Global Passenger Car Security Systems Market 2019-2023
Global Passenger Car Security Systems Market: About this market
Technavio’s passenger car security systems market analysis considers the sales based on immobilizer, central lock system, alarm system, and RKE and others. Our analysis also considers the sales of passenger car security systems in North America, Europe, APAC, MEA, and South America. In 2018, the central lock system segment as well as immobilizer segment, both had a significant market share, and this trend is expected to continue over the forecast period. Factors such as technological advancements will play a significant role in the central lock system segment to maintain its market position. Also, our global passenger car security systems market report looks at factors such as an increase in car thefts, the emergence of connected cars, and rise in demand from emerging APAC countries. However, high cost of premium security features, the potential failure of electronic components used in vehicle security systems, and increase in cybersecurity risk may hamper the growth of the passenger car security systems industry over the forecast period.
Global passenger car security systems market: Overview
Emergence of connected cars
A connected car is equipped with internet access. This enables the car to share internet access and data with devices present inside as well as outside the vehicle. The advances in the internet of things (loT) has resulted in a renewed interest in connected cars. The ability of vehicles on the road to communicate with each other and other non-automotive devices and human-machine connectivity are the promises proposed by loT and connected vehicle technologies. However, connected cars have complex software to provide advanced functionalities, which are prone to various malware attacks. a connected car has loT devices, which can be hacked. Thus, an increase in the adoption of connected cars will necessitate the use of security systems in connected cars, which will boost the growth of the passenger car security system market. Although the growth momentum of the passenger car security systems market will decelerate, it will continue to register a CAGR of over 2% during the forecast period.
High cost of premium security features
The global automotive industry has been proactive in embracing new safety technologies, and the adoption of biometrics is set to increase in the industry. However, the cost of security systems, such as smart entry systems, immobilizers, and anti-theft systems is high. Therefore, the high cost of premium security features is expected to be a restraining factor for the growth of the passenger car security systems market during the forecast period.
For the detailed list of factors that will drive the global passenger car security systems market during the forecast period 2019-2023, click here.
With the presence of few major players, the global passenger car security systems market is concentrated. Technavio’s robust vendor analysis is designed to help clients improve their market position, and in line with this, this report provides a detailed analysis of several leading passenger car security systems manufacturers, that include Continental AG, Hella GmbH & Co. KGaA, Tokai Rika Co. Ltd., Valeo SA, and ZF Friedrichshafen AG.
Also, the passenger car security systems market analysis report includes information on upcoming trends and challenges that will influence market growth. This is to help companies strategize and leverage on all forthcoming growth opportunities.
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