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Vehicle Anti-Theft Market worth USD 18.89 billion by 2027, registering a CAGR of 7.12% - Report by Market Research Future (MRFR)

/EIN News/ -- New York, Aug. 04, 2021 (GLOBE NEWSWIRE) -- Vehicle Anti-Theft Market Overview: According to a comprehensive research report by Market Research Future (MRFR), Vehicle Anti-Theft Market Research Report, Product, Technology, Vehicle type and Region - Forecast till 2027” the market size is projected to be worth USD 18.89 billion by 2027, registering a CAGR of 7.12% during the forecast period (2021 - 2027), The market was valued at USD 10.1 billion in 2020.

The vehicle anti-theft market is garnering huge traction as vehicle theft becomes a pressing problem globally. Rising demand for industry-standard anti-theft technology offers two layers of protection and tracking devices. While vehicle theft events are rare, they are not exclusive to any make or model of vehicle. Stolen cars worth big money on the black market and cause huge losses for the owners.Vehicle anti-theft systems have become increasingly relevant in self-driving vehicles and next-gen security systems. With growing technological advances, the market is projected to witness significant gains over the next few years.


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Competitive Analysis

List of the Key Companies Profiled in the Vehicle Anti-Theft Market Research Report are:

  • Continental AG
  • Robert Bosch GmbH
  • Tokai Rika Ltd.
  • Lear Corporation
  • Johnson Electric
  • Delphi Automotive LLP
  • ZF-TRW
  • Mitsubishi Electric Corporation
  • VOXX International Corp.

The vehicle anti-theft market is estimated to witness several strategic partnerships, alongside other strategic initiatives such as collaboration, mergers & acquisitions, expansion, and product & technology launches. Major players make strategic investments in research & development activities and fostering their expansion plans.

For instance, on July 13, 2021, Automotive giants Kia and Hyundai announced security feature standards on new vehicles and distribute free steering wheel locks after a dramatic surge in car thefts in Milwaukee. These two car companies will provide free steering wheel locks to owners for the rest of the year through the Milwaukee Police Department.

Also, both car companies vowed to develop soon an anti-theft system called engine immobilizers standard in new vehicles. Kia and Hyundai vehicles being targeted lack engine immobilizers, an electronic security device that makes it more difficult to start a vehicle without a key.


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Growing Focus on Auto Anti-Theft Measures Boosts Market Size

Uptick in auto thefts involving unsecured vehicles is a major driving force behind the market growth. Also, the market witnesses increased funding support from public & private sectors for technology enhancements and vehicle anti-theft measures. The vehicle anti-theft technology promises allow the market to witness exponential traction from venture capitalists and government bodies.

Additionally, the increasing investments in installing vehicle anti-theft systems with high performance and scalability push market growth. Moreover, increasing concerns over vehicle safety and security, especially in emerging nations, and increased demand for improved vehicle safety & security and communication medium escalates market growth.

Simultaneously, the increasing sales of luxury cars and autonomous, semi-autonomous vehicles, alongside the growth in cloud computing-based vehicle tracking systems, boost the market size. Rapid growth in the global economy provides ample opportunities for the expansion of this market. Also, increased R&D expenditures and the expansion of international players influence market growth.

Glitches in GPS, GSM, RTLS, Face Detection Systems Restrict Anti-Theft System Adoption

Technological limitations that can cause failures of GPS and cellular-based trackers due to failed cellular or wireless network coverage are the significant factors impeding the market growth. Also, the high investments required for research and development for these systems pose challenges to new market players. However, rapid advances and uptake of advanced vehicle security technologies would support market growth throughout the assessment period.


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COVID-19 Impacts

The onset of COVID-19 impacted the vehicle anti-theft industry significantly, disrupting several key component production and supply chains. Industry players faced problems ranging from obtaining components and attracting workers from quarantines to delivering end products to markets. Besides, strict lockdown mandates restricted cross-border trades, another determinable factor for the market rise.

This, as a result, spiked the overall prices and reduced the demand for anti-theft systems. However, the vehicle anti-theft industry is rapidly getting back to normal, witnessing significant demand for vehicle anti-theft systems. This scenario would present several opportunities for the market players. The market is estimated to grow exponentially further during the assessment period.

Segmentation

The market is segmented into products, technologies, vehicle types, and regions. The product segment is sub-segmented into immobilizers, steering locks, central locking, alarms, and others. The technology segment is sub-segmented into GPS, GSM, RTLS, face detection systems, automotive biometric technologies, and others.

The vehicle type segment is bifurcated into passenger cars and commercial vehicles. The region segment is sub-segmented into North America, Europe, Asia-Pacific, and rest-of-the-world.

Regional Analysis

The Asia Pacific region dominates the global vehicle anti-theft market. Factors such as the rising vehicle production and the increasing installation of safety features in passenger and commercial vehicles drive the vehicle anti-theft market growth.

Besides, the presence of all major automobile manufacturers and the rapidly growing automotive industry boost the vehicle anti-theft market size. High consumer demand for vehicle tracking and security systems and rising purchasing power upend the region’s anti-theft vehicle market shares. Additionally, car theft remains a pressing problem in various countries in the region, which invariably drives demand for anti-theft systems.

Segmentation of Market covered in the research:

Information by product (Immobilizer, Steering lock, Central locking, alarm), by technology (GPS, GSM, RTLS, Face detection system, automotive biometric technology) by vehicle type (Passenger car, Commercial vehicle) and Region (North America, South America, Europe, Asia- Pacific, and Middle East & Africa)


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