Global Automotive Security System Market 2018-2022
About Automotive Security System
Automotive security system helps to prevent automotive theft and also helps to track and locate cars in case of car theft.
Technavio’s analysts forecast the global automotive security system market to grow at a CAGR of 2.40 % during the period 2018-2022.
Covered in this report
The report covers the present scenario and the growth prospects of the global automotive security system market for 2018-2022. To calculate the market size, the report considers the revenue generated from the automotive security system.
The market is divided into the following segments based on geography:
Technavio Announces the Publication of its Research Report – Global Automotive Security System Market 2018-2022
Technavio recognizes the following companies as the key players in the global automotive security system market: Bosch, Continental, Delphi*, HELLA, Valeo, and ZF
Commenting on the report, an analyst from Technavio’s team said: “The latest trend gaining momentum in the market is Growing popularity of remote-start car system. Keyless entry system eliminates the need for carrying physical keys for door lock/unlock, increasing the convenience of customers. Additionally, the advanced system allowed customers to start cars without the need for key insertion. These systems contributed significantly to the revenue growth of the automotive security system market.”
According to the report, one of the major drivers for this market is Growing popularity of biometric technology. As the automotive industry is continuously facing hacking issues, automotive OEMs are continuously looking for new technologies that are much more safe, secure, convenient, and user-friendly. Biometric technology is the front-runner for achieving the desired objectives in automotive applications. Biometric technology including voice-controlled navigation and infotainment system forms an integral part of modern vehicles. However, the usage of biometric technology in automotive security system may lead to enhancement in the security of vehicles. As a result, the adoption of biometric technology for security purpose is expected to be crucial for revenue growth of the global automotive security system market.
Further, the report states that one of the major factors hindering the growth of this market is High replacement cost associated with smart keys and immobilizers. Previously, automotive keys were basic mechanical keys, which has now evolved into the electronic key fob. Until the 1990s, vehicle keys were so simple in design that a duplicate key could have been made at any locksmith shop or hardware store. Therefore, automotive OEMs have started offering keys with enhanced security such as electronic keys with immobilizer.
Bosch, Continental, Delphi*, HELLA, Valeo, and ZF