“Vehicle Security System Market by Type, Technology, Vehicle Type (Passenger Car, Commercial Vehicles and Off-Highway Vehicles), and by Region (Asia-Pacific, Europe, North America and Rest of the World) – Industry Trends and Forecast to 2021“, The global vehicle security system market by value is projected to be at USD 10.75 Billion with a CAGR of 7.2% from 2016 to 2021. The increased demand for application-based technologies and multi-factor authentication for vehicle safety are some of the key drivers fueling the growth of the global vehicle security system market.
The report analyzes all major players in the vehicle security system market, including Robert Bosch GmbH (Germany), Continental AG (Germany), Lear Corporation (U.S.), Delphi Automotive (U.K.), and Valeo SA (France), along with numerous local players.
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Asia-Pacific: Largest market for vehicle security systems
Asia-Pacific accounted for the largest share, in terms of value, of the global vehicle security system market in 2016. OEMs are subsequently increasing production capacity and expanding technical centers to meet the demand for these vehicles. The automotive industry in Asia-Pacific has witnessed a year-on-year increase in sales. The region is the leading producer of automobiles in the world.
North America is estimated to constitute the second-largest vehicle security system market, by value, in 2016. The region is dominated by domestic OEMs such as Ford Motor Company (U.S.), General Motors (U.S.), and Fiat-Chrysler Automotive (U.S.). The large customer base and high disposable income of end-users have fueled the demand for vehicles in the country, which has resulted in increased manufacturing activities by local automotive OEMs. The European region has been segmented into Germany, France, the U.K., and Italy. Europe is estimated to account for the third-largest share in the global vehicle security system market in 2016.
Remote keyless entry: A promising market
Remote keyless entry systems are estimated to dominate the vehicle security system market, in terms of value, in 2016. Over 70% of vehicles manufactured today are equipped with a remote keyless entry system, either as a standard or an optional feature. The growth of remote keyless entry systems can also be attributed to the growing demand for advanced, application-based technologies. Several companies have developed application-based features that enable smartphone integration in the vehicle, eliminating the need for multiple devices. Vehicles are being equipped with 3D switchless technology that includes highly integrated mobile docks and charging facilities for seamless incorporation of controls and displays. The remote keyless entry segment of the vehicle security system market, in terms of value, is projected to grow at the highest CAGR during the forecast period.
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Upcoming technology in the vehicle security market
There has been a rapid increase in technological advancements in the automotive security market. This can be primarily attributed to the growing demand for features that increase the convenience and safety of vehicle passengers. Recent developments in passive entry systems indicate that smartphones and smartwatches will likely be incorporated into the vehicle system. This technology can also be linked with various other features to enhance the driving experience. For instance, apart from performing locking functions, it can also indicate the amount of fuel in the vehicle, maps of areas nearby, distances, and so on. The growth of Biometric technology also holds promise for tighter anti-theft and anti-DUI enforcement measures.