The stolen vehicle security system market is driven by the need for advanced technologies to track and protect vehicles from theft and criminal activities. The integration of GPS, cellular or radio transmitters, and sensors in these systems enables real-time location tracking. The market is further fueled by the inclusion of features like computerized data networks, door locks, and factory alarm system control, enhancing overall vehicle security.
According to Data Bridge Market Research, the Stolen Vehicle Security System Market accounted for USD 10.25 billion in 2022, and will reach USD 17.65 billion by 2030, growing at a CAGR of 7.03% during the forecast period of 2023 to 2030.
“Continuing cyberattacks are anticipated to fuel the growth”
The growing market for vehicle security systems is driven by the increasing threat of cyberattacks in the automotive industry. As vehicles become more technologically advanced, cybersecurity becomes a critical concern. Vehicle security systems protect electronic systems, communication networks, software, and data from potential harm. The rise in cyberattacks, with a significant percentage being carried out remotely, has led to an expansion in the market for vehicle security systems, as ensuring adequate protection against cyber threats becomes a priority.
What restraints the growth of the stolen vehicle security system market?
“Absence of knowledge foils the development”
The absence of knowledge regarding stolen vehicle security systems acts as a significant restraint on the market's development. Many vehicle owners are unaware of the available security options or their effectiveness. Lack of awareness leads to limited adoption and hampers market growth. Educating consumers about the benefits and features of stolen vehicle security systems is crucial to overcome this restraint and promoting the widespread adoption of these systems for enhanced vehicle protection.
Segmentation: Stolen Vehicle Security System Market
The stolen vehicle security system market is segmented on the basis of product type, technology, component, sales channel, and vehicle type.
- On the basis of product type, the stolen vehicle security system market is segmented into central locking system, car alarm, immobilizer, remote keyless entry system, tracking system, others.
- On the basis of technology, the stolen vehicle security system market is segmented into ultrasonic, radio frequency identification, global positioning system, and global system for mobile communication, face detection system, real time location system, and other technologies.
- On the basis of component, the stolen vehicle security system market is segmented into backup battery siren (bbs), central looking system, ultrasonic intruder protection system (uip), automatic collision detection system, automatic driver recognition system (adrs), others
- On the basis of sales channel, the stolen vehicle security system market is segmented into oem, aftermarket.
- On the basis of vehicle type, the stolen vehicle security system market is segmented into passenger cars, commercial vehicles.
Regional Insights: Asia-Pacific dominates the stolen vehicle security system market
Asia-Pacific's dominance in the market is driven by high automobile sales, especially in India and China, along with the presence of key manufacturers and their investment in advanced vehicle security technology. The region's vehicle security market is expected to grow rapidly due to population growth, industrialization, expanding manufacturing industry, and increased vehicle demand, particularly in China and India.
Europe is expected to experience the highest growth rate, driven by the stolen vehicle security system market. Italy, in particular, presents opportunities for startups and has a growing market for car security systems due to an expanding vehicle fleet and the adoption of smart automotive electronics. The country's strong demand for luxury vehicles is also expected to drive sales of car security systems..
To know more about the study visit, https://www.databridgemarketresearch.com/reports/global-stolen-vehicle-security-system-market
Recent Development in Stolen Vehicle Security System Market
- In 2021, Tokai Rika and Dai Nippon Printing collaborated to create a smartphone platform with multiple locking and unlocking options. This innovative platform enables the distribution and management of digital keys across different sectors, including vehicles and the mobility industry, providing convenient access control solutions.
The Prominent Key Players Operating in the Stolen Vehicle Security System Market Include:
- Continental AG (Germany)
- Bosch Service Solutions GmbH(Germany)
- HELLA GmbH & Co. KGaA (Germany)
- Aptiv (Ireland)
- DENSO CORPORATION (Japan)
- TOKAIRIKA,CO, LTD. (Japan)
- Stoneridge, Inc.(U.S.)
- Mitsubishi Electric Corporation (Japan)
- Huf Hülsbeck & Fürst GmbH & Co. KG, (Germany)
- VALEO SERVICE (France)
- Marquardt Management SE (Germany)
- VOXX Electronics Corp.(U.S.)
- ALPS ALPINE CO., LTD (Japan)
- Atech Automotive (Wuhu) Co., Ltd (China)
- AUTOCRYPT Co., Ltd (Korea)
- ALPHA MOTOR CORPORATION (U.S.)
- Scorpion Automotive Ltd (U.K.)
- TELTONIKA (Europe)
Above are the key players covered in the report, to know about more and exhaustive list of stolen vehicle security system market companies contact, https://www.databridgemarketresearch.com/contact
Research Methodology: Global Stolen Vehicle Security System Market
Data collection and base year analysis are done using data collection modules with large sample sizes. The market data is analyzed and estimated using market statistical and coherent models. In addition, market share analysis and key trend analysis are the major success factors in the market report. The key research methodology used by DBMR research team is data triangulation which involves data mining, analysis of the impact of data variables on the market, and primary (industry expert) validation. Apart from this, data models include Vendor Positioning Grid, Market Time Line Analysis, Market Overview and Guide, Company Positioning Grid, Company Market Share Analysis, Standards of Measurement, global vs Regional and Vendor Share Analysis. Please request analyst call in case of further inquiry.
