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Increasing Sales of Passenger Vehicles Position North America as a Highly Lucrative Market for Car Security Systems: Future Market Insights
Demand for car security system is expected to rise by year on year (YoY) growth of 5.4% in 2021, owing to the increasing production of passenger cars and luxury vehicles. As per the German Association of the Automotive Industry, over 4.6 million passenger cars and 224,009 luxury vehicles were manufactured in Germany in 2019. These vehicles come inbuilt with these security systems, thus, rise in production of these vehicles will drive the market growth.
Increasing incidence of vehicle theft is a primary factor accelerating the sales of car security system. According to a preliminary study by the National Insurance Crime Bureau, automotive theft rose from 799,644 in 2019 to 873,080 in 2020, exhibiting growth by 9.2% in the U.S. This is creating a high demand for vehicle theft prevention and recovery systems such as immobilizers, alarming systems, and geological positioning system (GPS) trackers.
As per FMI, the North America market is anticipated to expand at a CAGR 4.4%, due to the increasing sales of passenger cars and vehicle theft in the countries such as the U.S. and Canada.
says the FMI analyst.
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As per the FMI's analysis, Continental AG, Valeo, Hella, Robert Bosch , and Tokai Rika are the leading companies operating in the car security system market. Key players are investing in research and development (R&D) projects and introducting novel security systems to gain the competitive advantage over other player. For instance,
The latest market study on the car security system market by Future Market Insights gives a detailed segmentation for the forecast period of 2021-2031. In order to gain a better perspective of the global car security system market potential, its growth, trends, and opportunities, the market is segmented on the basis of:
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