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The global passenger car security systems market size will grow by USD 837.73 million and expected to post a CAGR of more than 2% during the period , However, the market’s momentum will decelerate in the coming years because of the decrease in year-over-year growth. Rising number of passenger cars across the globe is expected to propel the growth of global passenger car security system market during the forecast period. Passenger car security system is an essential tool to prevent theft and to keep the car protected from unwanted people. Further, passenger car security system has significantly helped in reducing car thefts across the globe owing to their security devices such as sound alarm, shock sensor, central locking and immobilizers.
Technological advanced passenger car security systems such as Eclipse 360-degree, Avital 5103 vehicle surveillance security system are present in markets which are making the vehicle safer than ever before. Over the last few years, the automotive industry has been discovering biometric technology to improve the functionality of automobiles. A key driving factor of the global passenger car security systems market size is the emergence of connected cars. The continuous advances in the Internet of Things have resulted in a renewed interest in connected automobiles that promise to provide enhanced human-machine connectivity. However, connected cars require complex software to deal advanced functionalities, which are prone to various malware attacks.
As a result, OEMs use security components, such as immobilizers, access control systems, remote keys, and interactive radio wave remote-control to prevent such practices. Therefore, the rise in connected cars will boost the demand for passenger car security systems during the forecast period. The global automotive industry has been proactive in embracing new safety technologies, and the adoption of biometrics is set to increase in the industry. However, the cost of security systems, such as smart entry systems, immobilizers, and anti-theft systems is high. Therefore, the high cost of premium security features is expected to be a restraining factor for the growth of the passenger car security systems market during the forecast period.
By product type, the global passenger car security systems market can be segmented into Immobilizer, Remote Keyless Entry (RKE), Passive Keyless Entry (PKE) and Passive Keyless Go (PKG). The immobilizer segment accounted for the highest passenger car security systems market share in 2022. Immobilizer is a very simple circuit and is presently incorporated in 100% of the vehicles either as a standard and as optional feature. Government regulations to prevent vehicle theft and OEMs providing immobilizers as standard fitments in cars will drive passenger car security systems market growth in this segment.
The remote keyless entry system segment is estimated to be the fastest growing segment, with a market share of USD 4,178.63 million and a 10.15% CAGR over the forecast period. Remote keyless entry (RKE) system has been experiencing healthy growth during the forecast period. However, demand for more secure and convenient systems has resulted in the development of the passive keyless entry system (PKE). PKE system is expected to witness the fastest growth in the next five years.
As per application side, the global passenger car security systems market can be categorized into OEM and Aftermarket. Passenger car security systems are sold both for use on new vehicles in the OEM market and as replacement for vehicles in the aftermarket. Among these two, the OEM category is expected to lead the market in the long run as the demand for OEM is higher in most of the developing countries. The Aftermarket replacement market is high owing to the wear and tear of security systems and the need for maintenance. The cost of replacement is also low as compared to OEM. Due to rising in number of passenger cars in the market, the demand and usage of security cameras is increasing and consumers need more original equipment.
In terms of region, the global passenger car security systems market is segmented into North America, Europe, Asia-Pacific, and the rest of the world. Within Asia-Pacific, most of the growth of the passenger car security systems market can be attributed to China, Japan, and India, owing to the presence of major manufacturers and their operating units throughout the region. These players deeply invest in research and development activities to offer sophisticated technologies for the security of the vehicles. Additionally, the market for passenger car security system in the region is expected to witness a tremendous growth owing to an increasing population, industrialization, and aggressive growth of manufacturing industry, along with an increase in demand for automobiles, primarily in China and India.
North America region is estimated to witness significant growth during the forecast period. This growth of passenger car security system in North America region can be attributed to presence of moneyed buyers which are expected to propel the demand for vehicles in this region which in turn, fuel the growth of passenger car security system market in North America region. Moreover, regional markets of North America & Europe regions are more matured and are projected to witness a stable growth over the forecast period. Moreover, Latin America and Middle East & Africa regions are also expected to witness satisfactory growth rate over the forecast period.
The global passenger car security systems market is a consolidated market and is dominated by a few large players. The key passenger car security system manufacturers are Continental AG, Robert Bosch, Cheetah, Viper, Avital, Fortin, Scorpion Group, Hella Group, Delphi, Lear Corporation, Valeo, TRW Automotive, Alps Electric and Mitsubishi Electric Corporation. New product development, capacity expansion and regional expansion are the key strategies adopted by the key players to gain competitive edge in the market.
Global Passenger Car Security Systems Market: Product Type
Global Passenger Car Security Systems Market: Application
Global Passenger Car Security Systems Market: Competitive Analysis
Report includes accurate analysis of key players with Market Value, Company profile, SWOT analysis. The Study constitutes of following key players in Global Passenger Car Security Systems Market:
Geographical analysis of Global Passenger Car Security Systems Market:
Global Passenger Car Security Systems Market Report delivers a comprehensive analysis of the following parameters :
Base Year Value (2022)
USD 8974.83 million
Forecast Value (2029)
USD 14601.24 million
CAGR (2022 to 2028)
North America, Europe, Asian Pacific, Latin America, Middle East and Africa, and ROW
Passenger Car Security Systems Market was valued at around USD 8974.83 million in 2022 & estimated to reach USD 14601.24 million by 2029.
Passenger Car Security Systems Market is likely to grow at compounded annual growth rate (CAGR) of 7.2% between 2023 to 2029.
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