Vehicle Security Market

Adoption of Biometric Technology in Vehicle Security is driving the market growth

Vehicle manufacturing companies initially focused on using phones to improve vehicle convenience. However, this entailed exposing the keys to the Internet, creating new risks for driver safety and cybersecurity. Hence, automotive manufacturers are developing alternative technologies that facilitate vehicle use without connecting to the Internet.

A biometric system, a potential substitute for a cell phone security system, identifies a human by their unique characteristics. Various biometric patterns include fingerprint, retina, palm, face, voice, and iris. There are mainly three types of biometric modules within the vehicle security systems market fingerprint recognition technique, embedded main board with various components, and human-machine communication module. Fingerprint biometrics is used for personal detection in terms of security and reliability. Mainly, live fingerprint readers based on an ultrasound approach are used. The two commonly used fingerprint-matching techniques used are minutiae-based matching and pattern matching.

Minutiae matching generally relies on minutiae matching, i.e., the location and direction of each point. On the other hand, pattern-matching techniques involve the similarity and comparison between two images. This factor increases the market CAGR in the forecast period.

Additionally, the rising incident of vehicle theft and unauthorized vehicle users have been making sophisticated means of stealing vehicles, such as switching vehicle identification numbers, acquiring smart keys, and using stolen identities to secure loans for expensive vehicles. There has been an increasing demand for vehicle security market systems to restrict the rising number of vehicle thefts. A vehicle security system comprises multiple subsystems, such as ultrasonic intruder protection (UIP) system, a central locking system, a backup battery siren (BBS), an automatic collision detection system, an automatic driver recognition system (ADRS), and a remote keyless entry system.

It offers intelligent, reliable, and effective vehicle security. Thus, the rise in incidents of vehicle theft is expected to drive the growth of the Vehicle Security market revenue.

The Global Vehicle Security Market Industry is significantly influenced by the increasing rates of vehicle theft worldwide. In recent years, statistics indicate that vehicle thefts have surged, prompting consumers and manufacturers to prioritize security measures. For instance, in 2024, the market is projected to reach 6.74 USD Billion, reflecting a growing demand for advanced security systems. This trend suggests that as theft rates rise, so too does the necessity for innovative solutions, such as GPS tracking and immobilizers, which are becoming standard features in new vehicles.

By Region, the study provides market insights into North America, Europe, Asia-Pacific, and the Rest of the World. The North American vehicle security market will dominate due to the increased adoption of premium vehicle security Luxury vehicles. The adoption of biometric technology will boost the market growth in this Region.

Further, the major countries studied in the market report are The U.S., Canada, German, France, the UK, Italy, Spain, China, Japan, India, Australia, South Korea, and Brazil.

Figure 2: Vehicle Security Market Share By Region 2022 (%)

Source: Secondary Research, Primary Research, Market Research Future Database, and Analyst Review

Europe's Vehicle Security market accounts for the second-largest market share due to the Region being a major hub for automobile manufacturers, who offer passenger and commercial vehicles, embedded with vehicle security systems. Further, the German Vehicle Security market held the largest market share, and the UK Vehicle Security market was the fastest-growing market in the European Region.

The Asia-Pacific Vehicle Security Market is expected to grow at the fastest CAGR from 2023 to 2032. This is due to an increasing population, industrialization, and rapid growth of the manufacturing industry. Moreover, China’s Vehicle Security market held the largest market share, and the Indian Vehicle Security market was the fastest-growing market in the Asia-Pacific region.

Leading market players are investing heavily in research and development to expand their product lines, which will help the vehicle security market grow even more. Market participants are also undertaking various strategic activities to expand their global footprint, with important market developments including new product launches, contractual agreements, mergers and acquisitions, higher investments, and collaboration with other organizations. The vehicle security industry must offer cost-effective items to expand and survive in a more competitive and rising market climate.

Manufacturing locally to minimize operational costs is one of the key business tactics manufacturers use in the global Vehicle Security industry to benefit clients and increase the market sector. The Vehicle Security industry has offered some of the most significant automotive advantages in recent years. Major players in the Vehicle Security market, including Denso Corporation (Japan), Robert Bosch GmbH (Germany), HELLA GmbH & Co.

KGaA (Germany), Valeo (France), Mitsubishi Electric Corporation (Japan), Continental AG (Germany), Lear Corporation (US), Tokairika, Co, Ltd (Japan), Omron Corporation (Japan), and Alps Alpine Co., Ltd (Japan)., and others, are attempting to increase market demand by investing in research and development operations.

DENSO Corporation is a global automotive components manufacturer headquartered in Kariya, Aichi Prefecture, Japan. After becoming independent from Toyota Motor, the company was founded as Nippon Denso Co. Ltd. in 1949. About 25% of the company is owned by Toyota.DENSO partnered with Aeva, the US-based LiDAR and perception Systems Company, to develop next-generation vehicle sensing and perception systems.

Continental AG, commonly known as Continental or colloquially as Conti, is a German multinational automotive parts manufacturing company specializing in tires, brake systems, and interior electronics. Continental developed a sensor-based digital load monitoring system for commercial vehicles.