Vehicle Anti-Theft System Market Expected to Reach $27.4 Billion by 2031—Allied Market Research

The global vehicle anti-theft system market size was valued at $14.3 billion in 2021, and is estimated to reach $27.4 billion by 2031, growing at a CAGR of 7% from 2022 to 2031.

Asia-Pacific dominates the market in terms of revenue, followed by Europe, North America, and LAMEA. China dominated the global vehicle anti-theft system market share in 2021 and is expected to grow at a significant rate during the forecast period, due to being one of the leading vehicle producers in the global automotive industry.

A vehicle anti-theft system is a technology that improves security by preventing unwanted break-ins and vehicle theft. To identify potential dangers that could result in car theft, the system makes use of a number of technologies. As a result, owners of vehicles use them more frequently. Simple vehicle alarms to biometric sensor systems are all examples of vehicle anti-theft systems. Due to the shifting outlook for automotive manufacturing and the presence of vehicle anti-theft system manufacturers throughout the region, Asia-Pacific is a market leader in vehicle anti-theft systems.

These systems are designed to prevent theft or unauthorized access to a vehicle. They work by using a combination of electronic and mechanical components to make it more difficult for a thief to steal the car. The global production and sales of automobiles have a direct impact on the market demand for vehicle anti-theft systems because these systems are essential to modern vehicles' increased safety. Moreover, the increase in the need for safety in vehicles is a further factor that drives the growth of the vehicle anti-theft systems market. In addition, in order to meet the changing needs of end users, modern automobiles and automotive OEMs are leaning toward smart technology, which supports the development of vehicle anti-theft systems.

By product, the market is categorized into alarms, biometric capture devices, passive keyless entry, central locking system, immobilizer, and steering lock. The alarm system accounted for the highest revenue in 2021, owing growing vehicle fleets with related theft and misuse is a crucial factor in the segment's growth. The expansion of vehicle alarm systems is also being fueled by increased spending by end users to assure high-quality security systems in their vehicles. However, the segment of the biometricture devices is anticipated to witness the highest CAGR of 9.0% during the forecast period, due to it requiring biological confirmation such as faces recognition, fingerprint scans etc. which enhances the level of security.

On the basis of technology, the global vehicle anti-theft system market has been segmented into global positioning system (GPS), remote frequency identification device, real-time location systems (RTLS), automotive biometric technologies, and others. The remote frequency identification device segment accounted for over 38% of market share in 2021, as this technology is generally used in premium/luxury vehicles, per capita payments are on the growth, and increasing equality of buying power has aided increased interest in premium/luxury vehicles, driving the radio-frequency identification segment.

With factors such as a demand for modern automotive access control solutions for efficient operation, enhanced vehicle security against thefts, and superior convenience solutions, the market for vehicle anti-theft systems is expected to rise over the course of the forecast year. The adoption of an automatic anti-theft system is also influenced by a number of factors, such as the convenience of use, cost, and theft threshold, all of which present profitable prospects for market expansion.

The key players analyzed in this vehicle anti-theft system market report are Continental AG, Robert Bosch GmbH, HELLA GmbH & Co. KGaA, Tokai Rika Co. Ltd., Valeo S.A., Denso Corporation, Stoneridge Inc., Aptiv plc., Huf Hulsbeck & Furst GmbH & Co. KG, Marquardt Group.

COVID-19 Impact Analysis

The COVID-19 crisis has created uncertainty in the market by slowing down the supply chains, which hampered business growth, and increased panic among the customer segments. Changes in the production and sales activities of the automotive industry are expected to influence the overall demand in the near future. For instance, in 2021, 79.1 million motor vehicles were produced around the world, an increase of 1.3% compared to 2020, due to a low base as 2020 was the first year to have been impacted by the pandemic leading to a period of tremendous uncertainty.

KEY FINDINGS OF THE STUDY

• 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.