Recent Future Market Insight (IMF) Study on Automotive Safety Systems Market provides in-depth information on the key factors affecting growth through 2031. The survey also highlights micro and macroeconomic indicators supporting the growth of the Automotive Safety Systems market. It also foresees the possibilities of market expansion in various segments based on product type, vehicle type and sales channel over the next 10 years.
DUBAI, United Arab Emirates, 23 November 2021 / PRNewswire / – According to the latest IMF survey, the global automotive security systems market the size is about to reach US $ 11.1 billion in 2021. Growing concerns about vehicle safety among users and automakers are facilitating the growth of the market.
A rapid increase in the incidence of auto theft across the world is the main factor driving the market. In response to this, the automotive security systems market is expected to overtake 33.8 billion US dollars by 2031.
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According to preliminary reports from the National Insurance Crime Bureau, nearly 873,080 vehicle thefts were reported in the United States in 2020, 9.2% more than in 2019. This increase in the number of thefts increases the demand for systems vehicle theft prevention such as car alarms. and immobilizers.
The increasing automation in the automotive industry and the introduction of remote control functions in new generation vehicles are increasing the installation of security systems such as keyless access and central locking systems.
In addition, the implementation of regulations requiring the installation of a basic safety system in vehicles is stimulating the market. Growing adoption of automotive safety systems, especially in North America and Europe, will drive sales at 11.8% CAGR during the forecast period (2021-2031).
In terms of product type, the passenger car segment is expected to overtake the light commercial vehicle segment. The segment is expected to represent more than 4 / 5ths of sales through 2031. The growing demand for luxury cars and sport utility vehicles (SUVs) in the United States, China, and India is the growth engine of the segment.
“The increasing adoption of advanced automotive electronics and the integration of new technologies such as telematics, artificial intelligence and electronic control units (ECUs) by original equipment manufacturers (OEMs) is expected to accelerate market growth ” says an IMF analyst.
Key points to remember from Car security system Market research
- The United States is expected to dominate the North America market, representing nearly 3/4 of the region’s overall turnover between 2021 and 2031.
- Italy should become one of the most profitable markets in Europe, creating an absolute dollar opportunity of approximately US $ 901.8 million by 2031-end.
- India is estimated to represent the largest share of South Asia & Pacific, projecting sales at a 13% CAGR over the evaluation period.
- China is expected to account for nearly 18.1% of the global revenue share, driven by the growing demand for passenger cars in the country.
- Based on the sales channel, the aftermarket segment is expected to account for over 70% of the total market share from 2021 to 2031.
- The integration of smart electronic features and advanced sensors into older passenger vehicles is boosting sales of automotive safety systems in the automotive aftermarket segment.
- Growing demand for small-size commercial vehicles with advanced safety features from small and medium-sized businesses, especially in emerging economies such as India, China, Brazil, and others are driving sales of automotive safety systems.
- The high cost of installing and maintaining automotive safety systems and the need to replace the systems every 4 to 5 years are factors that are expected to limit sales.
- The inadequate adoption of security systems in the entry-level vehicle segment to maintain the affordability of cars across the target population is hampering the growth of the market.
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Key companies in the global market aim to enter into strategic partnerships, mergers, acquisitions and collaborations to expand their production facilities. Some of the players focus on research and development (R&D) to launch advanced and high-quality automotive safety systems to gain competitive advantage. For example:
- In June 2021, Hella, a Germanyauto parts supplier, announced the introduction of a digital car key system named “Smart Car Access”. The key is integrated with ultra-broadband technology which provides the user with full access to hands-free vehicles and on smartphones.
- In February 2020, Mitsubishi Electric Corporation, a Japanese multinational electronics manufacturing company, has announced the launch of sensor security technology capable of detecting malicious attacks using its sensor fusion algorithm. The product launch will help the company strengthen its portfolio in the area of vehicle safety.
Major Players in Automotive Safety Systems Market Featured By FMI are:
- Continental SA
- Robert Bosch GmbH
- HELLA GmbH & Co. KGaA
- Aptiv plc
- Denso Corporation
- Tokai Rika Co., Ltd.,
- ALPHA Company
- Stoneridge inc.
- Mitsubishi Electric Corporation,
- Huf Hülsbeck & Fürst GmbH & Co. KG,
- Valeo SA,
- Marquardt GmbH,
- I Car Srl,
- Directed Inc.,
- ALPES ALPINE CO. LTD
- Atech Automotive (Wuhu) Co., Ltd.
More valuable information on Car security system Marlet
The latest study from IMF offers an unbiased analysis of the global automotive safety systems market, providing in-depth insights into the factors driving the market growth till 2031. The study also revealed growth projections in the automotive safety systems market security with detailed segmentation:
By product type:
- Central locking system
- Car alarm
- Remote keyless entry
By type of vehicle:
- Passenger car
- Light utility vehicle
By sales channel:
- North America
- Latin America
- East Asia
- South Asia & Pacific
- Middle East & Africa
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Key questions addressed in the report
- The report provides an overview of the demand outlook of the Automotive Security Systems market for the forecast period 2021-2031
- The market research also highlights the expected sales growth for the Automotive Safety Systems market between 2021 and 2031.
- The Automotive Safety Systems market research identifies key growth drivers, restraints, and other forces impacting prevailing trends and evaluating the current market size and forecast and technological advancement in the market. within the industry
- Automotive Safety Systems market share analysis, covering key companies in the sector and coverage of strategies such as mergers and acquisitions, joint ventures, collaborations or partnerships, etc.
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