Vehicle Security Systems analysis research and trends report for 2017-2024: Global Market Insights Inc.
The global Vehicle Security Systems Market share report provides numbers for applications and regional segments of the industry covering historical as well as forecast data for decision makers. Vehicle Security Systems Market size will witness a substantial growth in near future. Diverse variety of the product is used in automobiles for safety, security and alerts. Device are used to prevent unauthorized appropriation of goods considered valuable. It is fitted in different parts of automobile to protect automobile components and is widely used to ensure safety of passengers and vehicles from theft activities. Commercial and passenger car industry will grow at over 10% and 9% respectively in next five years. Growing population worldwide is rising demand for vehicle security systems market. The system is used as an essential part of car to provide protection from unforeseen incidents. Passenger and commercial car segments are fastest growing sector in the economy. 2016 was a record breaking year for global car sales. Increasing spending on cars has fueled vehicle security system market.
Rising car thefts globally has boosted device demand at a higher pace. Frequent incidents have increased consumer awareness about various safety devices. It is installed by car manufacturers during production to alert drivers of certain unanticipated incident. Bulging theft incidence globally is surging vehicle security systems market. Large number of new entrants in the industry are intensifying competition, that makes vehicle security systems market highly competitive in nature. Companies are manufacturing diverse variety of products for various automobiles parts. Upsurge in car purchase and consumer needs for these security devices is increasing demand of the product at faster pace. Challenges in vehicle security systems market are its high cost and probability of false alarm. Technology used in creating devices are new in the industry thus, it incurs high initial cost for installation. It can ring false alarm due to rain or any other physical contact that can cause surrounding disturbances. These factors are creating hurdles in device growth and its usage. Vehicle security systems market is segmented as per product into remote keyless entry, alarm, immobilizers, passive keyless entry and central locking. It is further 1|Page