Automotive Security System Market to Witness Enhanced Growth Owing to Increasing Prevalence of Vehicle Theft and Rising Demand of Advanced Security Solutions Till 2022 | Million Insights

Automotive Security System Market to Witness Enhanced Growth Owing to Increasing Prevalence of Vehicle Theft and Rising Demand of Advanced Security Solutions Till 2022 | Million Insights

PR Newswire

FELTON, California, October 30, 2018

FELTON, California, October 30, 2018 /PRNewswire/ --

The Global Automotive Security System Market is subject to witness a substantial growth due to the soaring demand for application-based technologies and multi-feature authentication methods for automobile safety & security. Factors responsible for sustained market growth, in the recent years, include large number of production lines in automotive manufacturing from Asia Pacific region and rising number of vehicles sales each year across the globe.

Additionally, increasing investment by leading industry players to promote adoption of advanced vehicle security systems is expected drive the growth of this market over the forecast period. Globally, the automotive security system market is predicted to generate massive revenue over the forecast period, providing numerous opportunities for market players to invest in research and development of the automotive industry.

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Prevalence of vehicle theft and growing demand for advanced security solutions are some of the critical factors propelling the growth of automotive security system market, in the recent years. Increasing vehicle manufacturing in the Asia-Pacific region and growing penetration of automotive sector in both developing and developed economies are predicted to foster market expansion in the upcoming years. However, lack of awareness among users about benefits of automotive security solutions and higher installation cost of the systems are expected to restrain market growth to a certain extent.

Increasing number of the incidence of car theft and vulnerability associated with basic security systems are anticipated to boost market demand for advanced automotive security system. In addition, increase in the number of luxury car sale with state-of-the-art security systems is predicted to stimulate market growth in the near future. Emergence of the passenger car security system consisting of immobilizers, buzzers, central locking systems, and remote keyless entry (RKE) to prevent vehicle theft and hijacking is bolstering market growth, in the recent years. The passenger car security systems prevent car theft and informs owners immediately in case of unusual activities.

Shifting trend towards incorporation of robotics & automation in automobile industry along with introduction of advanced driver-assistance systems (ADAS) for economy cars are driving market expansion in the last few years. Driverless vehicle are gaining traction among consumers due to higher level of comfort and exclusive safety feature. Growing popularity of automotive electronic control units and advanced driver-assistance systems (ADAS) are expected to favor market growth in the near future. Introduction of advanced systems such as sensor fusion is expected to amplify the market value of automotive security system market.

The market is broadly categorized into two major types based on products types such as immobilizers and remote keyless entry (RKEs). Immobilizers are considered as one of the faster growing segment in the automotive security system market with substantial revenue generation in the last couple of years. Growing popularity of the immobilizer market segment is attributed to exclusive security feature and cost-effectiveness of the system. The market is further classified into three major segments based on vehicle type such as commercial vehicles, passenger vehicles, and off-highway vehicles. The passenger vehicles segment has witnessed massive growth in the recent years owing to high-end production and increasing sales worldwide.

The market is divided by region as North America, Europe, Asia-Pacific, Latin America and Africa. North America has shown major growth in recent years owing to the rise in the implementation of latest technologies in the automotive sector, increase in the demand for luxury cars, and existence of well-established manufacturing infrastructure.

Asia-Pacific region is predicted to hold major market share in the automotive security system market with massive growth in forecast period. Countries such as India, China and Singapore are leading the Asia-Pacific market with increasing number of car sales, strong economic growth, growing deployment of infotainment systems, and significant investment by leading industry players considering potential growth opportunities in the region. The key players in the automotive security system market are Robert Bosch GmbH, Continental AG, Lear Co., Hyundai Motor Company, Aptiv PLC, and Valeo S.A.

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Global Automotive Security System Market 2018-2022, has been prepared based on an in-depth market analysis with inputs from industry experts. The report covers the market landscape and its growth prospects over the coming years. The report also includes a discussion of the key vendors operating in this market.

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