Automotive Connectors Market Share

Automotive Connectors Market Share Analysis

Vehicle theft has become a significant concern, with the Federal Bureau of Investigation (FBI) reporting staggering losses of around USD 6 billion in 2017 alone. The average loss per vehicle theft was estimated at approximately USD 7,708. This data underscores the magnitude of the issue, especially considering that vehicle theft rates rose by 10.4% in 2017 compared to 2013. Shockingly, the FBI reported that a vehicle theft occurred every 40.9 seconds in the United States in 2017.
In recent years, vehicle thieves and unauthorized users have become increasingly sophisticated in their methods, employing advanced techniques to carry out thefts. Tactics include acquiring smart keys, switching vehicle identification numbers, and even using stolen identities to secure loans for high-value vehicles. These evolving strategies pose a serious threat to vehicle owners and demand effective countermeasures to mitigate the risk of theft.
To counteract the rising tide of vehicle thefts, there has been a noticeable surge in the demand for vehicle security systems. These systems encompass various subsystems, including ultrasonic intruder protection (UIP) systems, backup battery sirens (BBS), central locking systems, automatic collision detection systems, automatic driver recognition systems (ADRS), and remote keyless entry systems. The integration of these intelligent and reliable subsystems forms a comprehensive vehicle security system aimed at providing effective protection against theft.
As incidents of vehicle theft continue to rise, the global vehicle security market is expected to witness substantial growth during the forecast period. The pressing need for robust security measures has fueled the development and adoption of advanced vehicle security technologies. Manufacturers are focusing on enhancing the capabilities of security systems to stay ahead of increasingly sophisticated theft techniques.
To combat the escalating number of vehicle thefts, there has been a notable shift towards the adoption of anti-theft systems and additional protective measures. Video surveillance and biometric technologies are gaining prominence as complementary tools in the fight against vehicle theft. These measures, when integrated with advanced security systems, create a multi-layered defense that significantly reduces the vulnerability of vehicles to theft.
The forecasted period anticipates a reduction in the incidents of vehicle theft, primarily attributed to the increased adoption of anti-theft systems and the implementation of additional protective measures like video surveillance and biometric technologies. The collective impact of these proactive measures is expected to shift the demand for vehicle security systems from high to moderate during the forecast period. This shift signifies a positive trajectory in addressing the alarming rise in vehicle thefts, showcasing the effectiveness of comprehensive security strategies.