The Passenger Car Security Systems Market is expected to grow at a CAGR of 3.27% to reach USD 1218.5 million by 2028. Biometrics, a technology that identifies individuals through unique physical characteristics such as voice, fingerprints, iris structures, and typing rhythm, has gained significant attention in the automotive industry in recent years. This technology enhances vehicle security by providing accurate identification for vehicle access, ignition permission, anti-theft systems, and onboard communication programs. While remote or passive keyless entry systems using radio frequency are common in current vehicles, automakers and tire suppliers are exploring additional applications to further boost security, safety, and comfort within the automotive sector.
APAC dominates the regional market because of The Passenger Car Security Systems market is experiencing significant growth due to escalating vehicle theft rates and increasing consumer awareness for vehicle safety. Advanced technologies such as engine immobilizers, vehicle tracking systems, and alarm systems are driving market expansion. Manufacturers are focusing on integrating these features into affordable and mid-range car models to cater to a wider customer base. The market is expected to continue its robust growth trajectory in the coming years.
There are various factors that drive the Passenger Car Security Systems Market market which are as following: In light of rising car thefts, as evidenced by a 3% increase in vehicle thefts in the UK according to DVLA data in 2021, the demand for passenger car security systems is projected to surge on a global scale. This trend is further reinforced by the establishment of auto theft prevention departments in 11 US state legislatures. Leading automotive manufacturers, including Ford Motor Company, Porsche AG, and Tesla Inc., are responding to this demand by pre-installing security systems and advanced sensors, ensuring consumer safety and convenience. The growing awareness regarding the importance of car security is expected to fuel market growth.
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Passenger Car Security Systems Market Segmentation
The market witnesses several challenges, which are as follows The global shift towards shared mobility solutions is gaining significant traction, driven by the proliferation of service providers, enhanced internet connectivity, and the widespread use of smartphones. This trend is influencing consumer behavior, leading to a preference for vehicle usage over ownership. Key automotive markets, including the US, China, India, Japan, Russia, and Europe, experienced a notable decline in vehicle sales in 2020 due to factors such as the ease of accessing shared mobility services, rising fuel prices, and increasing vehicle costs. These market dynamics are having a profound impact on the passenger car security systems market, necessitating a strategic response from industry players.
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Some of the key companies that have been profiled in the report include:
The global automotive components and equipment market encompasses businesses producing parts and accessories for various vehicle types, including passenger cars (PCs), electric vehicles (EVs), commercial vehicles (CVs), heavy-duty vehicles, off-road vehicles, motorcycles, scooters, quad bikes, and three-wheelers. According to Technavio, the market size is determined by the consolidated revenue generated by manufacturers of automotive components and equipment. Key growth drivers for this market include the escalating demand for electronic components in automobiles, such as electronic control units (ECUs) and other electrical components, due to the increasing sales of EVs, motorcycles, and PCs over the past decade. - The Passenger Car Security Systems Market is experiencing significant growth, fueled by the Increase in car thefts. Businesses are leveraging the products belonging to the market for customer engagement, transactional notifications, and promotional offers.
The Passenger Car Security Systems Market is witnessing significant growth due to the increasing demand for advanced safety features in vehicles. Collision avoidance systems, utilizing AI and sensors, are becoming increasingly popular. These systems use machine learning and the Internet of Things to analyze data from the vehicle's environment and alert drivers to potential collisions. Other safety features, such as anti-collision systems and vehicle cameras, are also in high demand. Immobilizers, electronic steering locks, biometric car access, and central locking are essential anti-theft devices. Car alarms and remote operating features add to the digital security of passenger vehicles. Automotive electronics continue to evolve, with automobile manufacturers integrating smart technology features to enhance vehicle safety and security. Legislation plays a crucial role in the market, with regulations driving the adoption of advanced security systems in passenger cars, luxury cars, and commercial vehicles. The market for two wheelers and three wheelers is also expected to grow as manufacturers prioritize safety and security in these segments. Overall, the Passenger Car Security Systems Market is poised for continued growth as automation of vehicles and the integration of AI and automotive electronics become more prevalent.
Technavio Research
Jesse Maida
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Email: media@technavio.com
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