Vehicle Security Market Size, Share, Growth, and Industry Analysis, By Type (Alarm, Immobilizer, Remote Keyless Entry, Passive Keyless Entry and Central Locking System), By Application (Passenger Car and Commercial Vehicle), Regional Insights, and Forecast To 2032

Vehicle Security Market Report Overview

• 

•  Request a Free Sample to learn more about this report

global vehicle security market size was USD 3813 million in 2021 and market is projected to touch USD 5648.89 million by 2032 at CAGR 3.6% during the forecast period.

Vehicle security refers to the measures and technologies used to protect vehicles from theft, unauthorized access, and vandalism. Ensuring the security of vehicles is essential to prevent theft, protect valuable assets, and provide peace of mind to vehicle owners. The effectiveness of vehicle security measures depends on various factors, including the type of vehicle, the location where it's parked, and the security technologies implemented. Vehicle owners should consider a combination of physical and electronic security measures to protect their vehicles effectively.

Anti-theft systems are designed to deter theft and prevent unauthorized access to a vehicle. Keyless entry systems allow vehicle owners to lock, unlock, and start their vehicles without using traditional keys. These systems often use remote control fobs or smartphone apps for convenience. Applying security films or tinting to windows can make it harder for thieves to break into a vehicle and provides privacy for the occupants.

COVID-19 IMPACT: Increased Awareness of Vehicle Security to Boost Demand Significantly

The COVID-19 pandemic has been unprecedented and staggering, with vehicle security experiencing higher-than-anticipated demand across all regions compared to pre-pandemic levels. The sudden rise in CAGR is attributable to the market’s growth and demand returning to pre-pandemic levels.

COVID-19 had a life changing impact globally. The vehicle security market was significantly affected. The virus had various impacts on different markets. Lockdowns were imposed in several nations. This erratic pandemic caused disruptions on all sorts of businesses. Restrictions tightened during the pandemic due to increasing number of cases. Numerous Industries were affected. However, the market for vehicle security experienced an increased demand.

The automotive industry experienced a sharp decline in vehicle sales during the pandemic. Consumers delayed purchasing new vehicles due to economic uncertainty and lockdowns. This decline in new vehicle sales had a direct impact on the installation of new security systems. The economic downturn caused by the pandemic resulted in budget constraints for individuals and businesses. This affected the willingness to invest in costly aftermarket security systems or high-end vehicles with built-in security features.

With lockdowns and restrictions in place, people spent more time at home and became more conscious of their vehicle's security. This increased awareness drove demand for enhanced vehicle security systems, including alarms, immobilizers, and tracking devices. Paradoxically, the pandemic saw an increase in vehicle thefts in some areas as economic hardships drove criminal activities. This surge in thefts prompted vehicle owners to invest in advanced security solutions to protect their assets. The market is anticipated to boost the vehicle security market share following the pandemic.

LATEST TRENDS

"Evolving Security Technologies to Broaden Market Growth"

As vehicles become more connected to the internet and external networks, cybersecurity has become a significant concern. The trend was towards developing robust cybersecurity solutions to protect vehicles from hacking and unauthorized access. Vehicle security was increasingly integrated with advanced driver assistance systems. Features like automatic emergency braking, lane-keeping assistance, and adaptive cruise control were combined with security features to enhance overall vehicle safety and security.

Some high-end vehicles were incorporating biometric authentication methods like fingerprint or facial recognition for access and ignition. These technologies add an extra layer of security. AI and machine learning were being used to develop more intelligent vehicle security systems. These systems could learn from patterns and adapt to different situations, making them more effective at detecting and preventing security threats. These latest developments are anticipated to boost the vehicle security market share.

Vehicle Security Market Segmentation

• 

•  Request a Free Sample to learn more about this report

• By Type

Based on type, the market is divided into Alarm, Immobilizer, Remote Keyless Entry, Passive Keyless Entry and Central Locking System.

• By Application

Based on application, the market is bifurcated into Passenger Car and Commercial Vehicle.

DRIVING FACTORS

"Rising Awareness of Vehicle Security to Boost Market Share"

The increasing urbanization and population growth in many regions lead to higher vehicle density, making vehicles more susceptible to theft and vandalism. This drives the need for better security measures. The continuous threat of vehicle theft and related crimes remains a significant driver for the adoption of vehicle security systems. People want to protect their valuable assets, which drives the demand for security solutions. Growing awareness among consumers about the importance of vehicle security, particularly due to media coverage and information sharing, leads to increased interest in security solutions.

"Advancements in Technology to Boost Market Size"

Ongoing technological advancements have resulted in more sophisticated and effective vehicle security systems. These technologies include GPS tracking, biometric access, keyless entry systems, and advanced sensors. The trend toward connected vehicles, which can communicate with the internet and other devices, has opened up new possibilities for vehicle security. However, it has also introduced cybersecurity concerns, driving the need for more robust security measures. Vehicle security is often integrated with other vehicle systems, such as advanced driver assistance systems (ADAS) and infotainment systems, making it a more attractive feature for vehicle buyers. These factors are anticipated to drive the vehicle security market share.

RESTRAINING FACTORS

"Economic Uncertainty to Hamper Market Share"

Economic fluctuations and recessions can lead consumers to postpone purchasing new vehicles or investing in aftermarket security systems, impacting the overall market demand. High costs associated with advanced vehicle security systems, especially for premium features like biometric access or high-end alarms, can deter some consumers from investing in these technologies. The factors are anticipated to hinder the vehicle security market growth.

Vehicle Security Market Regional Insights

• 

•  Request a Free Sample to learn more about this report

"North America Dominates the Market with High Vehicle Ownership Rate"

The major shareholder in the global vehicle security market has typically been North America, particularly the United States. It has relatively high rates of vehicle ownership. A significant number of households in these regions own one or more vehicles, which creates a substantial market for vehicle security systems. North America has high average income levels, which means consumers in these regions are more likely to afford and invest in advanced vehicle security systems as well as higher-end vehicles that come equipped with security features.

KEY INDUSTRY PLAYERS

"Key Players Focus on Partnerships to Gain a Competitive Advantage "

Prominent market players are making collaborative efforts by partnering with other companies to stay ahead in the competition. Many companies are also investing in new product launches to expand their product portfolio. Mergers and acquisitions are also among the key strategies used by players to expand their product portfolio.

LIST OF TOP VEHICLE SECURITY COMPANIES

• Continental AG [Germany]
• Delphi Automotive [U.S.]
• Denso Corporation [Japan]
• Hella Kgaa Hueck & Co. [Germany]
• Lear Corporation [U.S.]
• Mitsubishi Electric Corporation [Japan]
• Robert Bosch GmbH [Germany]
• Tokai Rika Co., Ltd. [Japan]
• Valeo SA [France]
• ZF TRW Automotive Holdings Corporation [U.S.]

REPORT COVERAGE

This research profiles a report with extensive studies that take into description of the firms that exist in the market affecting the forecasting period. With detailed studies done, it also offers a comprehensive analysis by inspecting the factors like segmentation, opportunities, industrial developments, trends, growth, size, share, restraints and others. This analysis is subject to alteration if the key players and probable analysis of market dynamics changes.