According to a new market research report published by Credence Research “Vehicle Security Systems Market (by Product Type: Alarm System, Immobilizers, Central Locking Systems and Others (Keyless Entry, Passive Entry, etc.); by Technology: GPS, Mobile Communication, Biometrics, and Real-time Location System; by Distribution Channel: OEM and Aftermarket; by Vehicle Type: Two-wheelers, Passenger Car, Commercial Vehicle, and Others (Earthmoving Vehicle, Adventure Sports Vehicles, etc.)) – Growth, Future Prospects, and Competitive Landscape, 2018-2026”, the vehicle security systems market estimated to grow with a CAGR of 6.7% during the forecast period from 2018 to 2026.
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According to data from Interpol, more than 7 Mn cases for stolen vehicles were reported by the end of December 2017 across the globe. Total 126 countries helped Interpol to collect the data and the number is too high to ignore. However, the number is witnessing a gradual reduction thanks to improved vehicle security systems introduced by automotive manufacturers into their products. The number slide down from 7.41 Mn in 2015 to 7.19 and expected to go down even further in coming years. Besides auto-theft, several other crimes are also prevented that involves use of stolen cars and hence, vehicle security systems proved to be win-win situation for law enforcement and car owners.
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Almost every major automotive manufacturers are rolling out their product line with security systems encouraged by the demand by consumers. Growing demand passenger cars and especially in developing countries in Asia Pacific and proportional crime committed associated with them crowned the region as the leader in vehicle security systems market in 2017. The region contemplated to reign supreme throughout the forecast period from 2018 to 2026. Other region including North America and Europe also contributed considerably in the overall market value. High adoption rate and rapidly evolving technology expected to propel the vehicle security systems market in coming years.
The overall vehicle security systems market is quite consolidated and characterized by limited number of international players. Thes players have a clear domination over the market and made extremely difficult for new entrant to participate into the market. However, these big players are also finding it difficult to maintain their market position in this highly competitive market. These players have extensive economic background and do not hesitate to invest in product research & development. Long-term association with automotive manufacturers and diverse geographical presence are few of the major strategies followed religiously by these players.
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The report highlights business strategies and development of major vehicle security systems vendors including Hella KGaA Hueck & Co., Continental AG, Robert Bosch, Hella Group, Denso Corporation, Delphi Automotive PLC, Valeo S.A., Omron Corporation, Lear Corporation, TRW Automotive, Alps Electric, and Mitsubishi Electric Corporation among others.
Key Analysis Covered:
- Recent trends in vehicle security systems market and growth prospects for leading systems providers
- Perpetually growth in demand of secure automotive across the globe creating a positive impact on vehicle security systems market
- Variety type of vehicle security systems used for different vehicle type along with their market estimations
- Major and fastest growing segments in terms of product type, technology, distribution channel, and vehicle type
- Most prominent geographical regions/ countries for the vehicle security systems market
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