QY Research has recently published a new report, titled “Global Passenger Car Security Systems Market Report, History and Forecast 2014-2025”, which provides fundamental insights and in-depth analysis along with the detailed competitive analysis of the passenger car security systems market. Analysts have examined every aspect of the report including revenue generation and sales. The report also provides a thorough analysis of the key market dynamics and the trends and opportunities that will come to determine advancement in every segment of the market.
This 151-page report states that the global passenger car security systems market is anticipated to reach US$7820 mn by the end of 2025 from US$6870 mn in the year 2018. The market is expected to register a sluggish CAGR of 1.9% between 2019 and 2025.
Global Passenger Car Security Systems Market: Drivers and Restraints
The global market for passenger car security systems will grow at a substantial rate in the coming years due to the growing demand for hybrid vehicles across the globe. Wide range of products used in the automotive industry for security, alerts, and safety purpose to prevent accidents and thefts. Furthermore, value addition in cars with rich features is also projected to increase the demand for passenger car security systems in the near future.
Rising the demand for luxury vehicles due to the increasing per capita income is also driving the growth of the market in top gear. Increasing awareness about the vehicle safety, the growing advent of latest technologies, and the growing the production and the sales of the hatchbacks in urban areas are some of the factors that are expected to fuel the growth of the market in the forthcoming years.
However, the cost of installation of the security device creates a negative impact on the growth of the market.
Global Passenger Car Security Systems Market: Segment Analysis
The market is segmented on the basis of product type and application. The product type segment includes passive keyless go (PKG), immobilizer, passive keyless entry (PKE), and remote keyless entry (RKE). Immobilizer segment is expected to be the leading segment due to its increasing demand in automobile sectors. Based on the application, the market is segmented into aftermarket and OEM.
Global Passenger Car Security Systems Market: Geographical Outlook
Geographically, Asia Pacific is likely to be the leading region across the world due to the growth in the automotive industry in China. Europe is also anticipated to witness significant growth due to the advent of latest technologies and the innovative designs in the automobiles. This will help in propelling the growth of the passenger car security systems market over the forecast period.
Global Passenger Car Security Systems Market: Top Players
Hongtai, Bosch, Shouthern Dare, Continental, Hirain, Delphi Automotive, Yamei, Alps Electric, Changhui, TRW Automotive, iKeyless, Lear, Scorpion Group, Hella, Crimestopper, Valeo, Autowatch, Tokai Rika, Compustar, Mitsubishi, Mitech, Fortin, Cheetah, Viper, and Avital are some of the leading manufacturers that are operating in the global passenger security systems market.
Global Passenger Car Security Systems Market: Competitive Landscape
Presence of a large number of new entrants in the industry is intensifying the competition that makes passenger car security systems market highly competitive in nature. Companies are planning to adopt the strategies of mergers and acquisitions and new product development for combatting competition. For Example, on January 9, Valeo announced its strategic cooperation with Meituan, China’s leading e-commerce platform in the field of autonomous delivery, which includes on-demand food delivery and services system. Both Valeo and Meituan will be working together on these delivery systems in the field of last mile scenarios.