Automotive Electronic Anti Fuel Theft Device Market to grow with Steady CAGR for the forecast period
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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