Vehicle Security Market

Vehicle security systems, such as alarms, central locks, remote keyless entry, passive entry systems, and anti-theft systems, are intended to protect the vehicle against theft or hijack. The usage of automotive security systems across the globe has gradually increased over time. Almost all major automobile manufacturers now provide vehicle security systems either as a standard or as an optional feature on their vehicles. The vehicle security system not only ensures passenger safety but it also improves passenger comfort. There is an increase in the demand for high security, due to the rise in car thefts across the globe which drives the demand for efficient vehicle security systems.

COVID-19 Impact Analysis

• The COVID-19 outbreak has widely disrupted the automotive industry. It has resulted in shut down of manufacturing facilities and a drop in the sales volume. Furthermore, the demand for both commercial and passenger vehicles is expected to drop in 2020. This decline, as expected, will adversely affect the vehicle security market, as vehicle production is directly proportional to the demand for vehicle security market. The budget allocation for R&D is likely to be reduced, which will hamper the innovation of automotive headrest. Companies, however are taking precautionary measures to tackle the adverse effects of the outbreak.

Top Impacting Factors
Rise in incidents of vehicle theft, adoption of biometric technology in vehicle security, stringent security regulations, multi-factor authentication for vehicle safety, increase in the number of advanced security technologies drive the growth of the global vehicle security market. 
High cost of premium security features and potential failure of electronic components used in vehicle security hinder the growth of the global vehicle security market. 
Increase in demand for application-based technologies and rise of biometric technology provide lucrative opportunities for the global vehicle security market.

Market Trends 

RFID (Radio Frequency Identification) Blocking Key Sleeves 

• Thieves are getting sophisticated with their techniques therefore automotive smart security device manufacturers are continuously introducing and improving the finest smart car safety equipment. RFID-Blocking Key Sleeves are one such advanced technological improvement that drive the auto protection market. In this technology, besides the seat of the driver, the vehicle will be equipped with an RFID reader. To pass the security check, the driver must hold the RFID tag on the RFID reader once inside the car. If the RFID tag matches, only then the vehicle ignition will be started, otherwise the alert signal will be sent to the owner, along with the location, using GPS for location identification and the GSM for message transmission. Furthermore, the vehicle will emit emergency sounds as well as the alert tone. The RFID industry now claims that the theft rate of car models equipped with RFID entry systems has been decreased by 90%. The devices are trusted by both automakers and insurance companies. Furthermore, the development of such products is anticipated to result in the revolutionary improvements in vehicle safety systems and drive the growth of the global vehicle security market during the forecast period.

Key Benefits of the Report:

• This study presents the analytical depiction of the vehicle security industry along with the current trends and future estimations to determine the imminent investment pockets.
• The report presents information related to key drivers, restraints, and opportunities along with challenges of vehicle security market.
• The current market is quantitatively analyzed to highlight the growth scenario of the vehicle security market.
• The report provides a detailed vehicle security market analysis based on competitive intensity and the competition that will take shape in coming years.

Questions Answered in the Vehicle Security Market Research Report:

• Who are the leading market players active in the vehicle security market?
• What would be the detailed impact of COVID-19 on the market?
• What are the current trends that would influence the market in the next few years?
• What are the driving factors, restraints, and opportunities in the vehicle security market?

 Vehicle Security Market Report Highlights