Vehicle Anti-Theft System Market size is set to grow at a significant pace over 2021-2027, owing to increasing incidents of private car thefts worldwide. Car thefts rose at a dramatic pace during the lockdowns caused by the COVID-19 pandemic, which urged individuals and organizations to deploy advanced anti-theft devices to boost car security. Vehicle anti-theft systems refer to solutions designed to enhance vehicular security, by improving traceability and acting as theft-deterrents. In recent years, most new, high-end car models from prominent automakers like Ford, Toyota, etc. come equipped with in-built anti-theft components and software.
One of the key trends propelling vehicle anti-theft system market growth over 2021-2027 is the integration of advanced and smart technologies into automotive systems. Technologically advanced smart vehicles are equipped with cutting-edge computerized devices designed to serve multiple purposes, from navigation to entertainment to security. For instance, in March 2021, Dodge introduced a new automotive software upgrade for its Charger and Challenger models equipped with supercharged 6.2-liter HEMI V-8 or 392-cu.-in. HEMI V-8 engines, to prevent theft. The novel “double-verification” security system, using four-digit security encryption, is built to limit the engine speed of the vehicle to idle, and mitigate risk of car theft.
Biometric capture devices are set to emerge as a prominent product segment for the vehicle anti-theft system market by 2027. This is credited mainly to the strong potential of biometric technology to safeguard vehicles against unauthorized access or theft. Biometric capture devices recognize car owners via analysis of unique biological characteristics like retinas or fingerprints, thus preventing unauthorized persons from accessing the vehicle.
North America vehicle anti-theft system industry is projected to exhibit a substantial growth rate through 2027, given the robust presence of major automotive OEMs in the region, including the Big Three or the Detroit Three; General Motors, Ford Motor Company and Fiat-Chrysler. This, alongside a strong customer base and a sizeable increase in demand for vehicles is likely to trigger greater demand for efficient anti-theft solutions over the coming years. General Motors, for instance, witnessed a nearly 4.8% rise in its fourth-quarter sales in the U.S. after the initial effects of the COVID-19 pandemic.
Prominent players operating in the vehicle anti-theft system market include Ford Motor Company, Robert Bosch GmbH, Continental AG (Schaeffler Group), Audi AG (Volkswagen Group), Volvo Corporation (Geely Holding Group), Honda Motor Co., Ltd., BMW AG, Hyundai Motor Corporation, Daimler AG, Tesla Inc., Toyota Motor Corporation, General Motors Company and Lear Corporation, among others. These entities are focused on mergers & acquisitions, business expansions and partnerships as the key strategies to gain a competitive advantage in the global market.
In June 2020, Continental AG received new orders from three international vehicles manufacturers from Asia and Europe for its CoSmA digital access system. The solution, equipped with UWB (ultra-wideband) radio technology, is designed to deliver enhanced vehicle anti-theft protection through a convenient hands-free system.
Despite the disruptive impacts of the COVID-19-triggered lockdowns and business closures across the globe, the demand for vehicle anti-theft systems is expected to witness a considerable rise in the near future. This is mainly due to the prolific rise in incidents of car theft during the pandemic period. According to findings from a preliminary report by the NICB (National Insurance Crime Bureau), over 873,080 vehicle thefts were recorded in 2020, indicating a rise of nearly 9.2% over 2019. This rising rate of auto theft incidents has led to a greater emphasis on vehicle security in recent times, thereby creating lucrative growth prospects for the vehicle anti-theft system market.