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Vehicle Anti-Theft System market size is slated to grow at a rapid pace from 2023 to 2032, owing to growing deployment of cutting-edge technologies in automobiles. The industry outlook is outlined by increasing player collaborations towards the delivery of more advanced features in the vehicles. Back in February 2023, South Korean automobile manufacturer, Hyundai Motor Company, teamed-up with its luxury car unit, Kia Corporation, to develop a new theft deterrent software for both Hyundai and Kia vehicles that lack an immobilizer.
Rising cases of private car thefts across the globe have fueled vehicle anti-theft systems market demand in recent years. This need became even more apparent during the COVID-19 lockdowns as private and public fleet owners reported growing cases of vehicle thefts due to the lack of security in their compounds. In fact, according to reliable statistics, a motor vehicle theft occurred every 39 seconds in the U.S. in 2020, with the country reporting over three-quarters of a million vehicle thefts that same year.
On the basis of product, the industry size from biometric capture device segment is slated to register notable growth by 2032, owing to the product’s ability to monitor unauthorized access to vehicles. These devices have a low maintenance cost and can quickly process an access request. In addition, they have maximum accuracy and provide high-end protection by making it difficult to get access to the vehicle without the owner’s permission.
Regionally, the North America vehicle anti-theft system market is poised to witness a remarkable growth rate during 2023-2032. Increasing vehicle purchases in the region have elevated the demand for advanced security systems. In fact, the sales of plug-in EVs achieved a two-fold growth in the U.S. from 2020 to 2021 as many owners used the cars as their primary mode of transport and commuting. The regional expansion can also be attributed to the strong presence of major OEMs, such as General Motors, the Big Three; Fiat-Chrysler, and Ford Motor Company.
The key vehicle anti-theft system suppliers are, Robert Bosch GmbH, Audi AG (Volkswagen Group), Ford Motor Company, Continental AG (Schaeffler Group), and Daimler AG, among others. Many of these firms are focusing on product innovations to sustain their industry position. Citing an instance, in December 2021, General Motors, the American multinational automobile manufacturer, launched OnStar, which is its in-vehicle security and safety technology in the UAE. The subscription-based service will provide a suite of connected services to vehicle owners in the region.
The Russia-Ukraine war had a negative influence on the global industry as it has severely held back the overall auto sector due to the lack of semiconductors. Advanced driver assistance features such as anti-theft monitors are made using sophisticated chip technology, which is currently running in short supply. However, significant efforts from different government bodies across the world to diversify the global semiconductor production capacity is likely to improve the business scenario.