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(Transportation-News.com, February 14, 2019 ) According to the new market research report "Vehicle Security System Market by Type, Technology, Vehicle Type (Passenger Car, Commercial Vehicles and Off-Highway Vehicles), and by Region (Asia-Pacific, Europe, North America and Rest of the World) - Industry Trends and Forecast to 2021", published by MarketsandMarkets™, The vehicle security system market, in terms of value, is projected to grow at a CAGR of 7.2% from 2016 to 2021. The market is estimated to be USD 7.57 billion in 2016 and is projected to reach 10.75 billion by 2021. The growth of this market is fuelled by the rising vehicle production and increasing installation of safety features in vehicles.
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Browse and in-depth TOC on “Vehicle Security System Market"
96 - Tables
62 - Figures
190 - Pages
“Rising vehicle production and increasing installation of safety features will drive the vehicle security system market in Asia-Pacific region”
Asia-Pacific is estimated to be the largest market for vehicle security systems. The Asia-Pacific vehicle security system market, in terms of value, is projected to grow at the highest CAGR from 2016 to 2021. This can be mainly attributed to rising vehicle production and the increasing installation of safety features in passenger cars, commercial vehicles, and off-highway vehicles. The immobilizer segment is estimated to account for the largest market share in 2016. However, the remote keyless entry segment is projected to grow at the highest CAGR during the forecast period.
Major Players Profiled in the report are :
• Robert Bosch GmbH
• Continental AG
• Lear Corporation
• Valeo SA
• Denso Corporation
“Growing demand for and awareness regarding safety technologies to drive the vehicle security system market”
Factors such as the increase in vehicle sales, growing awareness regarding vehicle security systems among consumers, government regulations mandating safety features, and an increase in vehicle thefts are driving the demand for vehicle security systems. Countries such as Brazil, Russia, Australia, Canada, Germany, the U.K., and France have introduced vehicle security regulations mandating the installation of immobilizers in every vehicle to be sold. Additionally, several insurance companies charge lower premiums and prioritize vehicles that are equipped with standard security systems such as alarms and immobilizers.
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