The global car alarm system market is anticipated to grow at a considerable CAGR of 3.9% during the forecast period (2022-2028). The car alarm system is the electronic system integrated into cars or installed aftermarket that sounds with an attempt of theft to discourage thieves. The major factor attributing to the growth of the global car alarm system market includes the increasing number of motor vehicle theft across the globe. According to the Insurance Information Institute (III), around 810,400 motor vehicles were stolen in 2020. The Federal Bureau Of Investigation (FBI) reports that around $7.4 billion were lost due to motor vehicle theft in 2020. Thus, increasing the demand for car alarm systems.
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The application of car alarm systems is also increasing in cars due to the increasing number of motor vehicle production across the globe. According to the 2021 Production Statistics report published by the International Organization of Motor Vehicle Manufacturers (OICA), around 57 million passenger cars were produced in 2021 globally. Furthermore, The application of a car alarm system is also increasing due to several benefits offered by car alarm systems. These benefits include protection against theft, immobilization features, the ability to track the car, lowering insurance costs, and many others. Thus, propelling the growth of the global car alarm system market.
The market players are also contributing significantly to the growth of the market by the adoption of various strategies including mergers and acquisitions, geographical expansion, partnerships, collaborations, and new product launches, to stay competitive in the market. For instance, in 2021, Tokai Rika in collaboration with Dai Nippon Printing launched a digital key platform for smartphones. This digital platform provides a variety of locking & unlocking capabilities with an alarm system.
Market Coverage
- The market number available for – 2021-2028
- Base year- 2021
- Forecast period- 2022-2028
- Segment Covered-
- By Type
- By Technology
- Regions Covered-
- North America
- Europe
- Asia-Pacific
- Rest of the World
- Competitive Landscape- Robert Bosch GmbH, Continental AG, BrogWarner Inc., Mitsubishi Electric Corp., and Scorpion Automotive Ltd., among others.
Key questions addressed by the report
- What is the market growth rate?
- Which segment and region dominate the market in the base year?
- Which segment and region will project the fastest growth in the market?
- How has COVID-19 impacted the market?
- Deviation from the pre-COVID-19 forecast
- Most affected region and segment
- Who is the leader in the market?
- How players are addressing challenges to sustain growth?
- Where is the investment opportunity?
Global Car Alarm System Market Report by Segment
By Type
- Active Car Alarm
- Remote Start Car Alarm
- GPS Car Alarm
- Others
By Technology
- Real-Time Location System
- Radio Frequency Identification
- Global Positioning System
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