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(USGovernment-News.Com, April 10, 2019 ) 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.
Asia-Pacific is estimated to be the largest market for vehicle security systems, followed by North America and Europe. The growth of the vehicle security system market is fueled by increasing vehicle production, growing awareness regarding vehicle safety, and increasing installation of safety features in automobiles.
The vehicle security system market has been segmented on the basis of product, technology, and vehicle type (passenger cars, commercial vehicles, and off-highway vehicles). In terms of product type, the remote keyless entry and immobilizer markets are set to grow at the highest CAGRs from 2016 to 2021.
On the basis of technology, the face detection system and global positioning system segments are expected to account for the largest market shares, in terms of value, in 2016.
The vehicle security system market has been segmented on the basis of product type into alarm, immobilizer, remote keyless entry, passive keyless entry, and central locking system. The immobilizer segment is estimated to account for the largest market share, in terms of value, in 2016. This can be mainly attributed to the increasing installation of immobilizers in vehicles.
The vehicle security system market has been segmented by technology into a global positioning system, global system for mobile communication, face detection system, and real-time location system. Increasing global vehicle production and growing awareness regarding vehicle safety are the key factors driving the growth of the vehicle security system market across all regions.
The Asia-Pacific region is estimated to account for the largest market share, in terms of value, in 2016, with China being a key contributor to the growth of the vehicle security system market in the region.
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