The vehicle security market, in terms of value, is anticipated to reach USD 10,168 million by 2030: MRFR

Market Research Future (MRFR) Announces the Publication of its Cooked Research Report — Global Vehicle Security Market 2022–2030.Overview

The vehicle security market,in terms of value, is projected to reach USD 10,168 million by 2030, registering a 6.90% CAGR during the forecast period.

The report coverssegmentation and drivers for a better glimpse of the market in the coming years.The global vehicle security markethasregistered significant growth in adoption rates over the past few years, owing to the adoption of biometric technology in vehicle security and the increasing number of advanced vehicle security technologies.

Browse In-depth Details [Table of Content, List of Figures, List of Tables] of Vehicle Security Market Research Report

Competitive Analysis

The global vehicle security market is characterized by the presence of many local, regional, and global vendors. The market is highly competitive, with all the players continually competing to gain a larger market share. High competition, rapid advances in technology, frequent changes in government policies, and stringent environmental regulations are critical factors that could restrain the market growth. The vendors compete in terms of cost, product quality, reliability, and aftermarket services. Vendors must provide cost-effective and efficient products to survive and succeed in a competitive market environment.

The growth of the vendors is dependent on market conditions, government support, and industrial development. Thus, the vendors should focus on expanding their presence and improving their services. Denso Corporation, Robert Bosch GmbH, Valeo, Continental AG, and Lear Corporation are some key players operating in the market. These companies compete in terms of availability, quality, price, and technology and consider product development as their key strategy in the market. Along with the international players, regional and local players with small shares also have a significant market presence. The international players may strengthen their market presence by heavily investing in product development during the forecast period.

Segmental Analysis

The adoption of biometric technology in vehicle security and the increasing number of advanced vehicle security technologies will spur market growth. The global market for vehicle security has been segmented based on component, technology, vehicle type, sales channel. Based on component, the global vehicle security market has been segmented into central locking systems, remote keyless entry systems, ultrasonic intruder protection systems, automatic collision detection systems, automatic driver recognition systems, backup battery sirens, and others. Central Locking System accounted for the largest market share of 29.80% in 2019, with a market value of USD 3,145.1 million; the market is expected to register a CAGR of 6.90% during the forecast period.

Based on technology, the global vehicle security market has been segmented into radio frequency identification, ultrasonic, and others. The radio frequency identification segment accounted for the largest market share of 49.20% in 2019, with a market value of USD 5,192.6 million; the market is expected to register the highest CAGR of 7.73% during the forecast period.

Based on vehicle type, the global market is bifurcated into passenger cars and commercial vehicles.The passenger carssegment accounted for a larger market share of 69.5% in 2019, with a market value of USD 7,336.1 million; the market is expected to register a CAGR of 6.90% during the forecast period.

Based on sales channel, the global vehicle security market has been segmented into OEM and aftermarket.The OEM segment accounted for a larger market share of 75.50% in 2019, with a market value of USD 7,968.4 million; the market is expected to register a CAGR of 6.90% during the forecast period.

Regional Analysis

Based on region, the global vehicle security market report has been segmented into North America, Europe, Asia-Pacific, and the Rest of the World.

In Asia-Pacific, China held the largest share of the global vehicle security market in 2019. The increasing preference for installing safety and security features in passenger cars, the growing middle class, rapid economic development, and rising population levels have increased the volume of vehicles in China. This increases the number of vehicle thefts, which boosts the demand for vehicle security components and solutions to control theft across the country. The automotive OEMs partner with local players to make the manufacturing and selling processes of the vehicle security systems more cost-effective. India is another critical market for vehicle security, owing to the increasing demand for new commercial and passenger vehicles and the rising number of vehicle thefts. According to the National Crime Records Bureau in India, in 2019, around 225,445 vehicles were stolen. The country has witnessed the lack of insufficient and safe parking spaces, especially in areas with a high population, which has led to a rise in the number of vehicle thefts.

Rising instances of vehicle burglaries in Germany boost the demand for vehicle security systems. This country hosts some of the largest players in the vehicle security market, such as Robert Bosch GmbH, Hella GmbH & Co. KGaA, and Continental AG. Collaborations of the security industry with the automotive industry are projected to be key factors driving the market for vehicle security over the forecast period. For instance, an emerging theft deterrent and asset identification technologies company, DataDot Technology Limited, supports Toyota Deutschland GmbH in controlling vehicle thefts and reducing the trade of stolen vehicles and their parts in Germany. However, constant efforts by the government and regulatory authorities to curb vehicle thefts can be a major obstacle to market growth in this country.However, according to the Spanish Association of Security Companies (AES), Spain’s security equipment industry stands fifth largest in Europe. National security production for vehicle security systems and related components comprises the basic products for intrusion detection or burglar alarm systems, including sound and glass break sensors, door alarm monitoring, and security system monitoring. The positive impact of technological advancements and falling costs have resulted in the rising adoption of automatic security systems in vehicles.