Stringent government safety regulations and growing demand for commercial vehicles are expected to drive the global automotive electronic anti fuel theft device market for the forecast period.
According to TechSci Research report, “Automotive Electronic Anti Fuel Theft Device Market – Global Industry Size, Share, Trends, Opportunity and Forecast, 2016-2026, Segmented By Vehicle Type (Passenger Car, Commercial Vehicle), By Demand Category (OEM vs Replacement) and By Region”, the global automotive electronic anti fuel theft device market is expected to witness a growth of steady CAGR for the forecast period, 2022-2026. Automotive electronic anti fuel theft device is used in an automobile to prevent unauthorized access inside the vehicle and keep the fuel tank safe from unwanted people. The growing consumer awareness about the benefits of installing advanced security systems in automobiles and supportive government policies emphasizing the need to maintain the security of automobiles are expected to contribute to the market growth. The rise in the crude oil prices and the depleting fossil fuels around the globe are raising the importance of fuel used as a driving force in automobiles. Any fuel cost change directly impacts the profit margins, logistics performance, and mobility system in an automobile. The rise in the number of fraudulent and theft activities to steal and smuggle diesel and petroleum fuel is expected to foster the demand for the growth of global automotive electronic anti fuel theft market. Installation of electronic anti fuel theft device in automobiles also aids in lowering the premium amount paid to the car insurance companies to ensure financial protection of automobiles in many developing countries. The high internet penetration and the proliferation of smart devices is contributing to the market growth as advanced electronic technologies are increasingly integrated into automobiles. Market players are introducing cost-effective, easy-to-use automotive electronic anti fuel theft devices to save the occurrence of vehicle downtime and prevent the theft of the fuel by preventing unauthorized access to the fuel tank.
However, the high initial investment to purchase advanced security devices may restrain the global automotive electronic anti fuel theft device market growth for the next five years.
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Global automotive electronic anti fuel theft device market is segmented into vehicle type, demand category, regional distribution, and company.
Based on the demand category, the market is bifurcated into OEM and replacement. The OEM segment is expected to account for significant market share for the forecast period, 2022-2026. The automotive electronic anti fuel theft devices made by the original equipment manufacturers are in high demand due to their superior quality, warranty, and better after-sales services than the replacement devices. Many of the passenger cars have built-in electronic anti fuel theft device to prevent cases of fraudulent activities. However, these can also be installed later according to the need and budget requirements of the consumer.
Based on the vehicle type, the market is divided into passenger car and commercial vehicles. The passenger car is expected to hold a significant market share for the next five years. The high demand for passenger cars around the globe is due to the rise in the purchasing capacity of consumers and rapid infrastructure development. The shift in the adoption of quality lifestyle standards and the increasing preference for vehicle ownership is influencing the high demand for passenger cars across the globe. The presence of financial assistance by the institutions to the consumers to increase their affordability and the efforts made by the market players with different designs and specifications are influencing the market demand.
Cyrrup Solutions Pvt Ltd., Verizon, FuelDefend Global Ltd, Hiway Fuel Services Ltd, Fuelchief Limited are the leading players operating in global automotive electronic anti fuel theft device market. Manufacturers are increasingly focusing on research and development process to fuel higher growth in the market.
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“Market players are making high-end investments for technological advancements of electronic anti fuel theft devices, leading to the integration of radio frequency identification, voice detection, face detection, biometric, and other advanced security devices. The growing demand for smart devices among the consumers owing to the rise in consumer awareness and the increasing digitalization with high internet penetration is influencing the global automotive electronic anti fuel theft device market demand. The introduction of advanced anti-theft devices with technologies such as Bluetooth, Internet of Things technology to increase the efficiency and performance of the devices is expected to propel the global automotive electronic anti fuel theft device market growth till 2026” said Mr. Karan Chechi, Research Director with TechSci Research, a research based global management consulting firm.
“Automotive Electronic Anti Fuel Theft Device Market – Global Industry Size, Share, Trends, Opportunity and Forecast, 2016-2026, Segmented By Vehicle Type (Passenger Car, Commercial Vehicle), By Demand Category (OEM vs Replacement) and By Region” has evaluated the future growth potential of global automotive electronic anti fuel theft device market and provided statistics & information on market size, shares, structure and future market growth. The report intends to provide cutting-edge market intelligence and help decision makers take sound investment decisions. Besides, the report also identifies and analyzes the emerging trends along with essential drivers, challenges, and opportunities in the of global automotive electronic anti fuel theft device market.
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