Car Security System Market Trends

Growth Drivers

• Globally Increasing Number of Car Thefts - It was observed that more than 800,400 vehicles were stolen in the year 2020 which accounted for nearly USD 7.3 billion of total vehicle thefts. Moreover, vehicle thefts increased by 11% from the previous year.  Installation of a car security system in almost every car to keep it safe from thieves and crime is anticipated to drive car security system market growth. Increasing car thefts in developed countries along with government and insurance companies in many countries such as Brazil and Indonesia are promoting car security systems and forcing automakers to install these security features as a standard feature in new cars to avoid crime and car thefts.
• Rapid Growth and Expansion of the Automobile Industry- For instance, over 22,930,200 units of vehicles were produced by the automobile industry from April 2021 to March 2022, comprising passenger cars, and commercial vehicles, a significant increase from 22,600,600 vehicles in March 2021.
• Rise In Personal Disposable Income - According to the Bureau of Economic Analysis, in July 2022, personal income grew by USD 47.0 billion (0.2%), and disposable personal income rose to USD 37.6 billion (0.2%).
• Introduction Advanced Car Security Systems by Key Manufacturers- For instance, in September 2020, a renowned company announced URBAN GUARD Vehicle Protection Plus and URBAN GUARD Vehicle Protection, which provides all-around monitoring of cars. This system protects against crime and can be connected with an app.
• Huge Number of Uninsured Vehicles - It was observed that as of March 2019 more than 230 million vehicles run on the road in India among them 56% of vehicles were accounted as not insured.

Challenges

• High Cost of Premium Safety Systems - An advanced vehicle security system with such a larger number and wider spectrum of sensors, an advanced computer control scheme, a greater range of success, and options such as a camera or a virtual ignition starter, or the competence to disable the ignition starter or cut off the gas supply if a hacker is detected, is typically priced between $300 and 850 or more.
• Recent Failures of Car Security Systems to Prevent Thefts
• Higher Installation Cost