Automotive Connectors Market Size

Automotive Connectors Market Growth Projections and Opportunities

The vehicle security system stands as a technological fortress against the persistent threat of vehicle theft, employing an array of intelligent components to ensure the safety and security of vehicles. Key elements of this system include the central locking system, remote keyless entry system, ultrasonic intruder protection system (UIP), and automatic collision detection system. Together, these components form a comprehensive and effective defense mechanism against unauthorized access and theft.
The global vehicle security market is on a trajectory of significant growth, estimated to register a Compound Annual Growth Rate (CAGR) of 6.38% during the forecast period from 2018 to 2023. In 2017, Asia-Pacific led the market with an impressive share of 51.13%, followed by Europe at 22.12% and North America at 19.76%. This regional distribution highlights the global nature of the challenge posed by vehicle theft and the importance of robust security systems across diverse markets.
The segmentation of the global vehicle security market is based on technology, component, sales channel, vehicle type, and region. In terms of technology, the radio frequency identification (RFID) segment held the largest market share at 51.82% in 2017, amounting to USD 4,828.18 million. This segment is projected to exhibit a CAGR of 7.55% during the forecast period, underlining the significance of RFID technology in enhancing vehicle security.
When considering components, the central locking system emerges as a pivotal player, commanding a substantial market share of 32.32% in 2017 and accounting for USD 3,011.6 million. This segment is projected to exhibit a CAGR of 3.82% during the forecast period, reflecting its enduring importance in the landscape of vehicle security.
The sales channel segment further delineates the market, with the Original Equipment Manufacturer (OEM) segment claiming the lion's share at 77.90% in 2017, amounting to USD 7,525.8 million. The OEM segment is projected to exhibit a CAGR of 5.64% during the forecast period, indicating the preference for integrated security solutions embedded in vehicles during manufacturing.
In terms of vehicle type, passenger cars dominate the market, holding a larger share of 69.07% in 2017 and accounting for USD 6,435.4 million. This segment is anticipated to exhibit a CAGR of 5.94% during the forecast period, underscoring the importance of securing the most commonly used mode of transportation.
The robust growth of the global vehicle security market is a testament to the escalating need for advanced security measures to combat the rising incidence of vehicle theft. The adoption of cutting-edge technologies and integrated security systems is a strategic response to safeguarding vehicles and ensuring the peace of mind of vehicle owners. As vehicles become more technologically advanced, the importance of comprehensive security systems becomes increasingly evident.