NEW YORK, March 8, 2021 /PRNewswire/ — The global passenger car security systems market is set to grow by USD 678.81 million during 2020-2024. Technavio segments the passenger car security systems market by product (immobilizer, central lock system, alarm system, and RKE and others) and geography (APAC, North America, Europe, South America, and MEA). The report identifies the increase in car thefts as one of the major factors propelling the market growth.
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Over the years, the number of car thefts has grown exponentially across the world. For instance, in 2019, more than 100,000 cars were stolen in the UK. Hence, to prevent such car theft instances, governments worldwide are introducing auto theft prevention regulations. This is compelling automakers to introduce vehicles with pre-installed security systems and various other advanced sensors for the safety and convenience of consumers. For instance, Porsche AG and Tesla Inc. have installed their own anti-theft systems in all their models. All these factors are expected to provide significant opportunities for market vendors during the forecast period.
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Passenger Car Security Systems Market: Segmentation Analysis
Segmentation by Product
The immobilizer segment will witness lucrative growth during the forecast period. The use of immobilizers as a standard fitment in modern vehicles will be crucial in driving the demand for passenger car security systems. In addition, the rising demand for sedans, coupes, hatchbacks, crossovers, and SUVs will contribute to the growth of the segment during the forecast period.
Segmentation by Geography
APAC emerged as the largest market for passenger car security systems in 2020 with an 85% market share. The increase in car sales and the presence of well-established car manufacturers are driving the growth of the market in the region. During the forecast period, the increasing adoption of electric vehicles is expected to offer significant opportunities for vendors operating in the market.
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Major Vendors Covered in the Passenger Car Security Systems Market
The report provides information on the production, sustainability, and prospects of several leading companies, including:
- Alps Alpine Co. Ltd.
- Continental AG
- DENSO Corp.
- HELLA GmbH & Co. KGaA
- Lear Corp.
- Mitsubishi Electric Corp.
- Robert Bosch GmbH
- Tokai Rika Co. Ltd.
- Valeo SA
- ZF Friedrichshafen AG
Passenger Car Security Systems Market Report: Reasons to Purchase
- Market share assessments for the regional and country-level segments
- Strategic recommendations for the new entrants
- Covers market data for 2020, 2021, until 2025
- Market trends (drivers, opportunities, threats, challenges, investment opportunities, and recommendations)
- Strategic recommendations in key business segments based on the market estimations
- Competitive landscaping mapping the key common trends
- Company profiling with detailed strategies, financials, and recent developments
- Supply chain trends mapping the latest technological advancements
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Report: www.technavio.com/report/passenger-car-security-systems-market-industry-analysis
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SOURCE Technavio
