Stolen Vehicle Recovery Market An Insight On the Important Factors and Trends Influencing the Market
Market overview
The stolen vehicle security system is a reliable, intelligent and effective system to eradicate the vehicle theft chances with the help of various mechanisms, such as remote keyless entry system, ultrasonic intruder protection system, central locking system and automatic collision detection system. This kind of security system consists of detection, prevention and response to threats by using various technologies, for example, radio frequency identification and ultrasonic. The stolen vehicle recovery market is estimated to record a 7.59% CAGR during the estimated period globally. During the estimated time, the valuation can grow from USD 9,317.40 million in 2017 to USD 13,408.83 million by 2023. The increasing incidents of vehicle theft globally are one of the main factors operating the stolen vehicle recovery market.
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The increase in investments by the stolen vehicle recovery system producers has led them to continuously work on the development of alternative technologies that enable vehicle use without the connection to the internet, eradicating the risks for the safety of drivers and cybersecurity. The stolen vehicle recovery system producers are developing new technologies, for instance, radio frequency identification, biometric technology, and ultrasonic sensors, which have reduced the stolen vehicle rate. For example, producers of the stolen vehicle recovery system have developed biometric technology, which uses the fingerprint, iris, face, hand, and retina identification systems to grant permission to the vehicle. They can also identify people based on their physical or behavioral appearances. They offer easy vehicle entry by quickly processing the process request, collecting the database, and identifying the authorization. Biometric technology is also proficient in typing patterns, recognizing voices, and signature recognition. During the estimated period, these factors are expected to operate the global stolen vehicle recovery market.
The pandemic covid-19 has badly impacted the stolen vehicle recovery market due to a sudden drop in automobile spending. Different governments of different regions implemented lockdowns and postponed economic operations to control the danger of the virus from spreading, which resulted in a sudden drop in sales followed by a declination in consumer confidence. However, when the pandemic impact diminishes, the stolen vehicle recovery market will again regain its value. With government rules, trade & travel are anticipated to resume in a limited capacity, providing a suitable outlook for the stolen vehicle recovery market during the expected period.
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Key Players
- Robert Bosch GmbH (Germany)
- Denso Corporation (Japan)
- HELLA GmbH & Co. KGaA (Germany)
Market segmentation
By Vehicle Type
- Passenger Vehicle
- Commercial Vehicle
By Components
- Ultrasonic Intruder Protection System
- Backup Battery Siren
- Central Locking System
- Automatic Collision Detection System
- Automatic Driver Recognition System
- Remote Keyless Entry System
Regional analysis
Asia-Pacific is anticipated to have the largest share in the global stolen vehicle recovery market during the predicted period. In 2017 China was the largest market, valued at USD 2,494.40 million. The growth in stolen vehicle recovery in Asia-Pacific can be credited to China, Japan, and India due to increased demand for automobiles.
Industrial news
In 2018, Alps Alpine Co., Ltd. acquired Greina Technologies, Inc. The acquisition focuses on developing products and solutions for the automotive, consumer electronics and mobile segments.
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