Car Security System Market Estimated to Expand at a Robust CAGR over 2024

The Global Car Security System Market has largely benefitted from the technological advancements over the past few years. Security system manufacturers are likely to capitalize on the proliferation of smart devices such as smartphones and smartwatches. They are offering security features in consumer mobile phones that will help them to track the car in case of theft. Moreover, with the growing adoption of the internet, companies are increasingly focusing on global positioning systems (GPS) and internet connectivity systems that are capable of providing advanced security.

The increasing cases of car theft worldwide are also escalating the growth of the global car security system market. Several governments are making it compulsory for automakers to install immobilizers as a standard feature in every new car. A case in point is the Western Australia Department of Transport that mandates the use of immobilizers before licensing and transferring a vehicle in a territory.

This research report offers a detailed analysis of the various aspects of the global car security systems market. These aspects include market dynamics, trends, geographical segmentation, market size, and competitive landscape. Information from several sources such as press releases, paid databases, presentations, white papers, and journals was taken into account to compile this study on the global car security systems market and its affiliated industries. The report profiles prominent players in the market along with their business strategies, latest developments, and market share.

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Global Car Security System Market: Drivers and Restraints

The increasing sales of cars worldwide is a key factor driving the global car security systems market. Automakers are installing security systems in new vehicles in order to stand out in the competition. Moreover, the growing trend of telematics across the globe is providing comfort to car owners and easy car monitoring techniques, which is resulting in enhancement in car security. This is, therefore, working in favor of the growth of the market. Furthermore, the robust growth of aftermarket worldwide is providing a fillip to the market.

On the other hand, the growth of the global car security system market is restrained by the high cost of production and installation. Automobile manufacturers are providing advanced car security systems only in premium variants of cars, which is negatively influencing the growth of the market. However, the increasing establishment of car production plants in emerging economies such as Mexico, India, and China is creating new growth opportunities for the market.

Global Car Security System Market: Geographical Segmentation

The key regional markets analyzed in this research report are Europe, Asia Pacific, North America, and Rest of the World. Asia Pacific is anticipated to command a large share of the overall market revenue owing to the flourishing growth of the automotive sector. The increasing vehicle production capacity, rising exports of automobiles, and the expanding aftermarket are collectively fuelling the growth of the region. The rising trend of installing safety features in vehicles is another factor bolstering the growth of the region.

North America and Europe are expected to witness significant growth during the forecast period. The presence of a wide base of affluent customers is propelling the demand for vehicles in these regions, which in turn is working in favor of the car security systems market. In addition, North America, particularly the U.S., is a home to various car manufacturing giants such as General Motors, Ford Motor Company, and Fiat-Chrysler Automotive. This provides a significant boost to the growth of the North America region. In Europe, Germany, the U.K., Italy, and France will be the major contributors.

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Companies Mentioned in the Report:

The global market for car security systems is highly fragmented. Companies in the market are increasingly focusing on those regions where car OEMs are establishing their new production plants. Some of the prominent players in the global market are Strattec Security Corporation, Omron Automotive Electronics Co. Ltd, Mitsubishi Electric Corporation, Denso Corporation, Delphi Automotive LLP, Honda Lock Mfg. Co Ltd, Witte Automotive, Aisin Seiki Co. Ltd, Continental AG, Kiekert AG, Tokai Rika Co Ltd, Robert Bosch Gmbh, Brose Fahrzeugteile GmbH & Co. KG, U-Shin Ltd, Shiroki Corporation, Lear Corporation, Mitsui Kinzoku Act Corporation, and Hulsbeck & Furst GmbH & Co. KG

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