Passenger Car Security Systems Market Consumption, Revenue and Growth Rate by 2027

 

• An example of a passenger car security system would be an engine immobilizer system. This system requires a vehicle key embedded with a transponder. When such a key is used for unlocking the vehicle, the engine control unit (ECU) recognizes the signal transmitted by vehicle key and only then unlocks the vehicle. In case the code from the key transponder is not recognized by the ECU, it would send a signal to activate an alarm system, which in turn would sound an alarm.

Key drivers of global passenger car security systems market

• The vehicle safety concerns are rising among the countries leading them to enact various safety standards. Furthermore, governments are mandating automakers to increase safety of vehicle through enactment of stringent rules and legislations in various countries worldwide. For instance, South Africa, Russia and Ukraine, Japan and other countries from EU have agreed to implement common vehicle standards for increasing vehicle safety. The UN legislations encourage all countries to adopt UN Regulations 14, 16, 94, 95 which refer to Seat belts for seats, occupant protection in frontal collision, occupant protection in side or lateral collision respectively and Electronic Stability Control (ESC) (GTR 8) and Global Technical Regula)on (GTR) 9. Therefore various safety standards enacted by governments are driving the market for passenger car safety systems.
• Also the technological advancements have led to develop ADAS, AEB, ABS, central locking system, collision warning system, cruise control system, anti-lock braking systems, blind spot detector, etc. The availability of these systems in the market have spread awareness and importance of vehicle safety among the population. Therefore, there is rise in number of consumer seeking safety enabled passenger vehicles, This, in turn, is propelling the expansion of global passenger car security systems market.

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High Cost of premium safety features is likely to hamper the global passenger car security systems market

• Increasing use of various electronic components, such as transponder keys, ECU, sensors, control switches, and alarms, in modern passenger vehicle security systems further drives the cost of vehicles. High cost of these vehicles is likely to hamper the global passenger car security system market.
• Modern security systems use various electronic components such as interactive dashboards, cameras, temperature sensors, proximity sensors, and ECUs. Potential failure of electronic components used in vehicle security systems is likely to hamper the market for global passenger car security systems.

Asia Pacific to dominate global passenger car security systems market

• Various free trade agreement between Europe-Asia, U.S.-Asia have resulted in economic development of counties such as India, China, Malaysia, and South Korea in Asia Pacific region. This has resulted in rising life standard and increase in disposable income of the population, leading them to own a vehicle.
• Furthermore, government legislations enacted by various countries and organizations are mandating the automakers to increase safety features of vehicles. For instance, Government of UK, UN regulations, EU Standards on Vehicle Safety by European Transport Safety Council, safety regulation by SIAM India, etc. are few of the governing authorities that mandate installing anti-theft systems, vehicle tracking systems, vehicle immobilizing systems etc. in vehicles. This, in turn, drives the need for vehicle components that boost vehicle security.
• All the factors mentioned above are driving the global passenger car security systems market in Asia Pacific.

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Key players operating in global passenger car security systems market:

The global passenger car security systems market is highly concentrated owing to the presence of top manufacturers. A few key players operating in the global passenger car security systems market are:

• VALEO
• DENSO Corporation
• Pricol Limited
• Robert Bosch GmbH
• Minda Industries Ltd.
• Nippon Audiotronix Pvt. Ltd.