With car prices increasing every year, consumers are investing heavily in accessories that can keep their automobiles looking good, but more importantly ensure the protection of their property.
While automotive accessories may enhance a vehicle’s features, it is the security devices market segment that is experiencing the healthiest sales.
New analysis from Frost & Sullivan, “North American Automotive Aftermarket for Selected Accessories,” including car covers, racks, roof boxes, vehicle organizers, and security devices, reveals that this industry generated revenues of $1.05 billion in 2000 and is projected to increase steadily to $3.42 billion by 2007. All figures in U.S. dollars.
“Security devices represent the major segment of the North American car accessory aftermarket in terms of revenues,” says Frost & Sullivan industry analyst Laurence Fourchet. “Since the number of vehicles in use and car prices are still increasing, automobile owners are willing to spend more to protect their investments.”
While most new models are already equipped with security systems, many older vehicles lack these perks. However, pre-owned automobiles averaging four years of age are favorite targets for thieves due to their high potential resale value.
“As most car thieves are opportunists, they look for vehicles that are easy to steal, regardless of age,” says Fourchet. “But as cars age, their parts become more in demand. A car can be worth several times its value in the underground market for replacement parts.”
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