Recent report published by research nester titled “Car Security System Market: Global Demand Analysis & Opportunity Outlook 2024” delivers detailed overview of the car security system market in terms of market segmentation by car type, sales channel, product type, by technology and by region.
Further, for the in-depth analysis, the report encompasses the industry growth drivers, restraints, supply and demand risk, market attractiveness, BPS analysis and Porter’s five force model.
The car security system market has been segmented into car type, sales channel, product type, by technology and by region. Based on product type, the market is further segmented into immobilizer system, remote central locking system, alarm system, keyless entry and others. Among these segments, the keyless entry system is anticipated to dominate the car protection system market. This can be attributed to the ease in remote access control combined with innovative application-built technologies. The keyless entry segment of car security system market is envisioned to strengthen the growth of market.
The global market for car security system is expected to flourish at a robust compound annual growth rate of 6.52% over the period 2017-2024. Factors such as safety from car thefts across the globe due to security devices and central locking among others are estimated to drive the demand for car security system market. Further, the presence of advanced car security systems such as Avital 5103, Eclipse 360 degree vehicle surveillance security system is estimated to boom car security system market in near future.
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In the regional segment, Asia Pacific region is expected to be most reliable and revenue generated market of car security system and is anticipated to flourish at a modest CAGR of 9% during the forecast period. Furthermore, rising awareness among car owners towards car safety in developing countries such as China and India is driving the growth of global car security system market. Apart from this, rising adoption of remote keyless entry systems is a major trend in Asia Pacific region and is expected to escalate the demand for car security system in this region over the forecast period. North America region is anticipated to witness significant growth during the forecast period which can be attributed to presence of wealthy buyers which are expected to propel the demand for vehicles, which in turn will fuel the growth of car security system market in North America. Moreover, Latin America and Middle East & Africa regions are also anticipated to witness satisfactory growth rate over the forecast period.
Growing Demand for Security among Car Owners
Rising awareness among car owners towards car safety and theft prevention is the major concern behind the production of car security systems. On the other hand, the rising demand for face detection and face positioning system is expected to propel the growth of global car security system market.
However, factors such as high cost of premium safety systems and recent failures of car security system are likely to inhibit the growth of the car security system market in the near future.
This report also provides the existing competitive scenario of some of the key players of the car security system market which includes company profiling of Continental A.G, Delphi Automotive LLP, Hella KGaA Hueak & Co., Tokai Rika Co Ltd., Robert Bosch GmbH, Denso Corporation, Strattec Security Corporation, Witte Automotive, Omron Corporation and Alps Electric Co. Ltd.
The profiling enfolds key information of the companies which encompasses business overview, products and services, key financials and recent news and developments. On the whole, the report depicts detailed overview of the car security system market that will help industry consultants, equipment manufacturers, existing players searching for expansion opportunities, new players searching possibilities and other stakeholders to align their market centric strategies according to the ongoing and expected trends in the future.
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