Auto
Car Security System Market to Grow at CAGR of 6%
By Dipo Olowookere
Future Market Insights has delivered key insights on the global car security system market in a new publication titled ‘Car Security System Market: Global Industry Analysis and Opportunity Assessment, 2016 – 2026”.
Global sales of car security systems are estimated to be valued at $ 6,787.3 million by the end of 2016, witnessing a Y-o-Y growth of 4.8 percent over 2015, the report projects.
North America is estimated to account for a value share of 30 percent in the global car security system market by 2016 end but Asia Pacific excluding Japan (APEJ) is anticipated to gain a higher growth rate throughout the forecast period.
In the report, Future Market Insights analysed the factors and trends impacting the growth and performance of the global car security system market.
Increasing sales of new vehicles, along with rising awareness among car owners and a robust aftermarket growth are bolstering the global car security system market. Automobile manufacturers are increasing the deployment of security systems in new vehicles to stand out in competition, it said.
Furthermore, increasing adoption of telematics across the globe is enabling easy car monitoring techniques and comfort to car owners with enhancement in car security.
However, the report noted that the high cost of the product and high installation charges are limiting OEM and aftermarket opportunities, though some observers say Vivint price is quite reasonable and affordable.
Automakers provide more options in their premium car variants which in turn is decreasing the adoption by new vehicle owners. Whereas establishment of new car production plants in countries such as Mexico, Turkey, India and China are increasing car security system market opportunities in these regions, it said.
Segmentation highlights
The global car security system is segmented on the basis of sales channel (OEM and Aftermarket), product type (immobilizer system, remote central locking system, alarm system and other systems) and car type (Economic cars, Mid-range cars and Premium cars). On the basis of sales channel, the OEM market segment is expected to dominate globally, but market share of OEM and aftermarket sub-segment is changing from one country to the other. In regions where less cars are produced such as Middle East and Africa, aftermarket segment is a major market and is anticipated to continue to dominate the market in terms of value and volume over the forecast period. There is a strong demand in OEM segment in the regions such as North America, Western Europe and APEJ owing to increasing production of cars and establishment of new production plants. North America has the largest aftermarket share which is expected to decrease over the forecast period. On the basis of car type, (Economic cars include mini and small cars- A & B segment cars as defined by EEC regulation and SUVs, MPVs & light trucks costing less than $15000, midrange cars include C & D segment cars and SUVs, MPVs & light trucks costing between $15,000-30,000, and Premium segment cars include E & F segment cars and SUVs, MPVs & Light trucks costing more than $30,000). Midrange cars are anticipated to dominate throughout the forecast period. Whereas economic cars segment are expected to exhibit the highest CAGR over the forecast period. Car security systems used in economic cars are of low value and adds less value to the market. And premium cars are loaded with many security system which increases the security systems value installed per car. On the basis of product type, the global car security system market is segmented into immobilizer system, remote central locking system, alarm system and other systems which include vehicle trackers, perimeter sensors, ultrasonic sensors and glass break sensors. Others segment is expected to register the highest CAGR in market whereas remote central locking system will continue to dominate in aftermarket and OEM market. Immobilizers are mostly sold in OEM market owing to their large penetration in all the car types.
Regional projections
The global car security system market is segmented into the seven key regions of North America, Latin America, Western Europe, Eastern Europe, APEJ, Japan, and Middle East & Africa (MEA)). North America is the largest market for car security systems owing to a large aftermarket and higher cost of products. APEJ will dominate the market by 2018 and will continue to increase its share in the future. Japan’s recent downfall in the realm of car production has affected the regional market, but increasing vehicle fleet and increasing car exports will increase Japanese market with a CAGR of 3 percent over the forecast period.
By Aduragbemi Omiyale
A partnership has been entered into between Stanbic IBTC Bank and CIG Motors to make it easier for Nigerians to acquire automobiles this season.
This comes at a time when many individuals and families are seeking affordable ways to own cars.
This deal will also provide incentives to customers purchasing through the Stanbic IBTC Vehicle and Asset Finance (VAF) product.
As part of this collaboration, CIG Motors is also giving a five-year warranty on all its GAC vehicle models.
It was gathered that the aim is to simplify the rigorous process of owning a brand-new vehicle, with a flexible-repayment structure, and a 10 per cent discount rate on all vehicles purchased within 12 months.
As the automotive market expands, collaborations like Stanbic IBTC Bank and CIG Motors are crucial for promoting customer satisfaction and fostering loyalty. The combination of quality vehicles and favourable financial solutions is set to transform the car-buying experience, making it efficient and enjoyable.
“Through this partnership, Nigerians are guaranteed to experience a premium and hassle-free process in owning brand new vehicles that suit their taste.
“CIG Motors’ expertise in the automobile sector, enhanced by Stanbic IBTC Bank’s Vehicle and Asset Finance (VAF) scheme, will allow equal opportunity for customers to own cars without stress or worry,” an Executive Director at CIG Motors, Jubril Arogundade, said.
Also, the Executive Director for Personal and Private Banking at Stanbic IBTC Bank, Mt Olu Delano, said, “The collaboration enhances the purchasing power of our customers, enabling them to access a broad range of brand-new vehicles under CIG Motors. It also highlights our commitment to fostering economic growth in the communities we serve.
“Stanbic IBTC Bank and CIG Motors’ collaboration illustrates a broader trend of growth between financial institutions and automobile manufacturers.”
CIG Motors is a renowned automobile company known for cutting-edge designs and reliable automobile brands. The scheme is open to individuals Nigerians (including the self-employed), and businesses seeking to expand their fleets.
By Dipo Olowookere
The police in Oyo State on Monday arraigned the driver of a back 4Matic Benz with registration number LSD 862 JS, for allegedly killing an official of the Oyo State Traffic Management Authority (OYRTMA), Mr Fabunmi Kehinde.
Business Post reports that on Saturday, the driver of the vehicle allegedly rammed over Mr Kehinde in the Agbowo area of Ibadan, the state capital after he disobeyed a traffic light in the area.
According to an eyewitness, the suspect, while trying to escape after being apprehended by OYRTMA officers, reversed his vehicle and in an attempt to zoom out, killed Mr Kehinde, who had approached the vehicle at the front.
It was said that the traffic control official sustained severe head injuries and was rushed to a hospital in Orogun, where he received treatment.
He was later transferred to another hospital within the Ibadan metropolis where he unfortunately passed away.
The driver attempted to flee the scene but was apprehended by OYRTMA officers and police personnel at the University of Ibadan (UI) area and was taken to Sango Police Station.
On Monday, he was arraigned at the Magistrate Court in Iyaganku, but the matter was later adjourned to Thursday,
Commenting on the incident, the chairman of the traffic control agency in Oyo State, Mr Adekoya Adesagba, described the death as avoidable, though he commended the swift response of the police and OYRTMA officers in apprehending the suspect and expressed his condolences to the family of the deceased officer.
“No one who disrespects or assaults our officers will go unpunished,” he said.
“The incident serves as a stark reminder of the dangers faced by traffic officers and the need for drivers to exercise caution and respect for the law.
“The suspect has been arraigned at the Magistrate Court, Iyaganku, today, but since the court was on a weekday break, the case was adjourned to Thursday. The suspect remains in police custody,” he added.
By Adedapo Adesanya
The Lagos State Government has reiterated its commitment to creating an eco-friendly state with fewer cars on the roads in the future.
The Lagos State Commissioner for Transportation, Mr Oluwaseun Osiyemi, said this during a presentation at the closing of the fifth Lagos Real Estate Marketplace Conference and Exhibitions in Lagos.
Mr Osiyemi said that the commitment is in line with the T.H.E.M.E.S Agenda of Mr Babajide Sanwo-Olu’s led administration, expressing concerns that traffic congestion costs the state trillions of Naira in budget deficits annually.
The transportation commissioner noted that the heavy reliance on road transportation, which accounts for 90 per cent of travel in Lagos, is unacceptable and unsustainable.
The Commissioner stated that water and rail transportation account for only two per cent of the means of transportation, highlighting their gross underutilisation.
Mr Osiyemi emphasised that every sector in the state must be robust enough to contribute significantly to the wellbeing of its residents, as Lagos accounts for 30 per cent of the nation’s gross domestic product.
He expressed the state’s readiness to maximise the use of intermodal transportation system, to help upscale socio-economic activities in the metropolis and reduce man-hour loss to traffic.
In a panel discussion, the Special Adviser to Governor Sanwo-Olu on Climate Change and Circular Economy, Ms Titilayo Oshodi, emphasised the need for the state and its stakeholders to adopt a purposeful approach to waste management.
Ms Oshodi highlighted the importance of a circular economy in recycling, repurposing and reusing waste effectively.
She noted that several policies were already in place in the state for managing waste, urging producers and manufacturers across various sectors to collaborate with the state government to contribute to carbon reduction efforts.
Other panellists including Ms Stella Okengwu, Chief Executive Officer of Winhomes, said that the current economic situation calls for housing to be built based on clear demand that aligns with people’s budgets while Mr John Oamen, Co-founder of Cutstruct, urged the state government to promote the digitisation of construction procurement.
This, he added, would enhance the efficiency and practices of the construction and real estate sectors.
-
Feature/OPED5 years agoDavos was Different this year
-
Travel/Tourism8 years ago
Lagos Seals Western Lodge Hotel In Ikorodu
-
Showbiz2 years agoEstranged Lover Releases Videos of Empress Njamah Bathing
-
Banking6 years agoSort Codes of GTBank Branches in Nigeria
-
Economy2 years agoSubsidy Removal: CNG at N130 Per Litre Cheaper Than Petrol—IPMAN
-
Banking2 years agoFirst Bank Announces Planned Downtime
-
Sports2 years agoHighest Paid Nigerian Footballer – How Much Do Nigerian Footballers Earn
-
Technology4 years agoHow To Link Your MTN, Airtel, Glo, 9mobile Lines to NIN