Vehicle Anti-Theft System Market is set to witness lucrative growth to 2025 due to stringent safety regulations imposed by governments to reduce the incidents of vehicle thefts. With rising incidents of vehicle thefts, automakers are rapidly adopting multi-factor authentication and technological advancements such as biometric technology. This is driving the growth of the vehicle anti-theft system market over the forecast period. For instance, in the recent years Cadillac and Chevrolet equipped their cars with OnStar system, which uses GPS to track down stolen vehicles and shuts the engine down if reported stolen.
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The potential failure of electronic components used in vehicle anti-theft systems is restraining the growth of the vehicle anti-theft system market. Automakers are requiring long periods of time to resolve such failures, further hindering market growth. For instance, according to a report in 2015 published in wired, Chrysler took five years to resolve a technical glitch that allowed hackers to hijack the car’s brake and transmission.
With the rising penetration of the internet, technologies such as multi-factor authentication, biometric, face detection system, and voice recognition system are providing extreme security to vehicles. These technological advancements in the automotive industry are driving the vehicle anti-theft system market. For instance, in 2018, North American Auto Show in Detroit, Nissan launched X-motion, which uses biometric technology such as fingerprint identification to unlock and start the car, enhancing the security features of the car.
With fast growing population, year-on-year increase in sales Asia Pacific (APAC) is estimated to hold the largest market share in the vehicle anti-theft system market. various leading players in this region including Honda Motor Company (Japan), Hyundai Motor Company (South Korea), and Toyota (Japan) are partnering with technology companies to enhance security system of the vehicle driving the regional growth. North America is estimated to be fast growing as “big-three” automakers of this region, which include Fiat-Chrysler Automotive, Ford Motor Company, and General Motor Company will influence the vehicle anti-theft systems market over the forecast period.
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By product, the immobilizer segment is expected to hold the largest share in the vehicle anti-theft system market due to the mandatory installation of immobilizers as a result of stringent government regulations across various countries. By technology, the Face Detection System (FDS) is estimated to gain the largest share in the vehicle anti-theft system market due to the growing adoption of the lock-unlock feature by car manufacturers. It prevents drunk driving as it monitors the consciousness of drivers through eye movement. Passenger cars is estimated to hold the largest market share in the vehicle type segment of the vehicle anti-theft system market due to the increasing purchasing power of consumers, improvement in lifestyle, and rapid infrastructure development.
Some of the key market players of the vehicle anti-theft system market are Audi AG, BMW AG, Daimler AG, Continental AG, Ford Motor Company, General Motors Company, Honda Motor Co., Ltd., Hyundai Motor Corporation, Lear Corporation, Robert Bosch GmbH, Tesla Inc., Toyota Motor Corporation, Volvo Corporation, and ZF-TRW.
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The global Key players operating in the market are constantly entering into strategic partnerships and mergers & acquisitions with various technology companies to gain a competitive advantage and become market leader. For instance, Ford Motor Company & Mahindra Group inked strategic alliances to develop their products on multiple areas such as electric vehicle, connected vehicle project, and the development of compact SUVs. This collaboration is expected to focus on enhancing the security and anti-theft system over the forecast period.
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