Categories: Market Research

Vehicle Security System Market Trends, Growth Drivers, Industry Demand By 2033

The vehicle security system global market report 2024 from The Business Research Company provides comprehensive market statistics, including global market size, regional shares, competitor market share, detailed segments, trends, and opportunities. This report offers an in-depth analysis of current and future industry scenarios, delivering a complete perspective for thriving in the industrial automation software market.

Vehicle Security System Market, 2024 report by The Business Research Company offers comprehensive insights into the current state of the market and highlights future growth opportunities.

Market Size –
The vehicle security system market size has grown strongly in recent years. It will grow from $9.26 billion in 2023 to $10.02 billion in 2024 at a compound annual growth rate (CAGR) of 8.2%. The growth in the historic period can be attributed to rising vehicle theft rates, consumer awareness on vehicle security, integration of immobilizers, insurance industry requirements, advances in keyless entry systems.

The vehicle security system market size is expected to see strong growth in the next few years. It will grow to $13.59 billion in 2028 at a compound annual growth rate (CAGR) of 7.9%. The growth in the forecast period can be attributed to growing connected car technologies, increase in vehicle digitization, adoption of biometric vehicle access, regulatory standards for vehicle security, rise in cybersecurity concerns for connected vehicles. Major trends in the forecast period include development of advanced vehicle encryption systems, integration of artificial intelligence in security algorithms, expansion of remote vehicle monitoring, application of blockchain for secure vehicle data, evolution of multi-layered authentication in vehicle access systems.

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Scope Of Vehicle Security System Market
The Business Research Company’s reports encompass a wide range of information, including:

1. Market Size (Historic and Forecast): Analysis of the market’s historical performance and projections for future growth.

2. Drivers: Examination of the key factors propelling market growth.

3. Trends: Identification of emerging trends and patterns shaping the market landscape.

4. Key Segments: Breakdown of the market into its primary segments and their respective performance.

5. Focus Regions and Geographies: Insight into the most critical regions and geographical areas influencing the market.

6. Macro Economic Factors: Assessment of broader economic elements impacting the market.

Market Drivers –

The increasing cyberattacks are expected to propel the growth of the vehicle security system market going forward. A cyberattack is a deliberate attempt by an individual or organization to breach the information system of another individual or organization. As automotive innovation grows, cybersecurity evolves as a real concern. Automotive vehicle security system secures electronic systems, communication networks, software, and data collected by the new wave of intelligent cars from harm. If a vehicle’s computer systems aren’t protected properly, hackers can steal data or even take control of the vehicle. For instance, according to Automotive Cybersecurity Report 2021 published by Upstream, an Israel-based automotive cybersecurity company, the frequency of cyberattacks on cars increased 225% from 2018 to 2021 and 85% of the attacks in 2021 were carried out remotely. Therefore, the increasing cyberattacks drive the growth of the vehicle security systems market.

Market Trends –

Product innovations have emerged as the key trend gaining popularity in the 5G chipset market. The major players in the market are developing innovative products for market growth. For instance, in June 2021, Samsung Electronics, a South Korea-based electronics company, developed 3GPP Rel.16 compliant chipsets, a range of next-generation 5G chipsets that deliver cutting-edge 5G technologies. The new chipsets consist of a second-generation 5G modem System-on-Chip (SoC), a third-generation mmWave Radio Frequency Integrated Circuit (RFIC) chip, and a Digital Front End (DFE)-RFIC integrated chip. These are designed to increase power efficiency, boost performance, and reduce the size of 5G solutions.

The vehicle security system market covered in this report is segmented –

1) By Product Type: Immobilizers, Alarm System, Tracking System, Central Locking System, Remote Keyless Entry and Other Product Types
2) By Technology: Global Positioning System, Global System for Mobile Communication, Face Detection System, Real-Time Location System and Other Technologies
3) By Vehicle Type: Passenger Car, Commercial Vehicles and Other Vehicle Types

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Regional Insights –
Asia-Pacific was the largest region in the vehicle security system market in 2023. The regions covered in the vehicle security system market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa

Key Companies –
Major companies operating in the vehicle security system market report are Continental AG, Delphi Technologies, Denso Corporation, Hella Kgaa Hueck & Co, Lear Corporation, Mitsubishi Electric Corporation, Robert Bosch GmbH, Tokairika Co. Ltd., Valeo SA, TRW Automotive India Private Limited, ZF Friedrichshafen AG, Aptiv plc, Omron Corporation, Clifford, Viper Security Systems, Stoneridge Inc., Marquardt GmbH, I Car Systems, NXP Semiconductors Inc., Panasonic Corporation, Autoliv Inc., Johnson Controls Inc., Magna International Inc., Mobileye NV, WABCO Vehicle Control Systems, Gentex Corporation, Nippon Seiki Co. Ltd., Visteon Corporation, Harman International Industries Inc., TomTom International BV

Table of Contents

1. Executive Summary

2. Vehicle Security System Market Characteristics

3. Vehicle Security System Market Trends And Strategies

4. Vehicle Security System Market – Macro Economic Scenario

5. Global Vehicle Security System Market Size and Growth

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32. Global Vehicle Security System Market Competitive Benchmarking

33. Global Vehicle Security System Market Competitive Dashboard

34. Key Mergers And Acquisitions In The Vehicle Security System Market

35. Vehicle Security System Market Future Outlook and Potential Analysis

36. Appendix