A swift rise in incidence of car thefts across the world is the primary factor driving the market. In response to this, the car security system market is projected to surpass US$ 33.8 Bn by 2031.
According to preliminary reports by the National Insurance Crime Bureau, nearly 873,080 automotive thefts were reported across the U.S. in 2020, which is 9.2% more compared to 2019. This rise in number of thefts is increasing demand for vehicle theft prevention systems such as car alarms and immobilizers.
Growing automation in the automotive industry and introduction of remote operating features in next-generation vehicles are increasing the installation of security systems such as keyless access and central locking systems.
Also, the implementation of regulations mandating the installation of basic car security system in vehicles is boosting the market. Surging adoption of car security systems, especially across North America and Europe, will drive the sales at 11.8% CAGR over the forecast period (2021-2031).
In terms of product type, the passenger cars segment is projected to outpace light commercial vehicle segment. The segment is expected to account for more than 4/5th of sales through 2031. Surging demand for luxury cars and sport utility vehicles (SUVs) across the U.S., China, and India is driving the growth in the segment.
“Increasing adoption of advanced automotive electronics and integration of novel technologies such as telematics, artificial intelligence, and electronic control units (ECUs) by original equipment manufacturers (OEMs) are expected to accelerate the growth in the market,” says a FMI analyst.
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Key Takeaways from Car Security System Market Study
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