Global Passenger Car Security Systems market will reach 7820 million US$ by the end of 2025

Publisher: QYResearch
Published Date: 2019/8/7

The global market for passenger car security systems will grow at a substantial rate in the coming years due to the growing demand for hybrid vehicles across the globe. Wide range of products used in the automotive industry for security, alerts, and safety purpose to prevent accidents and thefts. Furthermore, value addition in cars with rich features is also projected to increase the demand for passenger car security systems in the near future.

Rising the demand for luxury vehicles due to the increasing per capita income is also driving the growth of the market in top gear. Increasing awareness about the vehicle safety, the growing advent of latest technologies, and the growing the production and the sales of the hatchbacks in urban areas are some of the factors that are expected to fuel the growth of the market in the forthcoming years.

However, the cost of installation of the security device creates a negative impact on the growth of the market.

This 151-page report states that the global passenger car security systems market is anticipated to reach US$7820 mn by the end of 2025 from US$6870 mn in the year 2018. The market is expected to register a sluggish CAGR of 1.9% between 2019 and 2025.

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https://www.qyresearch.com/index/detail/1076588/global-passenger-car-security-systems-market
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