The global vehicle security system market size is expected to grow from $7.67 billion in 2021 to $8.43 billion in 2022 at a compound annual growth rate (CAGR) of 10%. The global vehicle security systems market size is expected to reach $11.32 billion in 2026 at a CAGR of 7.6%.
What is the Global Vehicle Security System Market?
The vehicle security system market consists of sales of vehicle security systems by entities (organizations, sole traders, and partnerships) that are used to secure the vehicles from theft. The vehicle security system, which uses a sensor or an alarm to protect the vehicle, monitors the vehicle against theft or other actions. Vehicle security also uses factory alarm system control, door lock control, and a computerized data network to secure the vehicles.
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What drives the Global Vehicle Security System Market?
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 Help Net Security, a Croatia-based publication company, in 2019, 57% of vehicle cyberattack incidents were carried out by cybercriminals to disrupt businesses, steal property, and demand ransom. In addition, 82% of incidents in 2019 involved short and long-range remote attacks, which do not require any kind of physical access to the vehicle and can be carried out from anywhere in the world. Therefore, the increasing cyberattacks drive the growth of the vehicle security systems market.
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Global Vehicle Security System Market Segments
The global vehicle security system market is segmented:
By Product Type: Immobilizers, Alarm System, Tracking System, Central Locking System, Remote Keyless Entry, Others
By Technology: Global Positioning System, Global System for Mobile Communication, Face Detection System, Real-Time Location System, Others
By Vehicle Type: Passenger Cars, Commercial Vehicles, Others
By Geography: The regions covered in the vehicle security system market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, and Africa.
Vehicle Security System Global Market Report 2022 provides market size and growth forecasts for the global vehicle security system market, global vehicle security system market share, vehicle security system market segments and geographies, vehicle security system market competitive landscape including leading competitors’ revenues, profiles and market shares. The vehicle security system market report identifies top countries and segments for opportunities and strategies based on market trends and leading competitors’ approaches.
Global Vehicle Security System Industry Players include Continental AG, Delphi Automotive, Denso Corporation, Hella Kgaa Hueck & Co., Lear Corporation, Mitsubishi Electric Corporation, Robert Bosch GmbH, Tokai Rika Co. Ltd., Valeo SA, TRW Automotive, ZF Friedrichshafen AG, Aptiv PLC, Omron Corporation, Clifford, and Viper Security Systems. Based on industry trends and company analysis, the report explains a number of strategies for companies in the market.
