Custom Development of Products with Regards to the Requirement of Site and Environmental Benefits of Implementation Bolstering the Growth of Global Vehicle Security Market

Thu, 26 November 2020 10:03

The Global market of Vehicle Security is anticipated to develop at a decent pace of growth. While the sluggish pace in the first half of forecast projections for the vehicle security market is mainly due to disruption be Coronavirus outbreak market is slowly expected to gain the pace of growth post-COVID resurgence. Strong market fragmentation and the increased tendency of customers for vehicle modifications in aftermarket and manufacturers' focus to introduce new safety features to attract customers towards their products is collectively set to increase the traction of customers towards the products introduced by a variety of vehicle security system providers in the market.

Increment in the integration of high end and advanced security solutions will also complement the market growth over the forecast years. The prospects of market growth are also bolstered on the back of the development of customization in the vehicles. The manufacturers are also introducing products in the mid-range vehicle segment with a central locking system, keyless entry in the vehicles to attract customers towards its products. This scenario in the market is strengthening market development prospects. To obstruct the theft of the vehicles and also to restrict the major fatalities in the events of accidents, the vehicle security system serves as the most important parameter for the vehicle. The efforts made to reduce accidental fatalities and antitheft securities will further fortify growth prospects.

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Key Highlights

  • The global Vehicle Security market is expected to grow at a compound annual growth rate (CAGR) of 5.9% during the forecast period.
  • Increased concerns to reduce the vehicle accidents and fatalities in the severe accidents, the ability of the vehicle to withstand most of the collision impact to reduce possible damage to the driver and passengers coupled by strong focus of manufacturers to have technological integration are helping the market to sustain its market value in the global market.
  • Due to the COVID-19 outbreak, restrictions on travels and social outings, curbing of tourism and travel industry, decreased annual average miles traveled by vehicles to reduce the market to a great extent. The decrement in automobile manufacturing and decreasing demand for these vehicles to create a steep downfall for the market till the time of resurgence by the end of 2021.
  • The market of North America is expected to register a substantial revenue share in the market due to the extensive use of automotive vehicles in the region. The high market share of LCV segment is also expected to promote the sales of security solutions in the region.
  • The market of Asia Pacific is expected to emerge as the market with the fastest developing pace in the regional market with main growth is procured by countries such as Japan and China which have established vehicle manufacturing clusters. Increased use of privately owned vehicles for personal use, high customization in the vehicles and stringent norms for the safety and security standards are spurring the growth of the market in the Asia Pacific
  • Light Commercial Vehicle (LCV) segment to register commendable share in the global market. High use of these vehicles in the impactful regions such as Europe and North America is the main reasoning behind the market establishment. Also, the development of high-end vehicles in this segment to project market growth.

According to Straits Analysis, key players in the global Vehicle Security market are Robert Bosch GmbH, Delphi Automotive, Hella KgaaHueck& Co., ZF TRW Automotive Holdings Corporation, Tokai Rika Co., Ltd., Mitsubishi Electric Corporation, Denso Corporation, Lear Corporation, Valeo SA, Nissan, and Continental AG among others

Vehicle Security Market: Segmentation

By Product Type

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

By Vehicle Type

  • Passenger Car
  • Light Commercial Vehicle
  • Heavy Commercial Vehicle
  • Off-Highway Vehicle

By Technology

  • Global System for Mobile Communication
  • Real-Time Location System
  • Face Detection System
  • Global Positioning System

By Region

North America

  • The U.S.
  • Canada
  • Mexico

Europe

  • The U.K
  • Italy
  • France
  • Spain
  • Germany
  • The Rest of Europe

The Middle East and Africa (MEA)

  • Saudi Arabia
  • Egypt
  • South Africa
  • The Rest of MEA

Asia-Pacific

  • India
  • China
  • Japan
  • Australia
  • South Korea
  • The Rest of Asia-Pacific

South America

  • Columbia
  • Brazil
  • Chile
  • Peru
  • Argentina
  • The Rest of South America

" Crucial Insights The Report Provides:"

* Known and Unknown Adjacencies Influencing the Growth of Market

* Explorable Revenue Sources

* Customer Behaviour Analysis

* Target Partners

* Customized Geographical Data Based on Customers as well as Competitors

* Analysis of Market Size and CAGR between the Forecast Periods

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