Automotive Global Car Security System Market | Page 2

“Car Security System Market: Global Demand Analysis &
Opportunity Outlook 2024”
The global car security system market is segmented into car type such as
economic cars, mid-range cars and premium Cars. Among these segments,
mid-range car segment is growing at a considerable pace owing to
increasing sales of mid-range cars across the globe. Factors such as
changing lifestyle of mid class families is increasing the demand for mid-
range cars. Moreover, availability of various car security systems at
affordable cost is anticipated to fuel the growth of mid-range car segment
over the forecast period.
Global Car Security System Market is expected to register a 13.2%
CAGR over the forecast period. Moreover, the global car security system
market is expected to reach at notable revenue of USD 12.2 Billion by the
end of 2024. Increasing incidence of car thefts and rising disposable
income of the consumers are some of the major factors which are likely to
escalate the growth of global car security system market. Furthermore,
technological advancements in car security system are also anticipated to
fuel the demand for car security system.
The face detection systems segment by technology is likely to experience
significant growth during the forecast period. Consumer’s inclination
towards advanced technologies and increased spending on car safety are
major factors which are envisioned to foster the growth of this segment
over the forecast period.
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Increasing Incidence of Vehicle Theft
Increasing attempts of car thefts is a major concern amongst the
population. According to U.S. Department of Justice, motor vehicles were
stolen in United States at a rate of 236.9 per 100,000 people in 2016.
Furthermore, increasing number of stolen vehicles is key factor which has
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