The global vehicle security system market
is projected to grow at a robust pace between 2016 and 2024. Globally,
the demand for hybrid vehicles has risen considerably, boosting vehicle
manufacturing worldwide. Due to increase in the sales and production of
vehicles, instances of hijacking and car theft have also increased.
This, in turn, is fuelling the demand for vehicle security systems.
Vehicle security systems such as alarms,
central locking, remote keyless entry, passive entry systems, and
immobilizers are designed to protect cars from hijacking or theft.
Recent technologies such as RFID, GPS, and RTLS have also come to into
use for tracking down stolen cars. Regionally, Asia Pacific has been
showing attractive opportunities for the market, trailed by North
America and Europe. Growing awareness about vehicle safety and the
increasing installation of state-of-the-art safety gadgets in vehicles
have been driving the global vehicle security system market.
The report provides a comprehensive
overview of the global vehicle security system market. It covers the
prevailing trends influencing the market and its growth prospects
between 2016 and 2024. Revenue generated from the sale of vehicles
across various categories has been considered in order to calculate the
market’s size. The report also compiles exhaustive information relating
to the impact of the latest technological advancements in market. Some
of the leading enterprises operating in the market are also profiled in
the report to present a holistic overview of the competitive landscape.
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Global Vehicle Security System Market: Opportunities and Market Segmentation
Based on vehicle type, the global vehicle
security system market can be segmented into commercial vehicles,
passenger vehicles, and off-highway vehicles. On the basis of product
type, the market is expected to witness increasing demand for
immobilizers and remote keyless entry. In terms of technology, the
market can be segmented into global positioning systems, real-time
location systems, face detection systems, and GPS. Of these, the demand
for face detection and face positioning systems is expected to increase
at a robust pace.
Regionally, Asia Pacific is expected to
emerge as the leading segment. The expansion of the automotive industry
in China is expected to drive the Asia Pacific market for vehicle
security systems. Despite witnessing robust growth around the world, the
high cost of premium security features will restrain its growth to an
extent. Additionally, irrespective of the utilities they offer to users,
developing security features such as passive entry systems is a costly
affair. This also reflects negatively on the overall market sales. This
is mainly because developing these systems requires a customized
approach for each vehicle model, besides a complex process of
installation.
Nevertheless, the introduction of the
latest technological advancements will provide lucrative opportunities
for enterprises in the market to capitalize on. The pressing need to
ensure adequate vehicle security to theft will also fuel demand from the
global vehicle security system market.
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Global Vehicle Security System Market: Competitive Insight
To study the competition prevailing in
the market, the report also profiles companies such as Robert Bosch
GmbH, Delphi Automotive, and Mitsubishi Electric. The products offered
by these companies are driver assistance systems and components mainly
for passenger and commercial vehicles. Using SWOT analysis, the report
weighs out strengths and weaknesses of the companies profiled. The
analysis also provides insights into the opportunities and threats that
these companies could witness in the near future.
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