Stolen Vehicle Recovery Market Overview
The global Stolen Vehicle Recovery Market is projected to enhance the market value at a 6.38% CAGR by the end of the forecast period 2030. The stolen vehicle security system is an effective, intelligent, and reliable system that is helpful to reduce the possibilities of vehicle theft with the help of different components like remote keyless entry system, central locking system, automatic collision detection system, and ultrasonic intruder protection system.
Technological advancements, increasing criminal activity, and rapid urbanization are the major driving factors in the Stolen Vehicle Recovery Market. Moreover, the presence of key market leaders such as Denso Corporation (Japan), Robert Bosch GmbH (Germany), HELLA GmbH & Co. KGaA (Germany), and others are competing across the regions to enhance the market growth on a large scale.
Further, the global market has more growth opportunities for the giants and manufacturers because of the high demand for the central locking system segment.
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Stolen Vehicle Recovery Market Demand and Growth Analysis:
The stolen vehicle recovery market refers to the technology and services used to locate and recover stolen vehicles. The market is driven by the increasing incidence of vehicle thefts and the need for effective recovery solutions.
The demand for stolen vehicle recovery solutions is expected to grow steadily in the coming years, driven by several factors. Firstly, the rising incidence of vehicle thefts across the globe is increasing the demand for effective vehicle recovery solutions. Secondly, the growing popularity of connected car technologies is providing new opportunities for stolen vehicle recovery service providers to offer innovative solutions.
Additionally, the increasing adoption of telematics solutions in the automotive industry is also expected to drive the growth of the stolen vehicle recovery market. Telematics solutions, which allow for the remote tracking and monitoring of vehicles, are being increasingly used by fleet operators and car rental companies to improve vehicle management and reduce the risk of theft.
Stolen Vehicle Recovery Market Segmentation
As per the Stolen Vehicle Recovery Market trends, the present market has been classified based on the vehicle type, technology, component, and sales channel.
The worldwide market has been classified into radio frequency identification (RFID), ultrasonic, and others based on the technology segment. Among these, the radio frequency identification segment is projected to lead the global market as it helps to recognize the thief’s movement through the waves of radio. RFID functions as a key sensor, which is widely used in a car security system. Its tag sensor identifies by using radio frequency signals and helps the car drivers to operate and access the vehicle. The RFID transmits the information through radio waves to a small chip attached to the objects, which can be easily tracked, located, and identified. Thus, vehicle safety applications are widely using RFID because of its wide range of operational abilities.
In terms of component segment, the Stolen Vehicle Recovery Market share has been segmented into Ultrasonic Intruder Protection System (UIP), Central Locking System, Backup Battery Siren (BBS), Remote Keyless Entry System, Automatic Driver Recognition System (ADRs), Automatic Collision Detection System, and others. Based on the Vehicle Type segment, the worldwide market has been segregated into Commercial Vehicle and Passenger Car. Based on sales channels, the global market has been classified into Aftermarket and OEM.
Stolen Vehicle Recovery Market Regional Analysis
The global Stolen Vehicle Recovery Market size is growing with the contributions of different regional markets such as Asia Pacific, Europe, North America, South America, and the rest of the world.
In 2017, the Asia-Pacific market was registered to account for the largest market share of 51.13%during the analysis period. In this year, China was accounted to generate the largest market value at USD 2,494.40 million. The specific Asia Pacific regions such as Japan, India, and China are growing the Stolen Vehicle Recovery Market growth due to operating units of global players and major manufacturers in the region and the growing demand for automobiles in India and China.
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Stolen Vehicle Recovery Industry News
In February 2019, a prominent market player named Mitsubishi Electric developed a security technology. This company has aimed to detect or identify attacks on equipment sensors. Here, this sensor-security technology inserts a proprietary algorithm in the sensor fusion algorithms to detect measurement-data inconsistencies.
Key Players
- Robert Bosch GmbH (Germany)
- Denso Corporation (Japan)
- HELLA GmbH & Co. KGaA (Germany)
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