Car Security System Market Size

Car Security System Market Size

Car Security System Market size was valued at USD 10.4 billion in 2023 and is estimated to register a CAGR of over 6% between 2024 and 2032. The rise in vehicle theft incidents globally is a significant driver for the market. As criminals employ more sophisticated techniques to steal vehicles, there is a growing demand for advanced security systems to deter theft and enhance vehicle recovery.

To get key market trends

  Download Free Sample

For instance, in February 2023, Hyundai and its subsidiary, Kia, collaborated to create anti-theft software for millions of their vehicles in the U.S., responding to a surge in car theft incidents prompted by a viral TikTok challenge. The software will be offered free of charge to vehicle owners. The National Highway Traffic Safety Administration reports that the "Kia Challenge" on TikTok has led to numerous car thefts nationwide, resulting in 14 reported crashes and eight fatalities. Around 3.8 million Hyundai vehicles and 4.5 million Kia vehicles will benefit from the complimentary software update.

Technological innovations will play a key role in strengthening the car security system market outlook through 2032. Advancements in technology, especially in areas such as artificial intelligence, IoT (Internet of Things), and connectivity, have led to the development of more sophisticated and integrated car security systems. Citing an example, in January 2022, Geely Automobile Research Institute, Tencent Cloud, China Automotive Data, and Anheng Information entered a strategic partnership, formalizing their partnership for the establishment of the Internet of Vehicles Network Security.

These four entities are set to embark on a comprehensive collaboration focused on enhancing the security of Internet of Vehicles networks to develop an intelligent system for securing networked vehicles. The challenges to be addressed in the realm of Internet of Vehicles network security include safeguarding the integrity of digital infrastructure, devising strategies for risk mitigation and response, and preventing unauthorized access and attacks.

A lack of awareness among consumers regarding the benefits and effectiveness of modern car security systems can be a restraint. Some consumers may perceive traditional or basic security measures as sufficient and may not see the need for investing in more advanced and technologically sophisticated systems. Educating consumers about the evolving nature of car theft methods and the effectiveness of advanced security features is crucial to overcoming this barrier.