The global car security system market is anticipated to flourish at a robust compound annual growth rate (CAGR) of 6.52% over the forecast period 2017-2024. Global car security system stood at a valuation of around USD 6.5 Billion by the end of year 2015 and is projected to reach at a valuation of around USD 12.2 billion by the end of 2024. Rising number of cars across the globe is expected to propel the growth of global car security system market during the forecast period.
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“Car Security System Market: Global Demand Analysis & Opportunity Outlook 2024”
The global car security system market is segmented into car type such as economic cars, mid-range cars and premium Cars. Among these segments, mid-range car segment is growing at a considerable pace owing to increasing sales of mid-range cars across the globe.
Factors such as changing lifestyle of mid class families is increasing the demand for mid-range cars. Moreover, availability of various car security systems at affordable cost is anticipated to fuel the growth of mid-range car segment over the forecast period.
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Global car security system market is expected to register a 13.2% CAGR over the forecast period. Moreover, the global car security system market is expected to reach at notable revenue of USD 12.2 Billion by the end of 2024.
Increasing incidence of car thefts and rising disposable income of the consumers are some of the major factors which are likely to escalate the growth of global car security system market. Furthermore, technological advancements in car security system are also anticipated to fuel the demand for car security system.
The face detection systems segment by technology is likely to experience significant growth during the forecast period. Consumer’s inclination towards advanced technologies and increased spending on car safety are major factors which are envisioned to foster the growth of this segment over the forecast period.
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Increasing Incidence of Vehicle Theft
Increasing attempts of car thefts is a major concern amongst the population. According to U.S. Department of Justice, motor vehicles were stolen in United States at a rate of 236.9 per 100,000 people in 2016.
Furthermore, increasing number of stolen vehicles is key factor which has led population to install advanced car security system to prevent occurrence of car thefts.
Technological Advancements in Car Security Systems
Increasing concerns regarding safety of vehicles and theft prevention are fuelling the demand for potential car security systems. Smart phone car security, biometric, video recorder, face detection system are some of the technologies which are showcasing great potential in car security system market.
Although, high cost of premium car security system and presence of poor quality of products by local companies are some of the factors that are likely to hinder the expansion of the Car Security System Market in the near future.
The report titled “Car Security System Market : Global Demand Analysis & Opportunity Outlook 2024” delivers detailed overview of the global car security system market in terms of market segmentation by car type, by sales channel, by 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.
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This report also provides the existing competitive scenario of some of the key players of the global 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 global 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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Category: Market Research Publishers and RetailersCompany about: Research Nester is a leading service provider for strategic market research and consulting. We aim to provide unbiased, unparalleled market insights and industry analysis to help industries, conglomerates and executives to take wise decisions for their future marketing strategy, expansion and investment etc. We believe every business can expand to its new horizon, provided a right guidance at a right time is available through strategic minds. Our out of box thinking helps our clients to take wis ...