Pune, India, March, 2019/MRFR Press Release/- Market Research Future has published a cooked research report on the Global Vehicle Security Market
The global vehicle security market is estimated to account for a market share of USD 13,408.83 million and register a 6.38% CAGR during the forecast period. In 2017, the market was led by Asia-Pacific with a 51.13% share, followed by Europe and North America with shares of 22.12% and 19.76%, respectively. Market Research Future (MRFR) in their report envelops segmentations and drivers for a better glimpse of the market in the coming years. The vehicle security system is a defense system of the vehicle against external, malicious threats to secure it in all possible ways. This vehicle security system includes detection, prevention, and response to threats through the use of various technologies, such as radio frequency identification and ultrasonic. Additionally, the global market for vehicle security is growing due to the rising incidents of vehicle theft and the adoption of biometric technology in vehicle security.
However, the growth of the market may be hindered due to the potential failure of electronic components and the high cost of the vehicle security system. Additionally, poor quality control during the manufacturing and assembly process may result in improper manufacturing of electronic components, which may cause failure.
Extensive research of the global vehicle security market segments the market by technology, component, and vehicle type.
Based on the technology, the global vehicle security market can be segmented into ultrasonic, radio frequency identification, and others. The radio frequency identification segment is dominating the market and is expected to be valued at USD 7,430.92 million by 2023. Meanwhile, the ultrasonic segment is quickly gaining popularity and might attain the highest CAGR of 5.73% during the forecast period.
On the basis of component, the global vehicle security market is segmented into Ultrasonic Intruder Protection System (UIP), Backup Battery Siren (BBS), Central Locking System, Automatic Collision Detection System, Automatic Driver Recognition System (ADRS), Remote Keyless Entry System, and Others. The central locking system segment is dominating the market and is expected to be valued at USD 3,730.15 million by 2023, followed by remote keyless entry system, and ultrasonic intruder protection system. Meanwhile, the remote keyless entry system segment is quickly gaining popularity and could attain the highest CAGR of 10.15% during the forecast period
On the basis of vehicle type, the global vehicle security market is segmented into passenger vehicle and commercial vehicle. The passenger car segment is dominating the market with a valuation of USD 9,038.40 million by 2023. Meanwhile, the commercial vehicle segment is gaining fast popularity and can attain the highest CAGR of 7.37% during the forecast period.
On the basis of sales channel, the global vehicle security market is segmented into original equipment manufacturers (OEMs) and the aftermarket. The OEMs segment is dominating the market and is expected to be valued at USD 10,026.99 million by 2023. Meanwhile, the aftermarket segment is quickly gaining popularity and can attain the highest CAGR of 8.78% during the forecast period.
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Prominent players in the global vehicle security market are Denso Corporation (Japan), Robert Bosch GmbH (Germany), HELLA GmbH & Co. KGaA (Germany), Valeo (France), Mitsubishi Electric Corporation (Japan), Continental AG (Germany), Lear Corporation (US), Tokairika, Co, Ltd (Japan), Omron Corporation (Japan), and Alps Alpine Co., Ltd (Japan). Mergers, acquisitions, and collaborations are some of the strategies that these companies employ to stay ahead of the rest.
In February 2019, Continental AG developed in-vehicle servers to act as the cornerstone of modern electronic architectures. The in-vehicle server functions as a network manager and is a central architectural element for wireless software update and remote maintenance. This is an important element for vehicle cybersecurity.
In February 2019, Mitsubishi Electric developed a security technology that detects attacks on equipment sensors. This sensor-security technology detects data inconsistencies by inserting a proprietary algorithm into its sensor fusion algorithms, which combine multiple sensors for measurements used in the automatic control of in-vehicle devices.
In December 2018, Robert Bosch GmbH introduced a futuristic cockpit for the next generation of motor vehicles. The vehicle will have interconnected displays that can be accessed by smartphones. The interface between the driver and the vehicle (HMI) makes driving a safer and less stressful experience, along with providing security systems to counter theft or burglary attempts.
Geographic analysis of the global vehicle security market spans across North America, Europe, Asia-Pacific (APAC), and the Rest-of-the-World (RoW).
Asia-Pacific is leading the market with its market valuation pinned at USD 4,764.40 million in 2017. The regional market value can go up to USD 7,545.96 million by 2023 with an impressive 8.07% CAGR during the forecast period. The growth in the market can be attributed to the increasing demand for automobiles, especially in China and India. Additionally, the region is home to many global vehicle security market players who are heavily investing in developing sophisticated technologies for vehicle security.
Europe has the second largest market share and exhibits features similar to Asia-Pacific. The regional market has a valuation of USD 2,061.34 million in 2017, which is expected to exceed USD 2,651.56 million by 2023 at a 4.39% CAGR during the forecast period.
North America can turn the table on the global players. The region has several countries that are adopting new technologies with a focus on research and development activities to enhance the products related with the vehicle security, which would drive the development of products and more efficient vehicle security systems and solutions. The regional vehicle security market is eyeing for a valuation of USD 2,283.58 million by 2023 at a CAGR of 3.76% during the forecast period.