an Avital 5103, and an Eclipse 360-degree surveillance security system, will support the growth of the security systems market for vehicles soon.

The growth of the population and the power of consumer spending are some of the key factors that are expected to drive sales of motor vehicles around the world. The installation of a security system in almost all automobiles to protect them from thieves is driving the growth of the global market for car security systems. On the other hand, it is expected that the growing demand for facial recognition and frontal position systems will drive the growth of the global vehicle safety systems market. In addition, governments, and insurance companies in many countries, such as Brazil and Indonesia, are promoting car safety systems, forcing car manufacturers to install these safety features as standard features on new cars.

However, the high cost of first-line security systems is hampering the growth of the global market for vehicle security systems. In addition, recent failures of the vehicle's security system to prevent theft are key factors that are likely to hamper the growth of the vehicle security systems market.

REPORT COVERAGE:

This research report on the global vehicle security market has been segmented and sub-segmented based on product type, vehicle type, technology and region.

Global Vehicle Security System Market - By Product Type:

• Alarm
• Immobilizer
• Remote Keyless Entry
• Passive Keyless Entry
• Central Locking System

Global Vehicle Security System Market - By Vehicle Type:

• Passenger Car
• Commercial Vehicle
• Off-Highway Vehicle

Global Vehicle Security System Market - By Technology:

• Global Positioning System
• Global System for Mobile Communication
• Face Detection System
• Real-Time Location System

Global Vehicle Security System Market – By Region:

• North America
• Europe
• Asia-Pacific
• Latin America
• Middle East and Africa

KEY MARKET PLAYERS:

The ecosystem of the vehicle security system industry consists of manufacturers such as Robert Bosch GmbH (Germany), Continental AG (Germany), Lear Corporation (U.S.), Automotive Research Association of India (ARAI), European Automotive Research Partners Association (EARPA), United States Council for Automotive Research (USCAR), China Association of Automobile Manufacturers (CAAM), Japan Automobile Manufacturers Association (JAMA), European Automobile Manufacturers Association (ACEA).

RECENT HAPPENINGS IN THE MARKET:

• Continental AG has acquired Zytek Automotive (United Kingdom). Zytek Automotive becomes part of Continental Engineering Services (CES). This acquisition would help Continental AG expand its presence in the United Kingdom.
• Lear Corporation has acquired intellectual property and technology from Autonet Mobile (USA). The acquired assets are likely to complement Lear's wireless systems business and provide growth opportunities for the company's power segment.
• Lear Corporation has signed a final agreement to acquire Eagle Ottawa (U.S.) for approximately $850 million in cash and without debt. The transaction was completed in the first quarter of 2015 under normal conditions, including regulatory approvals.