Vehicle Security System Market Size, Share, Growth Report 2032

Vehicle Security System Market: Size

The global Vehicle Security System market size was worth around USD 13.98 billion in 2023 and is predicted to grow to around USD 36.65 billion by 2032 with a compound annual growth rate (CAGR) of roughly 11.3% between 2024 and 2032.

The study provides historical data from 2018 to 2022 along with a forecast from 2024 to 2032 based on revenue (USD billion). The report covers a forecast and an analysis of the Vehicle Security System market on a global and regional level.

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Vehicle Security System Market: Overview

The vehicle security system market is expected to grow owing to the rising production of commercial vehicles. The total number of commercial vehicles manufactured in 2017 was around 23.8 million units in comparison to 22.8 million units in 2016. The U.S. and China were the prime contributors in terms of production statistics of 2017. Considering the rising investments made in the automotive sector, this number is expected to increase in the upcoming years. Furthermore, technological developments witnessed in the automotive industry are also paving the way for this global market’s growth. Manufacturers are focusing on collaborating with technology providers to automate security processes. For instance, in 2018, the BMW announced its extended partnership with “Tencent Keen Security Lab” in China to conduct security tests for its various car models. Thus, the vehicle security system market is expected to witness substantial growth over the estimated timeline.

The rising incidents of vehicle theft have led vehicle manufacturers to use technically advanced security systems. In 2017, the “Federal Bureau of Investigation (FBI)” declared that around 770 thousand vehicles were stolen in the U.S. as compared to 686 thousand in 2014. However, high initial investments to manufacture these systems may adversely affect this market’s growth. Alternatively, adoption of artificial intelligence (AI) and the use of biometrics technology in vehicle security systems are expected to open new growth avenues for the market in the future.

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Vehicle Security System Market: Segmentation

The study provides a crucial view of the vehicle security system market based on the product, technology, vehicle, and region. All the market segments have been analyzed based on present and future trends and the market is estimated from 2024 to 2032.

By product, the global vehicle security system market includes central locking system, remote keyless entry, alarm, immobilizer, and others.

Based on vehicle, the global vehicle security system market includes passenger cars, commercial vehicles, and off-highway vehicles. Passenger cars are anticipated to hold a significant market over the forecast timespan, due to the increasing demand for passenger cars in developing countries of the Asia Pacific region.

By technology, the market includes global positioning system (GPS), real-time location system (RTLS), face detection system, and others. The global positioning system (GPS) segment is projected to grow substantially in the years ahead, owing to the rising investments made for updating the existing technology.

Vehicle Security System Market: Report Scope

Vehicle Security System Market: Regional Analysis

The regional segment comprises the current and forecast demand for the Middle East and Africa, North America, Asia Pacific, Latin America, and Europe.

By region, Latin America is expected to grow at a considerable rate in the global vehicle security system market over the estimated time period, owing to rising investments by various automotive manufacturers in Brazil. Europe is estimated to make notable contributions in the upsurge of the vehicle security system market globally, as it is the global automotive hub with the presence of renowned manufacturers like Renault, Volkswagen, BMW, Peugeot, Daimler, and Citroën.

Vehicle Security System Market: Competitive Players

Some noticeable players of the global vehicle security system market are:

• Robert Bosch GmbH
• Continental AG
• Delphi Automotive
• Valeo SA
• Mitsubishi Electric Corporation
• Denso Corporation
• Hella Kgaa Hueck
• Lear Corporation
• Tokai Rika
• ZF TRW Automotive Holdings Corporation.

The Global Vehicle Security System Market is segmented as follows:

Global Vehicle Security System Market: Product Analysis

• Central Locking System
• Alarm
• Remote Keyless Entry
• Immobilizer
• Others

Global Vehicle Security System Market: Technology Analysis

• Global Positioning System (GPS)
• Real-Time Location System (RTLS)
• Face Detection System
• Others

Global Vehicle Security System Market: Vehicle Analysis

• Passenger Cars
• Off-Highway Vehicles
• Commercial Vehicles

Global Vehicle Security System Market: Regional Analysis

• North America
  • The U.S.
• Europe
  • UK
  • France
  • Germany
• Asia Pacific
  • China
  • Japan
  • India
• Latin America
  • Brazil
• Middle East and Africa