The global car security system market is anticipated to attain a valuation of US$ 13.5 billion in 2023 and is expected to reach US$ 40 billion by 2033, trailing a CAGR of 11.4% during the forecast period.
The market demand is driven by the enforcement of strict vehicle security regulations by governments and the continuous advancement of passive and active safety/security technologies. The constant technological advancements over the past few decades have significantly benefited the car security system market.
The widespread availability of high-speed internet and the increased utilization of global positioning systems (GPS) and other internet connectivity systems are further driving the market growth. These technologies provide consumers with advanced security features, contributing to the expansion of the market. The automotive sector is experiencing a significant transformation as in-car systems become digitized to enable vehicle automation, connectivity, and shared mobility.
The prevalence of outdated and basic security systems in economical and low-end cars has led to an increase in keyless theft incidents. Manufacturers are actively integrating comprehensive and modern car security modules into both low-end and high-end vehicles to address this issue.
In July 2019, the German General Automobile Club (ADAC) conducted tests on 237 vehicles with keyless entry, revealing that almost 230 of them were alarmingly susceptible to break-ins using inexpensive electronic devices known as relay boxes.
The demand for integrating cutting-edge technologies into the development of car security systems is escalating significantly due to the surging cases of car thefts, particularly cyber threats posed by hacking. This is anticipated to drive market growth in the forthcoming years.
- Italy’s car security system industry is projected to expand with a CAGR of 11.3% during the forecast period.
- The demand for car security systems in the United States is expected to capture a CAGR of 11.1% from 2023 to 2033.
- By vehicle type, the passenger car segment is projected to secure a CAGR of 14.2% during the forecast period.
- India is expected to expand with an impressive CAGR of 11.7% throughout the forecast period.
The market for car security systems is highly competitive, with numerous prominent industry players making substantial investments in increasing their manufacturing capabilities.
The key industry players in the market include Continental AG, Robert Bosch GmbH, HELLA GmbH & Co. Stoneridge Inc., Mitsubishi Electric Corporation, Huf Hülsbeck & Fürst GmbH & Co. KG, Valeo S.A., KGaA, Aptiv plc, Denso Corporation, Tokai Rika Co., Ltd., ALPHA Corporation, Marquardt GmbH, I Car Srl, Directed Inc., ALPS ALPINE CO. LTD, Atech Automotive (Wuhu) Co., Ltd.
Some Recent Developments in the Car Security System Market
- In July 2021, ZF unveiled the ZF ProAI supercomputer at IAA 2021 in Germany. This advanced system combines control units, software, sensors, and actuators to enable software-defined vehicles. It provides customized computing power for vehicles at any level of automation and incorporates cutting-edge security features to counter cyber threats.
- In March 2021, Hella inaugurated a new software and electronics development center in Craiova, Romania. This facility aims to support company expansion and conduct product testing.
- In February 2021, Bosch Mobility Solutions and Microsoft joined forces to develop a “software-defined vehicle” featuring enhanced digitalization, connectivity, automation, and advanced cybersecurity.
- In January 2021, Alps Alpine collaborated with Qualcomm Technologies Inc. to create an advanced in-vehicle camera positioning system, enhancing vehicle security and surveillance capabilities.
These insights are based on a report on the Car Security System Market by Future Market Insights