According to a new report, published by KBV research, The Global Vehicle Anti-Theft System Market size is expected to reach $20.4 billion by 2028, rising at a market growth of 6.7% CAGR during the forecast period.
The Global Positioning System segment is showcasing a CAGR of 6.9% during (2022 - 2028). The expansion of the car GPS navigation system is being fueled by factors like rising demand for vehicles with cutting-edge safety and navigational features, increasing demand for trustworthy real-time traffic information, accelerating development of connected cars, and growing use of car sharing and ride-hailing services, particularly in developing countries.
The Passenger Cars segment acquired maximum revenue share in the Global Vehicle Anti-Theft System Market by Vehicle Type in 2021 thereby, achieving a market value of $15.3 billion by 2028. The need for immobilizers in the passenger car will continue to be driven by a high demand for greater comfort and security in vehicles and rising automotive production. In addition, it is anticipated that the growth will be positively impacted by the increased demand for passenger cars due to the expanding middle class and quick urbanization.
The Aftermarket segment has shown the growth rate of 8.2% during (2022 - 2028). As the lot of older cars on the road rises, along with digitization and demand for luxury cars, aftersales service demand is predicted to rise. In addition, several factors may call for its replacement, including the potential failure of an anti-theft system that has been in service for a long time. This is anticipated to help the market for vehicle anti-theft systems grow.
The Alarm segment is leading the Global Vehicle Anti-Theft System Market by Product in 2021 thereby, achieving a market value of $5.6 billion by 2028. A car alarm system is an electronic gadget installed in a vehicle to offer security and/or theft protection. Vehicle alarm systems can be installed as aftermarket or factory-installed accessories in every vehicle. By sounding an audible and/or visual alert when the automobile is being interfered with or driven without the key fob, a car alarm system works to prevent theft.
The Asia Pacific market dominated the Global Vehicle Anti-Theft System Market by Region in 2021, and would continue to be a dominant market till 2028; thereby, achieving a market value of $7.7 billion by 2028. The Europe market is experiencing a CAGR of 6% during (2022 - 2028). Additionally, The North America market would showcase a CAGR of 6.3% during (2022 - 2028).
Full Report: https://www.kbvresearch.com/vehicle-anti-theft-system-market/
The market research report has exhaustive quantitative insights providing a clear picture of the market potential in various segments across the globe with country wise analysis in each discussed region. The key impacting factors of the market have been discussed in the report with the elaborated company profiles of Continental AG, Robert Bosch GmbH, HELLA GmbH & Co. KGaA, Valeo SA, Denso Corporation, Aptiv PLC, Tokai Rika Co., Ltd., Stoneridge, Inc., Huf Hülsbeck & Fürst GmbH & Co. KG (Huf Holding Gmbh & Co. KG), and Marquardt Group.
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