Vehicle Anti-Theft Market To Advance With Rising Car Production Globally. Vehicle Anti-Theft Market To Be Encouraged By Rising Carjacking Incidents. The escalation in crime rates related to vehicles has registered a sharp uptick in recent years. Market reports linked to the automobile technology industry have been offered by Market Research Future which makes reports on other industry verticals that aims to study the current market scenarios better. The Vehicle Anti-Theft Market is expected to attain an ascendant CAGR in the duration of the forecast period.
The development of anti-theft technologies has further improved the expansion of the market share. Integration of GPS in the anti-theft systems is increasing their efficiency exceptionally. Moreover, the growing awareness of the benefits of the anti-theft systems among the end users is also advancing the market’s growth. Government initiatives to reduce car thefts are expected to further advance the market share in the forecast period.
The segmentation of the vehicle anti-theft market globally is carried out on the basis of product, technology, vehicle type, and region. Based on the products, the vehicle anti-theft market is segmented into central locking, steering lock, immobilizer, alarm. The segmentation of the market on the basis of technology comprises of GPS, RTLS, GSM, automotive biometric technology and face detection system. On the basis of vehicle type, the vehicle anti-theft market is segmented into passenger car and commercial vehicle. The regions counted in the market are Asia Pacific, Europe, North America and the rest of the world.
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Detailed Regional Analysis
The regional analysis of the vehicle anti-theft market includes regions such as Asia Pacific, Europe, North America and the rest of the world. The market for vehicle anti-theft is application driven, and the systems are achieving popularity across the end user base and technologies like such as RTLS, GPS, and automotive biometric technology which is stated as one of the main driving factors for the vehicle anti-theft market. The Asia Pacific market is projected to be responsible for the biggest share, in terms of value, of the vehicle anti-theft system market. This can be chiefly attributed to increased vehicle production and the growing installation of safety features in commercial vehicles and passenger cars. The North American and European region trails the Asia Pacific region. The intensifying installation of safety features and increasing vehicle production along with the existence of manufacturers such as General Motors, Ford Motor Company, and Fiat in the region are compelling the progress of the market of vehicle anti-theft. Also, the high demand from customers and increased purchasing power have raised the demand for vehicles and enhanced the market for anti-theft vehicle systems.