Car Security System Market - Industry Analysis, Growth, Trends, Forecast 2016 – 2024

Press Release   •   Nov 24, 2016 02:41 EST

Today consumers prefer buying cars which have more efficiency, speed and safety features. Thus, the cost of a car increases depending upon the features installed in the car. Therefore, a car should include a good security system in order to prevent it from getting stolen. Car manufacturing companies are providing different car security features to their customers in order to protect their car. Car security system comprises features such as double-locking, remote keyless entry, smart tailgate opening, child lock, alarm, immobilizer and central locking system. Car manufacturers install these features depending on the price of the car. Low-cost and mid-size car have basic security features such as child lock, central locking system and keyless entry. High priced car have additional features such as internet connectivity system and global positioning system (GPS). Global positioning system helps consumers to track their car movement in case of theft while internet connectivity can help in controlling features of the car through smartphone or laptop.

The occurrence of car theft is more in some countries due to the lack of installed car security systems. Hence, the government in developed countries are making it compulsory for car manufacturers to install immobilizer in every new car they manufacture. Immobilizer is an electronic device which prevents the car from starting unless original keys are inserted. These will help to curb car theft to a large extent.

Due to increasing adoption of internet and smart phones by consumers, car manufacturers are providing security features in consumer mobile phone which help them to track the car in case of theft. Cab operating companies are installing global positioning system and digital video recorder (DVR) to assure the passenger safety while hiring a cab. This enables the company to track and monitor the car movement in real-time.

The demand for the car security system depends upon the total sales of the car, number of theft and government regulation in a particular country. Favorable government regulation for car security system and increasing sales of car will help to increase the growth of car security system market in coming years.

The major challenge for car security system market is the high cost for sophisticated security systems. However, most car manufacturers provide customized option for installing these car security system based on consumer demand. The market for car security system is going to increase in developed countries due to the implementation of strict government regulation in coming years. Countries such as Germany, Canada, United Kingdom, Finland and Australia have already implemented regulation regarding compulsory installation of immobilizer in cars. The increasing number of car sales volume in countries such as India and China will help to increase demand for car security systems in coming years.

Some of the car security system providers are Aisin Seiki Co. Ltd, Brose Fahrzeugteile GmbH & Co. KG,Denso Corporation, Honda Lock Mfg Co Ltd, Hulsbeck & Furst GmbH & Co. KG, Kiekert AG, Mitsui Kinzoku Act Corporation, Omron Automotive Electronics Co., Ltd, Shiroki Corporation, Strattec Security Corporation, U-Shin Ltd, Witte Automotive, Continental AG, elphi Automotive LLP, Lear Corporation, Mitsubishi Electric Corporation, Robert Bosch Gmbh and Tokai Rika Co Ltd.

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