Car Alarm System Market Size was valued at USD 13.8 Billion in 2022. The Car Alarm System market industry is projected to grow from USD 15.43 Billion in 2023 to USD 37.66 Billion by 2032, exhibiting a compound annual growth rate (CAGR) of 11.80% during the forecast period (2023 - 2032). Increased awareness of automotive crimes and increasing demand in the automotive aftermarket are the key market drivers boosting the expansion of the market.
Source: Primary Research, Secondary Research, MRFR Database and Analyst Review
Market CAGR for car alarm system is being driven by the automakers' growing concerns over vehicle safety. Rising aftermarket demand for automobile security systems is driving the market. Sales of automotive security systems are being driven by the incorporation of smart technology and digital security into automobiles. Growing consumer demand is generating prospects for passenger car security system sales, particularly for aftermarket installations.
Additionally, modular hardware design is becoming more and more popular among automakers. This aids in their efforts to lower infotainment system acquisition costs. They are developing technology that will enable the low-cost integration of smartphone features into in-car infotainment systems, a market that is anticipated to grow significantly during the projection period. Similar to this, a lot of automakers have done away with traditional keys by using smartphone key technology. Consequently, there's been a greater emphasis on car keyless entry developments. Numerous insurance firms have suffered significant losses as a result of the rise in vehicle theft worldwide. In response, since the existence of anti-theft devices lowers the likelihood of auto theft, some insurers have ceased to provide coverage for vehicles without security systems.
The market for car security systems is being driven by increased growth in the automotive aftermarket. Additionally, the advent of smart technological features and digital security in cars is helping to boost sales of automotive security systems. Customer demand, particularly for aftermarket installs, may open up opportunities for passenger car security system sales. The amalgamation of cloud services and artificial intelligence (AI) has the potential to propel technical progress in automobile systems. For their infotainment systems, many businesses presently make use of the well-established Google and Apple networks. However, more and more participants are opting to create their own operating system (OS) for infotainment systems inside.
For instance, Audi India debuted the Q7 model in India in September 2022 as a limited edition. A comfort key is included with the Audi Q7 Limited edition for keyless entry. Thus, result in driving the Car Alarm System market revenue.
The Car Alarm System Market segmentation, based on Product Type includes Central Locking System, Car Alarm, Immobilizer, Remote Keyless Entry, and Others. The others segment dominated the market. Sales in the "others" section, which covers electronic steering locks, biometric car entry, and smart car control. Growth in the category is anticipated to be driven by the increasing use of modern automotive electronics, digitization, and the integration of IOT and AI (artificial intelligence).
The Car Alarm System Market segmentation, based on Vehicle Type, includes Passenger Car, and Light Commercial Vehicle. The passenger car category generated the most income. The market share of passenger automobiles accounts for more than four-fifths of that of car security systems. Compared to light commercial vehicles, there is a significant annual growth in the number of stolen automobiles globally, especially in the passenger car market. Modern security systems are frequently installed in high-end passenger car sub segments like SUVs and luxury cars to deter theft.
Figure1: Car Alarm System Market, by Vehicle Type, 2022&2032 (USD Billion)
Source: Primary Research, Secondary Research, MRFR Database and Analyst Review
The Car Alarm System Market segmentation, based on Sales Channel includes OEM, and Aftermarket. The aftermarket segment dominated the market. The need for after sales services is predicted to rise as a result of the growing number of older cars on the road, digitization, and the desire for premium automobiles.
By region, the study provides the market insights into North America, Europe, Asia-Pacific and Rest of the World. The North American Car Alarm System market area will dominate this market. One of the top users of commercial vehicles is the United States, which is also seeing a noticeable increase in light commercial vehicle sales. The country's advantageous automobile tax policy is significantly expanding the US automotive market.
Further, the major countries studied in the market report are The US, German, France, the UK, Canada, Italy, Spain, India, Australia, South Korea, China, Japan, and Brazil.
Figure2: CAR ALARM SYSTEM MARKET SHARE BY REGION 2022 (USD Billion)
Source: Primary Research, Secondary Research, MRFR Database and Analyst Review
Europe Car Alarm System market has the second-largest portion of the market, because of strict laws pertaining to the security and safety of vehicles. Further, the German Car Alarm System market had the biggest market share, and the UK Car Alarm System market was the European market with the quickest rate of growth.
The Asia-Pacific Car Alarm System Market is anticipated to expand between 2023 and 2032 at the quickest CAGR. Over the course of the evaluation period, it is anticipated that the growth of the Indian aftermarket will increase demand for vehicle security systems. Moreover, China’s Car Alarm System market had the biggest market share, and the Indian Car Alarm System market was the Asia-Pacific region's fastest-growing market.
Leading market players are putting a lot of money in R&D to expand the range of their goods, which will propel the market for auto alarm systems to rise. Additionally, market players are engaging in a range of calculated initiatives to increase their worldwide presence, with important market developments involving the introduction of new products, contracts, M&A transactions, increased investment, and cooperation with other enterprises. To grow and endure in an increasingly cutthroat and dynamic market, Car Alarm System industry must provide reasonably priced goods.
One of the main business strategies employed by manufacturers is to manufacture locally in order to reduce operating expenses in the global Car Alarm System industry to help customers and expand the market segment. In recent years, the Car Alarm System industry has provided some of the biggest benefits to medicine. Major players in the Car Alarm System market, including Huf Hülsbeck & Fürst GmbH & Co. KG, Valeo S.A., KGaA, Aptiv plc, Denso Corporation, Robert Bosch GmbH, HELLA GmbH & Co., Stoneridge Inc., Mitsubishi Electric Corporation., and others, are engaging in research and development activities in an effort to boost market demand.
Robert Bosch GmbH, also referred to as Bosch, is a multinational engineering and technology corporation from Germany. Robert Bosch started the business in Stuttgart in 1886. The Robert Bosch Stiftung is a nonprofit organization that owns 94% of Bosch. The charity is funded by the large majority of shares owned, although it is not able to vote and only works on social and health issues unrelated to Bosch's business. In January 2021, Robert Bosch GmbH's efficient heat management technology allowed electric vehicles to reach a 25% greater range. Furthermore, to guarantee the vehicle's perfect distribution of heat and cold, the company has accomplished this by integrating a heat pump with cutting-edge coolant pumps and valves.
Continental AG, also referred to as Continental or Conti, is a leader in the production of tires, brake systems, vehicle electronics, automotive safety, powertrain, chassis components, tachographs, and other parts for the transportation and automotive industries. The six divisions that make up Continental are: ContiTech, Tires, Interior, Powertrain, Chassis and Safety, and ADAS (Advanced Driver Assistance Systems). Its main office is in Lower Saxony, Hanover. Third-biggest global automotive supplier and fourth-biggest tire maker is Continental. In August 2019, India's Manesar facility of Continental AG is slated to expand. Because of current safety and pollution regulations in India, the company is able to meet expanding demand by increasing its capacity to make wheel speed sensors.
March 2021: Hella opened a brand-new electronics and software development facility in Craiova, Romania. The purpose of this facility is to facilitate business growth and carry out product testing.
February 2021: Microsoft and Bosch Mobility Solutions collaborated to create a software-defined car with improved automation, digitalization, connectivity, and cybersecurity.
January 2021: Alps Alpine and Qualcomm Technologies Inc. worked together to develop a cutting-edge in-car camera positioning system that improves the security and monitoring of vehicles.
| Report Attribute/Metric | Details |
| Market Size2022 | USD 13.8 Billion |
| Market Size 2023 | USD 15.43 Billion |
| Market Size2032 | USD 37.66 Billion |
| Compound Annual Growth Rate (CAGR) | 11.80% (2023-2032) |
| Base Year | 2022 |
| Market Forecast Period | 2023-2032 |
| Historical Data | 2018- 2022 |
| Market Forecast Units | Value (USD Billion) |
| Report Coverage | Revenue Forecast, Market Competitive Landscape, Growth Factors, and Trends |
| Segments Covered | Product Type, Vehicle Type, Sales Channel, and Region |
| Geographies Covered | North America, Europe, AsiaPacific, and the Rest of the World |
| Countries Covered | The US, German, France, UK, Canada, Italy, Spain, India, Australia, South Korea, China, Japan, and Brazil |
| Key Companies Profiled | Huf Hülsbeck & Fürst GmbH & Co. KG, Valeo S.A., KGaA, Aptiv plc, Denso Corporation, Robert Bosch GmbH, HELLA GmbH & Co., Stoneridge Inc., Mitsubishi Electric Corporation, |
| Key Market Opportunities | · The convergence of cloud services and artificial intelligence (AI) has the potential to accelerate technical progress in automobile systems. |
| Key Market Dynamics | · Many automakers have done away with traditional keys by implementing smartphone key technology. |
Car Alarm System Market Highlights:
Frequently Asked Questions (FAQ) :
In 2022, the size of the worldwide car alarm system market was estimated to be USD 13.8 billion.
From 2023 to 2032, the global market is expected to expand at a compound annual growth rate (CAGR) of 11.80%.
North America held the most market share worldwide.
The leading companies in the market are Stoneridge Inc., Robert Bosch GmbH, Huf Hülsbeck & Fürst GmbH & Co. KG, Valeo S.A., KGaA, Aptiv plc, Denso Corporation, Continental AG, and Mitsubishi Electric Corporation.
In 2022, the market was dominated by the Others category.
In the global market, passenger cars held the most share.
Senior Research Analyst She has over 5 years of rich experience, in market research and consulting providing valuable market insights to client. hands on expertise in management consulting, and extensive knowledge in domain including ict, automotive & transportation and aerospace & defense. she is skilled in go-to market strategy, industry analysis, market sizing, in depth company profiling, competitive intelligence & benchmarking and value chain amongst others.
Get in Touch
© 2024 Market Research Future ® (Part of WantStats Reasearch And Media Pvt. Ltd.)
