LONDON--(BUSINESS WIRE)--The global passenger car security systems market is expected to post a CAGR of more than 2% during the period 2019-2023, according to the latest market research report by Technavio. However, the market’s momentum will decelerate in the coming years because of the decrease in year-over-year growth.
A key factor driving the growth of the global passenger car security systems market size is the emergence of connected cars. The constant advances in the Internet of Things (IoT) have resulted in a renewed interest in connected automobiles that promise to provide enhanced human-machine connectivity. However, connected cars require complex software to offer 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 increase in connected cars will boost the demand for passenger car security systems during the forecast period.
As per Technavio, the growth of biometric technology will have a positive impact on the market and contribute to its growth significantly over the forecast period. This global passenger car security systems market 2019-2023 research report also analyzes other significant trends and market drivers that will affect market growth over 2019-2023.
Global passenger car security systems market: Growth of biometric technology
Over the last few years, the automotive industry has been exploring biometric technology to improve the functionality of automobiles. Biometrics can be used in cars for vehicle access, ignition permission, anti-theft systems, and onboard communication program. This technology comes with driver identification, which restricts any person in the position of the transmitter to access the car, rendering the system more secure against vehicle theft. Therefore, the adoption of biometric technology in the automotive industry will increase significantly during the next five years.
“Apart from the growth of biometric technology, other factors such as the increase in the use of smart mobile apps for passenger cars, and the rise in risks associated with keyless cars will have a significant impact on the growth of the vehicle security systems market size during the forecast period,” says a senior analyst at Technavio.
Global passenger car security systems market: Segmentation analysis
This market research report segments the global passenger car security systems market by product (immobilizer, central lock system, alarm system, and RKE and others) and geographic regions (APAC, North America, Europe, MEA, and South America).
The APAC region led the Passenger car security systems market in 2018, followed by North America, Europe, South America, and MEA, respectively. The growth of the passenger car security systems market in APAC can be attributed to an increase in car sales and the presence of well-established car manufacturers in the region. The passenger car segment is expected to grow rapidly during the forecast period, in line with the growing economies of India and China, resulting in an increased demand for security systems.
Looking for more information on this market? Request a free sample report
Technavio’s sample reports are free of charge and contain multiple sections of the report, such as the market size and forecast, drivers, challenges, trends, and more.
Some of the key topics covered in the report include:
- Market ecosystem
- Market characteristics
- Market segmentation analysis
- Market definition
- Market size and forecast
Five Forces Analysis
- Regional comparison
- Key leading countries
- Vendors covered
- Vendor classification
- Market positioning of vendors
- Competitive scenario
Technavio is a leading global technology research and advisory company. Their research and analysis focuses on emerging market trends and provides actionable insights to help businesses identify market opportunities and develop effective strategies to optimize their market positions.
With over 500 specialized analysts, Technavio’s report library consists of more than 10,000 reports and counting, covering 800 technologies, spanning across 50 countries. Their client base consists of enterprises of all sizes, including more than 100 Fortune 500 companies. This growing client base relies on Technavio’s comprehensive coverage, extensive research, and actionable market insights to identify opportunities in existing and potential markets and assess their competitive positions within changing market scenarios.
If you are interested in more information, please contact our media team at firstname.lastname@example.org.