The global vehicle security market is estimated to account for a market share of USD 13,408.83 million and register a 6.38% CAGR during the forecast period. In 2017, the market was led by Asia-Pacific with a 51.13% share, followed by Europe and North America with shares of 22.12% and 19.76%, respectively. Market Research Future (MRFR) in their report envelops segmentations and drivers for a better glimpse of the market in the coming years. The vehicle security system is a defense system of the vehicle against external, malicious threats to secure it in all possible ways. This vehicle security system includes detection, prevention, and response to threats through the use of various technologies, such as radio frequency identification and ultrasonic. Additionally, the global market for vehicle security is growing due to the rising incidents of vehicle theft and the adoption of biometric technology in vehicle security.
However, the growth of the market may be hindered due to the potential failure of electronic components and the high cost of the vehicle security system. Additionally, poor quality control during the manufacturing and assembly process may result in improper manufacturing of electronic components, which may cause failure.
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Prominent players in the global vehicle security market are 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). Mergers, acquisitions, and collaborations are some of the strategies that these companies employ to stay ahead of the rest.
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