Global Vehicle Anti-Theft System Market Analysis and Forecasts, 2021-2023 & 2023-2031: Agreements and Contracts with Automotive OEMs are Key for Long-Term Business Opportunities
Dublin, May 08, 2023 (GLOBE NEWSWIRE) -- The "Vehicle Anti-Theft System Market by Product, Technology, Sales Channel, Vehicle Type: Global Opportunity Analysis and Industry Forecast, 2021-2031" report has been added to ResearchAndMarkets.com's offering.
The Vehicle anti-theft systems Market is expected to experience a significant growth rate of 7.0% from 2022-2031 owing to the introduction of vehicles with advanced features for effective safety and comfort to the passengers.
Advanced safety features including the Global Positioning System, Remote Frequency Identification Device, Real-time Location Systems, and Automotive Biometric Technologies are installed into the automobiles to avoid vehicle theft.
The global vehicle anti-theft system market is expected to experience significant growth in the coming years due to the increasing number of vehicle thefts worldwide.
The major drivers for the market growth are the introduction of smart technologies for enhanced vehicle security and convenience, product expansion to adapt to changing demand patterns, and an increase in vehicle theft and vandalism will drive the growth of the market globally during the forecast period is expected to boost as a passenger. In addition, the growing demand for advanced security features in vehicles, coupled with government regulations mandating the installation of anti-theft systems in vehicles, is expected to drive market growth.
Additionally, the increasing adoption of keyless entry systems and the integration of advanced technologies such as biometric authentication, GPS tracking, and remote monitoring are likely to further boost the market. Emerging markets such as Asia-Pacific and Latin America are expected to provide significant growth opportunities due to the increasing number of vehicles and rising disposable income.
Cars don't have much security other than a central locking system, and the installation of a biometric system is expected to be important. Incorporating biometric technology into small cars could reduce car thefts associated with the incorporation of technologies such as fingerprint scanners.
However, the high cost of vehicle anti-theft systems and declining vehicle production and sales are hindering market growth. On the contrary, agreements and contracts with automotive OEMs for long-term business opportunities and growth in developing countries are said to provide lucrative growth opportunities for market participants.
The market also offers growth opportunities to the key players in the market. The introduction of safety and security standards for automotive manufacturing in emerging nations such as India is expected to spur the demand for passive keyless entry systems.
Key players in the market have been actively engaged in the adoption of various strategies such as have adopted, agreements, expansion, and product launches to remain competitive and gain an advantage over the competitors in the market.
Key Market Insights
By product, the Biometric capture device segment is expected to register significant growth during the forecast period.
By technology, the Global Positioning System segment is anticipated to exhibit significant growth in the near future.
By sales channel, the Aftermarket segment is projected to lead the global vehicle anti-theft system market owing to a higher CAGR as compared to other applications.
By vehicle type, the Commercial vehicles segment is projected to lead the vehicle anti-theft system market owing to a higher CAGR as compared to other applications.
By region, Asia Pacific is anticipated to register the highest CAGR during the forecast period.
Adoption of smart technology for vehicle safety and improved convenience
Product development to cater to changing demand pattern
Rise number of vehicle thefts and vandalism incidents
High cost of the anti-theft systems
Decrease in production and sale of automotive
Breach of personal information
Agreements and contracts with automotive OEMs for long-term business opportunities
Growth in developing nations
Increase in demand for luxury vehicles
COVID-19 Impact Analysis on the market
Key Market Players
Huf Hulsbeck & Furst GmbH & Co. KG
Robert Bosch GmbH
Tokai Rika Electric Mfg. Co., Ltd.
HELLA GmbH & Co. KGaA
Key Market Segments
Biometric capture device
Passive keyless entry
Central locking system
Real-time Location Systems
Automotive Biometric Technologies
Global Positioning System
Remote Frequency Identification Device
By Sales channel
By Vehicle type
Rest of Europe
Rest of Asia-Pacific
For more information about this report visit https://www.researchandmarkets.com/r/3ve9e4
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