Anti-theft Lock: Introduction
- Anti-theft locks or systems are designed for restricting unauthorized access to a certain part, space, or component, which needs safeguarding. Anti-theft locks have evolved from a generation of traditional lock and key systems to include the latest technology such as video surveillance, fingerprint sensors, tracking, ultrasonic sensors, and closed tool chain simulation and configuration.
Key Drivers of the Global Anti-theft Lock Market
- Rising incidence of data and property theft are the key factors contributing to the growth of the global anti-theft market. Increasing awareness regarding secure home solutions, steady rise in smart devices, increasing disposable income of consumers, and proliferating Internet and IoT are some of the major factors driving the market growth. Further, favorable government regulations pertaining to safety is also anticipated to boost the market growth. However, high cost of anti-theft locks are expected to restrict the market growth.
- The surge in adoption of cloud-based subscription programs is one of the major growth opportunities for the anti-theft lock market. People are now able to afford security and safety devices as they feel a need to protect their personal information and belongings from external entities. This factor is projected to have a crucial impact on the growth of the global anti-theft lock market during the forecast period.
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Growing Demand from Automotive Segment to Create New Market Opportunities
- The automotive anti-theft lock market is estimated to expand at the fastest CAGR in the coming years, creating new opportunities. Rising number of electric vehicles in Asia Pacific countries are expected to lead to higher demand for automotive anti-theft locks.
High Price to Restrict Market Growth
- Average cost of anti-theft locks is on the higher side. As a result, demand for this product is low from the middle class population.
Asia Pacific the Dominant Market for Anti-theft Locks
- Asia Pacific accounted for the fastest growing anti-theft lock market in 2020. North America and Europe accounted for significant share of the market, with major players operating their global market from these regions. The U.S. accounted for largest share in the anti-theft lock market in North America followed by Canada. In Europe, Germany, UK, and France are the major manufacturers of anti-theft locks.
Key Players Operating in the Global Anti-theft Lock Market
The global anti-theft lock market is fragmented in nature. Large number of small and medium size companies are present in developing countries including China, India, Brazil, and South Africa. Furthermore, key companies are adopting the merger and acquisition strategy to improve their market revenue at the global level. Some of the key players operating in the global anti-theft lock market are listed below:
- Continental AG
- Delphi Automotive
- Robert Bosch GmbH
- Johnson Electric
- U-Shin Ltd.
- Lear Corporation
- Mitsubishi Electric
- Tokai Rika Ltd.
- VOXX International
Global Anti-theft Lock Market: Research Scope
Global Anti-theft Lock Market, by Component
Global Anti-theft Lock Market, by Application
- Banking, Financial Services and Insurance (BFSI)
- Consumer Electronics
Global Anti-theft Lock Market, by Distribution Channel
- Third Party Website
- Company Owned Website
- Specialty Stores
- Hypermarkets and Supermarkets
Global Anti-theft Lock Market, by Region
- North America
- Rest of North America
- Western Europe
- Nordic countries
- Rest of Western Europe
- Eastern Europe
- Rest of Eastern Europe
- Asia Pacific
- New Zealand
- Rest of Asia Pacific
- Middle East & Africa
- South Africa
- North Africa
- Rest of Middle East & Africa
- Latin America
- Rest of Latin America
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The report on the global anti-theft lock market is a compilation of first-hand information, qualitative and quantitative assessment by industry analysts, and inputs from industry experts and industry participants across the value chain. The report provides in-depth analysis of parent market trends, macroeconomic indicators, and governing factors, along with market attractiveness as per segments. The report also maps the qualitative impact of various factors on market segments and regions.