Market Research Report
Vehicle Security System Global Market Report 2022
|Vehicle Security System Global Market Report 2022|
The Business Research Company
Content info: 175 Pages
Delivery time: 2-10 business days
“Vehicle Security System Global Market Report 2022” from The Business Research Company provides the strategists, marketers and senior management with the critical information they need to assess the global vehicle security system market.
This report focuses on vehicle security system market which is experiencing strong growth. The report gives a guide to the vehicle security system market which will be shaping and changing our lives over the next ten years and beyond, including the markets response to the challenge of the global pandemic.
Where is the largest and fastest growing market for the vehicle security system? How does the market relate to the overall economy, demography and other similar markets? What forces will shape the market going forward? “The Vehicle Security System market global report” from The Business Research Company answers all these questions and many more.
The report covers market characteristics, size and growth, segmentation, regional and country breakdowns, competitive landscape, market shares, trends and strategies for this market. It traces the market's historic and forecast market growth by geography. It places the market within the context of the wider vehicle security system market, and compares it with other markets.
Major players in the vehicle security system market are: 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.
The global vehicle security system market 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 vehicle security system market is expected to reach $11.32 billion in 2026 at a CAGR of 7.6%.
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.
The main types of products in vehicle security system market are: immobilizers, alarm systems, tracking systems, central locking systems, remote keyless entries, and others. Immobilizers are used to secure the vehicle from theft. Immobilizers are connected to the vehicle to provide security by reducing the vehicle from being hotwired and security from theft. The different technologies include a global positioning system, a global system for mobile communication, a face detection system, real-time location system, and others that are implemented in different vehicle types such as passenger cars, commercial vehicles, and others.
Asia-Pacific was the largest region in the vehicle security system market in 2021. 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.
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.
Technological advancements have emerged as a key trend gaining popularity in the vehicle security system market. Major companies operating in the vehicle security system sector are focused on developing new technological solutions to reinforce their position. For instance, in January 2022, Ford, a US-based automobile manufacturer, and ADT Security Services, a US-based security company announced a $100 million standalone joint venture called Canopy to help prevent theft from vehicles using sensors and AI. According to the companies, by 2023, Canopy will initially provide an after-market security product for customers to install a camera in a cargo vehicle or pickup that faces back and relies on AI to identify and report credible threats and trigger an alarm when signs and sounds of metal cutting or breaking glass or "suspicious sounds or motion" near a vehicle are detected. The joint venture's and technology's principal goal is to prevent vehicle theft before it happens.
In May 2020, ZF Friedrichshafen AG, a Germany-based vehicle security system company acquired WABCO for an undisclosed amount. With this acquisition, the ZF plans to expand its commercial vehicle service portfolio and operating customer business and also focuses on mobilizing commercial vehicle intelligence. WABCO is a US-based commercial vehicle security company that develops mobilizing vehicle intelligence technology for vehicle security.
The countries covered in the vehicle security system market report are: Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA.