Vehicle Security System Market Scope
The global automobile traffic has been drastically increased over the past couple of decades especially in emerging economies from Asia such as India, and China. Thus, it will ultimately increase the need for vehicle security systems. In addition to this, increasing instances of cybersecurity thefts and automobile thefts has upsurged the need for security systems. The vehicle security systems can be alarms, immobilizers, remote keyless entry (RKE), passive keyless entry (PKE), central locking system and many other technologically advanced systems. Moreover, increasing applications of biometric systems and the integration of smartphones with automobile security systems will generate lucrative opportunities over the forecasted period.
The market study is being classified by Type (Alarm, Immobilizers, Remote Keyless Entry (RKE), Passive Keyless Entry (PKE) and Central Locking System), by Application (Passenger Car, Commercial Vehicle and Off-Highway Vehicle) and major geographies with country level break-up. According to AMA, the Global Vehicle Security System market is expected to see growth rate of 7.08% and may see market size of USD13.24 Million by 2024.
The Vendors having a strong hold in the market are Robert Bosch, Continental, Lear Corporation, Aptiv, and Valeo. Research Analyst at AMA predicts that Japanese and European Vendors will contribute to the maximum growth of Global Vehicle Security System market throughout the predicted period.
Robert Bosch GmbH (Germany), Continental AG (Germany), Lear Corporation (United States), Aptiv PLC (Delphi) (United Kingdom), Valeo SA (France), Toyota Motor Corporation (Japan), Daimler AG (Germany), General Motors Company (United States), Ford Motor Company (United States), Hyundai Motor Company (South Korea), Fiat Chrysler Automobiles N.V. (United Kingdom) and Hella KGaA Hueck & Co. (Germany) are some of the key players profiled in the study. Additionally, the Vendors which are also part of the research are Mitsubishi Electric Corporation (Japan), ZF TRW Automotive Holdings Corporation (United States), Denso Corporation (Japan), Tokai Rika Co. Ltd. (Japan) and Omron Corporation (Japan).
AdvanceMarketAnalytics has segmented the market of Global Vehicle Security System market by Type, Application and Region.
On the basis of geography, the market of Vehicle Security System has been segmented into South America (Brazil, Argentina, Rest of South America), Asia Pacific (China, Japan, India, South Korea, Taiwan, Australia, Rest of Asia-Pacific), Europe (Germany, France, Italy, United Kingdom, Netherlands, Rest of Europe), MEA (Middle East, Africa), North America (United States, Canada, Mexico). Europe region held largest market share in the year 2018. North America on the other hand stood as second largest market due to the presence of key companies into the region and high technological advancement. If we see Market by Technology, the sub-segment i.e. Position System will boost the Vehicle Security System market. Additionally, the rising demand from SMEs and various industry verticals gives enough cushion to market growth. If we see Market by Vehicle Type, the sub-segment i.e. Economic Cars will boost the Vehicle Security System market. Additionally, the rising demand from SMEs and various industry verticals gives enough cushion to market growth. If we see Market by Sales Channel, the sub-segment i.e. OEM will boost the Vehicle Security System market. Additionally, the rising demand from SMEs and various industry verticals gives enough cushion to market growth. If we see Market by System Type, the sub-segment i.e. Remote will boost the Vehicle Security System market. Additionally, the rising demand from SMEs and various industry verticals gives enough cushion to market growth.
Market Leaders and their expansionary development strategies
On May 29, 2019, a global automotive technology leader in seating and electrical and electronic systems, "Lear Corporation" has signed a leader in real-time, high-definition maps for autonomous mobility, "CARMERA" as a development partner in its EXO Technology Partnership Program. This high-accuracy vehicle positioning technology is designed to meet the demands of the automotive industry and drive change through increased accuracy, reliability and functional safety in vehicle positioning.
On January 8, 2019, Valeo has formed a partnership with Mobileye to develop and promote a new autonomous vehicle (AV) safety standard based on Responsibility-Sensitive Safety (RSS), Mobileye’s mathematical safety model, with the goal of widespread industry adoption. These companies will collaborate on policies and technologies needed to bolster the adoption of an RSS-based technology standard in Europe, the United States and China.
- Introduction to Highly Advanced Security Systems enabled with Biometrics
- Increasing Integration of Vehicle Security Systems with Smartphones
- Upsurging Global Automobile Traffic will Lead to Increased Demand for Vehicle Security Systems
- Lucrative Business Growth due to Growing Disposable Incomes across the Globe
- Robust Demand for Automobiles from APAC region
- Ongoing Research and Developments on Developing Highly Secure Vehicle Security Systems
- Risk of Vehicle Security Component Failure might Damage the Overall Systems
- Comparatively Expensive High-End Security Systems
- Rising Instance of Cyber Thefts across the Globe
Key Target AudienceVehicle Security System Manufacturers, Vehicle Security System Distributors and Traders, Upstream and Downstream Buyers, Automobile Industry Associations, Government Agencies, Research and Development Institutes and Others
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