Industry Background:
The global automobile traffic has been drastically increased over the past couple of decades especially in emerging economies from Asia such as India, and China. Thus, it will ultimately increase the need for vehicle security systems. In addition to this, increasing instances of cybersecurity thefts and automobile thefts has upsurged the need for security systems. The vehicle security systems can be alarms, immobilizers, remote keyless entry (RKE), passive keyless entry (PKE), central locking system and many other technologically advanced systems. Moreover, increasing applications of biometric systems and the integration of smartphones with automobile security systems will generate lucrative opportunities over the forecasted period.According to AMA, the market for Vehicle Security System is expected to register a CAGR of 7.08% during the forecast period to 2026. This growth is primarily driven by Upsurging Global Automobile Traffic will Lead to Increased Demand for Vehicle Security Systems and Lucrative Business Growth due to Growing Disposable Incomes across the Globe.
Globally, a noticeable market trend is evident Introduction to Highly Advanced Security Systems enabled with Biometrics
. The Auto Parts & Equipment sector in the Europe region has been increasing at a sustainable rate and further growth is expected to be witnessed over the forecast period, owing to the robust investments and expansion in production facilities in the region. Major Vendors, such as Robert Bosch GmbH (Germany), Continental AG (Germany), Lear Corporation (United States), Aptiv PLC (Delphi) (United Kingdom), Valeo SA (France), Toyota Motor Corporation (Japan), Daimler AG (Germany), General Motors Company (United States), Ford Motor Company (United States), Hyundai Motor Company (South Korea), Fiat Chrysler Automobiles N.V. (United Kingdom) and Hella KGaA Hueck & Co. (Germany) etc have either set up their manufacturing facilities or are planning to start new provision in the dominated region in the upcoming years.
Key Developments in the Market:
On May 29, 2019, a global automotive technology leader in seating and electrical and electronic systems, "Lear Corporation" has signed a leader in real-time, high-definition maps for autonomous mobility, "CARMERA" as a development partner in its EXO Technology Partnership Program. This high-accuracy vehicle positioning technology is designed to meet the demands of the automotive industry and drive change through increased accuracy, reliability and functional safety in vehicle positioning.
On January 8, 2019, Valeo has formed a partnership with Mobileye to develop and promote a new autonomous vehicle (AV) safety standard based on Responsibility-Sensitive Safety (RSS), Mobileye’s mathematical safety model, with the goal of widespread industry adoption. These companies will collaborate on policies and technologies needed to bolster the adoption of an RSS-based technology standard in Europe, the United States and China.
Market Drivers
- Upsurging Global Automobile Traffic will Lead to Increased Demand for Vehicle Security Systems
- Lucrative Business Growth due to Growing Disposable Incomes across the Globe
Market Trend
- Introduction to Highly Advanced Security Systems enabled with Biometrics
- Increasing Integration of Vehicle Security Systems with Smartphones
Restraints
- Risk of Vehicle Security Component Failure might Damage the Overall Systems
- Comparatively Expensive High-End Security Systems
Opportunities
Robust Demand for Automobiles from APAC region and Ongoing Research and Developments on Developing Highly Secure Vehicle Security Systems
Challenges
Rising Instance of Cyber Thefts across the Globe
AMA Research follow a focused and realistic research framework that provides the ability to study the crucial market dynamics in several regions across the world. Moreover, an in-depth assessment is mostly conducted by our analysts on geographical regions to provide clients and businesses the opportunity to dominate in niche markets and expand in emerging markets across the globe. This market research study also showcase the spontaneously changing Vendors landscape impacting the growth of the market. Furthermore, our market researchers extensively analyse the products and services offered by multiple players competing to increase their market share and presence.
Customization in the Report
AMA Research features not only specific market forecasts, but also include significant value-added commentary on:
- Market Trends
- Technological Trends and Innovations
- Market Maturity Indicators
- Growth Drivers and Constraints
- New Entrants into the Market & Entry/Exit Barriers
- To Seize Powerful Market Opportunities
- Identify Key Business Segments, Market Proposition & Gap Analysis
Against this Challenging Backdrop, Vehicle Security System Study Sheds Light on
The Vehicle Security System Market status quo and key characteristics. To end this, Analyst at AMA organize and took survey of the Vehicle Security System industry Vendors. The resultant snapshot serves as a basis for understanding why and how the industry can be expected to change.
Where Vehicle Security System industry is heading and what are the top priorities. Insights are drawn from financial analysis, the survey and interviews with key executives and industry experts.
How every company in this diverse set of Vendors can best navigate the emerging competition landscape and follow a strategy that helps them position to hold value they currently claim, or capture the new addressable opportunity.