LONDON--(BUSINESS WIRE)--Technavio market research analysts forecast the global automotive security system market to grow at a CAGR of more than 2% during the period 2018-2022, according to their latest report.
This market research report segments the global automotive security system market based on the type of products (keyless entry system, immobilizer, alarm, and central locking system), and key regions (the Americas, APAC, and EMEA).
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In this report, Technavio analysts highlight the growing popularity of biometric technology as a key factor contributing to the growth of the global automotive security system market:
Growing popularity of biometric technology
As the automotive industry is continuously facing hacking issues, automotive OEMs are continuously looking for new technologies that are safe, secure, convenient, and user-friendly. Biometric technology is the front-runner for achieving the desired objectives in automotive applications. Biometric technology including voice-controlled navigation and infotainment system form an integral part of modern vehicles. However, the usage of biometric technology in automotive security systems may lead to enhancement in the security of vehicles. As a result, the adoption of biometric technology for security purposes is expected to be crucial for revenue growth of the global automotive security system market.
According to a senior analyst at Technavio for automotive electronics research, “Biometric technology can be in the form of fingerprint, facial, or voice recognition. Additionally, biometric technologies such as face detection system also open additional avenues beyond car security. Currently, popular ride-sharing services may benefit through authenticated users and drivers, leading to sustainability of the ride-sharing services.”
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Global automotive security system segmentation
Of the four product segments, keyless entry system held the largest market share in 2017, accounting for around 33% of the market. However, the market share for this product is expected to witness a slight decrease by 2022. The fastest growing product segment is the central locking system, which is expected to increase its market share by 0.46% by 2022.
APAC was the leading region for the global automotive security system market in 2017, accounting for a market share of over 47%. APAC is expected to witness a growth of close to 3% in its market share by 2022, making it the fastest growing region. APAC was followed by EMEA and the Americas.
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