ACCESS Newswire
Global Car Security System Market is Estimated to be Worth US$ 40 billion by 2033: Future Market Insights, Inc.
ACCESS Newswire · Future Market Insights, Inc.
Future Market Insights, Inc.
7 min read

NEWARK, DE / ACCESSWIRE / June 18, 2023 / The global car security system market is anticipated to attain a valuation of US$ 13.5 billion in 2023 and is expected to reach US$ 40 billion by 2033, trailing a CAGR of 11.4% during the forecast period.

The market demand is driven by the enforcement of strict vehicle security regulations by governments and the continuous advancement of passive and active safety/security technologies. The constant technological advancements over the past few decades have significantly benefited the car security system market.

The widespread availability of high-speed internet and the increased utilization of global positioning systems (GPS) and other internet connectivity systems are further driving the market growth. These technologies provide consumers with advanced security features, contributing to the expansion of the market. The automotive sector is experiencing a significant transformation as in-car systems become digitized to enable vehicle automation, connectivity, and shared mobility.

Drivers and challenges have an impact on market dynamics, which can impact businesses. Find more insights in a sample report: https://www.futuremarketinsights.com/reports/sample/rep-gb-617

The prevalence of outdated and basic security systems in economical and low-end cars has led to an increase in keyless theft incidents. Manufacturers are actively integrating comprehensive and modern car security modules into both low-end and high-end vehicles to address this issue.

In July 2019, the German General Automobile Club (ADAC) conducted tests on 237 vehicles with keyless entry, revealing that almost 230 of them were alarmingly susceptible to break-ins using inexpensive electronic devices known as relay boxes.

The demand for integrating cutting-edge technologies into the development of car security systems is escalating significantly due to the surging cases of car thefts, particularly cyber threats posed by hacking. This is anticipated to drive market growth in the forthcoming years.

Key Takeaways

  • Italy's car security system industry is projected to expand with a CAGR of 11.3% during the forecast period.

  • The demand for car security systems in the United States is expected to capture a CAGR of 11.1% from 2023 to 2033.

  • By vehicle type, the passenger car segment is projected to secure a CAGR of 14.2% during the forecast period.

  • India is expected to expand with an impressive CAGR of 11.7% throughout the forecast period.

    • Compact

    • Mid-Size

    • Luxury

    • SUV

Expand operations in the future - To get requisite details, ask for a custom report: https://www.futuremarketinsights.com/customization-available/rep-gb-617

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