Vehicle Anti-Theft System Market to Garner Brimming Revenues by 2024

From the simple lock and key to the sophisticated biometric identification systems – the vehicle anti-theft systems have come a long way over the course of years. The underpinning technologies and the devices, meant to thwart unauthorized access to vehicles, have undergone a sea change. The uptake of vehicle anti-theft systems is guided by different factors such as ease of use, financial costs, and threshold for theft. While some basic devices disable the vehicle, others enable advanced protection such as tracking of the stolen vehicle, detection of interior intrusion, battery backed sounders, and inclination sensing devices, among others.

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With an aim to study the global market for vehicle anti-theft systems, the Transparency Market Research report segments it by product, by technology, and by vehicle type. In terms of technology, for example, the market can be divided into global positioning system (GPS), real-time location system (RTLS), and global system for mobile communication (GSM). By product, the market can be classified into steering lock, immobilizer, biometric capture device, and alarm. Among them, the immobilizer segment dominates due to mandatory installation of immobilizers that has significantly brought down the number of thefts in different countries. Going forward, the segment would likely retain its leading position due to government mandates.

Depending upon the type of vehicle, the market can again be segmented into passenger car, off-highway vehicle, and commercial vehicle. Besides furnishing a granular analysis of each segment, the TMR report also provides insights into the current competitive dynamics in the market by factoring in the growth drivers and restraints and the leading players and their strategies. It calculates the current market size and leverages it along with historical data to make forecasts about the market’s future prospects.

Global Vehicle Anti-Theft System Market: Drivers and Trends

The massive increase in the number of vehicles of different kinds, alarming instances of vehicle thefts, and the rising awareness about vehicle anti-theft devices are at the forefront of driving demand in the global vehicle anti-theft system market. Staving off vehicle thefts, particularly in common parking lots, has necessitated the use of more advanced anti-theft systems with superior technology to augment passenger safety and convenience. Vehicle immobilizers, for instance, notify vehicle owners on their registered phone numbers in case of a forced entry. The notification also includes image of the person driving the vehicle and the location of the vehicle. All these features have led to the soaring popularity of immobilizers.

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The use of cutting-edge technologies such as continuous-wave and pulse-echo algorithms, microprocessors with digital signal processing, inclination and ultrasonic sensors, closed tool chain for configuration and simulation, and rechargeable batteries, in such innovative products has greatly boosted the market. The increasing demand for multifactor authentication and rising use of biometric technology are key factors driving the growth of the vehicle anti-theft system market across all regions. Besides, government regulations pertaining to vehicle safety in different countries are also driving growth. One factor preventing uptake of the anti-theft systems is their expensiveness.

Global Vehicle Anti-Theft System Market: Geographical Outlook

Regionally, the global market for anti-theft systems can be segmented into Asia-Pacific, North America, South America, Europe, and the Middle East and Africa. Among them, Asia-Pacific region leads the market in terms of value. This is because of the year-on-year growth in sales in the automotive industry and burgeoning production of automobiles in the region brought about by the rapidly rising urban population. Going forward too, Asia Pacific will maintain its dominant market share.

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Asia Pacific is followed by North America and then Europe vis-à-vis market share. The market in North America is being propelled by the presence of original equipment manufacturers (OEM), namely Ford Motor Company, General Motors, and Fiat-Chrysler Automotive in the region. This coupled with a substantial customer base and high purchasing power of end-users has upped demand for vehicles, which in turn has boosted the market for anti-theft vehicle systems.

Key Players Mentioned in the Report

To present an in-depth assessment of the competition prevailing in the global market for anti-theft systems, the report profiles companies such as Robert Bosch GmbH, Continental AG, Tokai Rika, Ltd., Lear Corporation, Johnson Electric, Delphi Automotive LLP, Mitsubishi Electric Corporation, and VOXX International Corp.

Transparency Market Research (TMR) is a market intelligence company, providing global business information reports and services. Our exclusive blend of quantitative forecasting and trends analysis provides forward-looking insight for thousands of decision makers. TMR’s experienced team of analysts, researchers, and consultants, use proprietary data sources and various tools and techniques to gather, and analyze information. Our business offerings represent the latest and the most reliable information indispensable for businesses to sustain a competitive edge.

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This release was published on openPR.