New York, NY, May 10, 2019 (GLOBE NEWSWIRE) -- Zion Market Research has published a new report titled “Vehicle Security System Market by Product (Central Locking System, Alarm, Remote Keyless Entry, Immobilizer, and Others), by Technology (Global Positioning System, Real-Time Location System, Face Detection System, and Others), and by Vehicle (Passenger Cars, Off-Highway Vehicles, and Commercial Vehicles): Global Industry Perspective, Comprehensive Analysis, and Forecast, 2018–2025”. According to the report, the global vehicle security system market accounted for USD 8.9 billion in 2018 and is expected to reach USD 14.2 billion by 2025, at a CAGR of around 6.9% between 2019 and 2025.
The vehicle security system market is expected to grow owing to the rising production of commercial vehicles. The total number of commercial vehicles manufactured in 2017 was around 23.8 million units in comparison to 22.8 million units in 2016. The U.S. and China were the prime contributors in terms of production statistics of 2017. Considering the rising investments made in the automotive sector, this number is expected to increase in the upcoming years. Furthermore, technological developments witnessed in the automotive industry are also paving the way for this global market’s growth. Manufacturers are focusing on collaborating with technology providers to automate security processes. With the introduction of autonomous vehicles, market players are focusing on investing in GPS technology to gain competitive advantages. However, high initial investments to manufacture these systems may adversely affect this market’s growth. Alternatively, adoption of artificial intelligence (AI) and the use of biometrics technology in vehicle security systems are expected to open new growth avenues for the market in the future.
Browse through 54 Tables & 28 Figures spread over 146 Pages and in-depth TOC on “Global Vehicle Security System Market: By Type, Size, Industry Share, Applications, Technology, Trends, Analysis and Forecast, 2018–2025”.
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By product, the global vehicle security system market includes central locking system, remote keyless entry, alarm, immobilizer, and others. Central locking systems are expected to hold a notable share in the global market over the forecasted years, owing to the increasing product demand for vehicles in Latin America. Based on vehicle, the global vehicle security system market includes passenger cars, commercial vehicles, and off-highway vehicles. Passenger cars are anticipated to hold a significant market over the forecast timespan, due to the increasing demand for passenger cars in developing countries of the Asia Pacific region. By technology, the market includes global positioning system (GPS), real-time location system (RTLS), face detection system, and others. Real-time location systems (RTLS) are estimated to grow at a noteworthy rate over the forecast timeframe.
North America is projected to grow at a notable rate in the global vehicle security system market in the future, with the U.S. being a major regional contributor. This can be attributed to the rising investments made in the automotive sector. In March 2019, automotive giant Toyota announced its plans to invest USD 13 Billion in the U.S. automotive manufacturing till 2021, which will lead to the rise in the number of vehicles manufactured in the upcoming years. In 2018, the total number of vehicles manufactured in the U.S. was 11.3 million units as compared to 11 million units in 2013. This number is anticipated to rise and fuel the North American vehicle security system market substantially over the estimated time period.
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Europe is estimated to make notable contributions in the upsurge of the vehicle security system market globally, as it is the global automotive hub with the presence of renowned manufacturers like Renault, Volkswagen, BMW, Peugeot, Daimler, and Citroën. With the introduction of autonomous vehicles, vehicle security systems will play a vital role in preventing vehicle thefts. Global positioning system (GPS) technology is anticipated to be a major component of this system. European automotive manufacturers are focusing on introducing autonomous vehicles by 2021, which is expected to further fuel over the vehicle security system market in the upcoming years.
The Asia Pacific is anticipated to hold a considerable share of the global vehicle security system market. Japan, China, and India are projected to hold major market shares in this region, due to the rising production of vehicles and investments made in the automotive sector. From 2000 to 2018, the Indian automotive sector attracted “Foreign Direct Investments” (FDI) worth USD 20.85 Billion. The Chinese government has estimated that the automobile output in China will reach 30 million units by 2020 and 35 million units by 2025.
Browse the full “Vehicle Security System Market by Product (Central Locking System, Alarm, Remote Keyless Entry, Immobilizer, and Others), by Technology (Global Positioning System, Real-Time Location System, Face Detection System, and Others), and by Vehicle (Passenger Cars, Off-Highway Vehicles, and Commercial Vehicles): Global Industry Perspective, Comprehensive Analysis, and Forecast, 2018–2025” Report at https://www.zionmarketresearch.com/report/vehicle-security-system-market
Latin America is expected to grow at a considerable rate in the global vehicle security system market over the estimated time period, owing to rising investments by various automotive manufacturers in Brazil. In 2018, the country’s vehicle production increased by 5.2% from 2017. The total vehicles manufactured in 2018 were 28.8 million units as compared to 27 million units in 2017. This growth is due to the initiatives taken by the government to boost investments in this sector. The government has revised its trade and investment policies and exempt investors from customs duties that have encouraged private investments in the automotive sector.
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Some noticeable players of the global vehicle security system market are Robert Bosch GmbH, Continental AG, Delphi Automotive, Valeo SA, Mitsubishi Electric Corporation, Denso Corporation, Hella Kgaa Hueck, Lear Corporation, Tokai Rika, and ZF TRW Automotive Holdings Corporation.
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This report segments the global vehicle security system market into:
Global Vehicle Security System Market: Product Analysis
- Central Locking System
- Alarm
- Remote Keyless Entry
- Immobilizer
- Others
Global Vehicle Security System Market: Technology Analysis
- Global Positioning System (GPS)
- Real-Time Location System (RTLS)
- Face Detection System
- Others
Global Vehicle Security System Market: Vehicle Analysis
- Passenger Cars
- Off-Highway Vehicles
- Commercial Vehicles
Global Vehicle Security System Market: Regional Analysis
- North America
- The U.S.
- Europe
- UK
- France
- Germany
- Asia Pacific
- China
- Japan
- India
- Latin America
- Brazil
- The Middle East and Africa
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