The global car security system market is expected to attain a valuation of USD 13.5 billion in 2023 and is projected to reach USD 40 billion by 2033, trailing a CAGR of 11.4% during the forecast period.
The car security system market is being driven by rising demand in the automotive aftermarket. The integration of digital security and smart technology features in cars is fuelling the sales of automotive security systems. Increasing customer demand, especially for aftermarket installations, is creating opportunities for sales security systems for passenger cars.
Car security systems are gaining popularity in various countries, particularly in Europe and North America, where basic devices like immobilizers have become essential to prevent car theft. The implementation of legislation mandating these security measures is expected to increase the demand for car security systems even further.
The global increase in vehicle theft has led to substantial losses for many insurance companies. In response, some insurers have stopped providing coverage for vehicles lacking security systems, as the presence of anti-theft devices reduces the likelihood of car theft.
Certain insurers offer notable discounts for vehicles equipped with security systems. New regulations mandate automobile manufacturers worldwide to incorporate basic security measures, even in affordable passenger cars. Consequently, the global car security systems market is projected to witness growth during the forecast period.
Rising concerns regarding vehicle safety among automakers and end users have positively impacted demand for passenger car security systems across the globe. Advancements in automotive electronics and remote operating features have increased the importance of security system installations including car alarms, central locking, and keyless access systems.
| Report Attributes | Details |
|---|---|
| Expected Market Value (2023) | USD 13.5 billion |
| Anticipated Forecast Value (2033) | USD 40 billion |
| Projected Growth Rate (2023 to 2033) | CAGR 11.4% |
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The car security system market was worth USD 9.4 billion in 2018. It accumulated a market value of USD 12.3 billion in 2022 while expanding at a CAGR of 6.9% during the historical period.
Sales of car security systems increased at a 4.1% CAGR between 2018 and 2022, with countries such as the United States India, Germany, Japan, and China accounting for a substantial share in the global market.
Augmented growth in the automotive aftermarket is pushing the car security system market. Moreover, the introduction of digital security and smart electronic features in the automobile is further aiding to sales of car security systems.
Demand from customers, especially for aftermarket installations might create scope for sales of passenger car security systems. Driven by these factors, the car security system market is projected to thrive at an 11.4% CAGR in terms of volume sales during the forecast period of 2023 to 2033.
Installation of car security systems is increasingly encouraged across various countries. The use of basic security systems such as immobilizers has been made mandatory in regions such as Europe and North America. This has been done primarily to prevent instances of vehicle theft. Furthermore, the implementation of such regulations is going to increase the demand for vehicle security systems.
Many insurers across the globe have incurred huge losses owing to the increased cases of vehicle theft. Since the probability of car theft declines once an anti-theft device is successfully installed into the car. Some insurance companies have stopped insuring vehicles with no security system.
Some insurers, on the other hand, offer huge discounts for cars that are equipped with vehicle security systems. New regulations demand car manufacturers worldwide to install basic security systems, even in entry-level economic passenger cars, which hold a significant share of the overall passenger car market. This, in turn, might boost the growth of the global car security system market.
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Technology has advanced remarkably in the last few years, following the advent of artificial intelligence (AI), the Internet of Things (IoT), and machine learning. Consequently, car security systems are becoming more advanced on account of the integration of sensors, ECU, switches, and other cutting-edge features.
Installation of sensors in vehicles allows easy detection of potential attempts of theft. This has propelled the sales of in-car security system products. Technological advancements in sensor optimization, IOT, and controller are further anticipated to push the global car security system market growth.
As per Future Market Insights, the United States is projected to account for nearly three-fourths of North America market share and is expected to create an incremental dollar opportunity of more than USD 2.8 billion from 2023 to 2033.
The market in this region is anticipated to expand with a CAGR of 11.1% in forthcoming years. The United States is the strong economy in the world owing to which, it boasts a high presence of leading car security system manufacturers.
The United States is one of the leading consumers of commercial vehicles and is recording notable growth in sales in the light commercial vehicle segment. Favorable vehicle taxation policy in this country is boosting the United States automotive market considerably.
Moreover, this may have an optimistic impact on the United States car security system market. Demand for sports cars, luxury cars, and commercial vehicles from this country is expected to push the market.
Italy is expected to create a USD 901.8 million absolute dollar opportunity in Europe car security system market. The demand for car security systems in the region is projected to rise with a CAGR of 11.3% during the forecast period.
Manufacturers from this country are launching different innovative products in the market. Italy has been forecasted to remain a significant pocket for start-ups, which is strengthening the potential of the market.
The growth of the car security system market in Italy can also be attributed to the increasing vehicle fleet, supported by smart automotive electronics adoption. Apart from this, high demand for luxury cars from this country is anticipated to continue pushing sales of car security systems in the forthcoming years.
India is one of the leading countries in Asia Pacific market and is projected to expand at an impressive pace during the forecast period. The expansion of the India aftermarket is expected to push the demand for car security systems over the assessment period.
As per the report, the demand in India is expected to secure a CAGR of 11.7%. The surge in passenger car sales in this country is expected to push the sales of car security systems. Growing population and urbanization might also drive India’s car security system market.
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Sales in the others segment, which includes smart car control, biometric car access, and electronic steering lock, are anticipated to increase at a remarkable CAGR of more than 15.1% from 2023 to 2033.
Rising adoption of advanced automotive electronics, digitization, and IOT and AI (artificial intelligence) integration is likely to drive growth in the category.
Others segment is estimated to contribute more than one-tenth of the market share in the year 2023. The share held by this category might reach nearly one-fifth of the market by the end of the forecast period.
More than four-fifth of the car security system market share is contributed by the passenger cars segment. The demand for car security systems from passenger cars is expected to capture a CAGR of 14.2% during the forecast period.
Growth in per year stolen number of vehicles worldwide, particularly in the passenger car segment, is high in comparison to light commercial vehicles. Passenger cars’ sub-segments such as luxury cars and SUV which come with high price tags are often inbuilt with cutting-edge security systems to prevent theft.
The luxury cars segment is anticipated to create an absolute dollar opportunity of around USD 4.5 billion between 2023 and 2033, gaining popularity as they have premium features. Therefore, the increasing sales of passenger vehicles are likely to push demand for car security systems in the coming years.
The aftermarket segment is projected to account for more than 71% of the total sales in the market by 2033. An increase in the number of older vehicles on the road, digitalization, and demand for luxury cars is expected to bolster the demand for aftersales services.
Car security systems are electronics products and the average lifespan of electronics products is 4 to 5 years. It is necessary to replace car security systems after this lifespan. Consequently, the car security systems sales via the aftersales channel are estimated to account for the maximum share in the global market.
Start-ups play a vital role in identifying growth opportunities. With their ability to efficiently convert inputs into outputs and adapt to market uncertainties, start-ups contribute significantly to the expansion of the industry. Some of the startups involved in manufacturing and providing services in the car security system market are:
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 working in the market are 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
| Report Attribute | Details |
|---|---|
| Market Value in 2023 | USD 13.5 billion |
| Market Value in 2033 | USD 40 billion |
| Growth Rate | CAGR of 11.4% from 2023 to 2033 |
| Historical Period | 2018 to 2022 |
| Forecast Period | 2023 to 2033 |
| Quantitative Units | Revenue in USD billion and CAGR from 2023 to 2033 |
| Report Coverage | Revenue Forecast, Volume Forecast, Company Ranking, Competitive Landscape, Growth Factors, Trends, and Pricing Analysis |
| Segments Covered | Product Type, Vehicle Type, Sales Channel, Region |
| Regions Covered | North America; Latin America; Europe; Asia Pacific; Middle East & Africa |
| Key Countries Profiled | United States, Canada, Brazil, Mexico, Germany, United Kingdom, France, Spain, Italy, India, China, Japan, Malaysia, Singapore, Thailand, South Korea, Australia, New Zealand, GCC Countries, South Africa, Israel |
| Key Companies Profiled | Continental AG; Robert Bosch GmbH; HELLA GmbH & Co. KGaA; Aptiv plc; Denso Corporation; Tokai Rika Co., Ltd.; ALPHA Corporation; Stoneridge Inc.; Mitsubishi Electric Corporation; Huf Hülsbeck & Fürst GmbH & Co. KG; Valeo S.A.; Marquardt GmbH; I Car Srl; Directed Inc.; ALPS ALPINE CO. LTD; Atech Automotive (Wuhu) Co., Ltd. |
| Customization | Available Upon Request |
The global market share is estimated to make a revenue of USD 13.5 billion in 2023.
Sales of car security systems in Italy is projected to create USD 901.8 million growth opportunity.
The United States to set to create a revenue opportunity of USD 2.8 billion through 2033.
The market is expected to record a growth of 11.4% until 2033.
Growing incidents of car theft has resulted in 80% of the overall market captured by passenger car segment.
1. Executive Summary 2. Market Overview 3. Market Background 4. Global Market Analysis 2018 to 2022 and Forecast, 2023 to 2033 5. Global Market Analysis 2018 to 2022 and Forecast 2023 to 2033, By Product Type 5.1. Central Locking System 5.2. Car Alarm 5.3. Immobilizer 5.4. Remote Keyless Entry 5.5. Others 6. Global Market Analysis 2018 to 2022 and Forecast 2023 to 2033, By Vehicle Type 6.1. Passenger Car 6.1.1. Compact 6.1.2. Mid-Size 6.1.3. Luxury 6.1.4. SUV 6.2. Light Commercial Vehicle 7. Global Market Analysis 2018 to 2022 and Forecast 2023 to 2033, By Sales Channel 7.1. OEM 7.2. Aftermarket 8. Global Market Analysis 2018 to 2022 and Forecast 2023 to 2033, By Region 8.1. North America 8.2. Latin America 8.3. Europe 8.4. Asia Pacific 8.5. MEA 9. North America Market Analysis 2018 to 2022 and Forecast 2023 to 2033, By Country 10. Latin America Market Analysis 2018 to 2022 and Forecast 2023 to 2033, By Country 11. Europe Market Analysis 2018 to 2022 and Forecast 2023 to 2033, By Country 12. Asia Pacific Market Analysis 2018 to 2022 and Forecast 2023 to 2033, By Country 13. MEA Market Analysis 2018 to 2022 and Forecast 2023 to 2033, By Country 14. Key Countries Market Analysis 15. Market Structure Analysis 16. Competition Analysis 16.1. Continental AG 16.2. Robert Bosch GmbH 16.3. HELLA GmbH & Co. KGaA 16.4. Aptiv plc 16.5. Denso Corporation 16.6. Tokai Rika Co., Ltd. 16.7. ALPHA Corporation 16.8. Stoneridge Inc. 16.9. Mitsubishi Electric Corporation 16.10. Huf Hülsbeck & Fürst GmbH & Co. KG 16.11. Valeo S.A. 16.12. Marquardt GmbH 16.13. I Car Srl 16.14. Directed Inc. 16.15. ALPS ALPINE CO. LTD 16.16. Atech Automotive (Wuhu) Co., Ltd. 17. Assumptions & Acronyms Used 18. Research Methodology
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Car Security System Market
