Driving Security Solutions: Vehicle Security System Market Opportunities and Growth Analysis 2024

The vehicle security system market size has grown strongly in recent years. It will grow from $9.26 billion in 2023 to $10.02 billion in 2024 at a compound annual growth rate (CAGR) of 8.2%. The growth in the historic period can be attributed to rising vehicle theft rates, consumer awareness on vehicle security, integration of immobilizers, insurance industry requirements, advances in keyless entry systems.

The vehicle security system market size is expected to see strong growth in the next few years. It will grow to $13.59 billion in 2028 at a compound annual growth rate (CAGR) of 7.9%. The growth in the forecast period can be attributed to growing connected car technologies, increase in vehicle digitization, adoption of biometric vehicle access, regulatory standards for vehicle security, rise in cybersecurity concerns for connected vehicles. Major trends in the forecast period include development of advanced vehicle encryption systems, integration of artificial intelligence in security algorithms, expansion of remote vehicle monitoring, application of blockchain for secure vehicle data, evolution of multi-layered authentication in vehicle access systems.

Market Overview -
The vehicle security system are devices that uses a sensor or an alarm to protect the vehicle, monitor the vehicle against theft and other actions. Vehicle security also uses factory alarm system control, door lock control, and a computerized data network to secure the vehicles.

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The Vehicle Security System Market Amidst Rising Cyberattacks
The increasing cyberattacks are expected to propel the growth of the vehicle security system market going forward. A cyberattack is a deliberate attempt by an individual or organization to breach the information system of another individual or organization. As automotive innovation grows, cybersecurity evolves as a real concern. Automotive vehicle security system secures electronic systems, communication networks, software, and data collected by the new wave of intelligent cars from harm. If a vehicle's computer systems aren't protected properly, hackers can steal data or even take control of the vehicle. For instance, according to Automotive Cybersecurity Report 2021 published by Upstream, an Israel-based automotive cybersecurity company, the frequency of cyberattacks on cars increased 225% from 2018 to 2021 and 85% of the attacks in 2021 were carried out remotely. Therefore, the increasing cyberattacks drive the growth of the vehicle security systems market.

Competitive Landscape -
Major companies operating in the vehicle security system market report are Continental AG, Delphi Technologies, Denso Corporation, Hella Kgaa Hueck & Co, Lear Corporation, Mitsubishi Electric Corporation, Robert Bosch GmbH, Tokairika Co. Ltd., Valeo SA, TRW Automotive India Private Limited, ZF Friedrichshafen AG, Aptiv plc, Omron Corporation, Clifford, Viper Security Systems, Stoneridge Inc., Marquardt GmbH, I Car Systems, NXP Semiconductors Inc., Panasonic Corporation, Autoliv Inc., Johnson Controls Inc., Magna International Inc., Mobileye NV, WABCO Vehicle Control Systems, Gentex Corporation, Nippon Seiki Co. Ltd., Visteon Corporation, Harman International Industries Inc., TomTom International BV

Technological Advancements In The Vehicle Security System Market
Technological advancements have emerged as a key trend gaining popularity in the vehicle security system market. Major companies operating in the vehicle security system sector are focused on developing new technological solutions to reinforce their position. For instance, in January 2022, Ford, a US-based automobile manufacturer, and ADT Security Services, a US-based security company announced a $100 million standalone joint venture called Canopy to help prevent theft from vehicles using sensors and AI. According to the companies, by 2023, Canopy will initially provide an after-market security product for customers to install a camera in a cargo vehicle or pickup that faces back and relies on AI to identify and report credible threats and trigger an alarm when signs and sounds of metal cutting or breaking glass or suspicious sounds or motion near a vehicle are detected. The joint venture's and technology's principal goal is to prevent vehicle theft before it happens.

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Key Segments -

The vehicle security system market covered in this report is segmented -

1) By Product Type: Immobilizers, Alarm System, Tracking System, Central Locking System, Remote Keyless Entry and Other Product Types
2) By Technology: Global Positioning System, Global System for Mobile Communication, Face Detection System, Real-Time Location System and Other Technologies
3) By Vehicle Type: Passenger Car, Commercial Vehicles and Other Vehicle Types

Key highlights covered in the report -
1. Detailed market size forecast and historical data analysis
2. Key drivers influencing market growth
3. Identification of upcoming trends and potential opportunities in the market
4. Analysis of major players strategies, to understand competitive dynamics and market positioning
5. Evaluation of regional dynamics

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