Stolen Vehicle Recovery Market Overview:
6.38% CAGR, Stolen Vehicle Recovery Market valuation will rise during that period from USD 9,317.40 million in 2023 to USD 13,408.83 million by 2032.
Global Stolen Vehicle Recovery Market to witness a disruption caused by COVID 19
Rising global vehicle theft events is one of the main factors driving the recovery demand for the stolen vehicles. Growing investments by the stolen vehicle recovery device manufacturers have also led them to work continuously on developing new solutions that allow the use of vehicles without connecting to the internet, reducing the risks to driver safety and cyber security. Manufacturers of the stolen vehicle recovery system are developing new technologies such as biometric technology, radio frequency recognition, and ultrasonic sensors which have reduced the rate of the stolen vehicle. These factors drive growth in the market.
Potential electronic component failure and high cost of the stolen vehicle safety system could, however, restrict the growth of the global market for the recovery of stolen vehicles. The vehicle security system that has been stolen includes multiple subsystems such as face detection system, GPS, RFID, UIP, alarms, central locking system, and real estate. The costs associated with designing and engineering these subsystems are high, which is having a major impact on the inclusive price of the vehicle. Consequently, they hamper the Stolen Vehicle Recovery Market globally.
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Segment Analysis
Global Stolen Vehicle Recovery Market has been segmented based on sales channel, component, technology, vehicle type, and region.
Technologically, the market is segmented into ultrasonic, RFID ( Radio Frequency Identification), and others. Based on technology, the segment of radio frequency identification accounted for the largest market share of 51.82 percent in 2017, representing USD 4,828.18 million, and is expected to exhibit a CAGR of 7.55 percent over the forecast period.
The global market was segmented by part into Ultrasonic Intruder Protection System (UIP), Backup Battery Siren (BBS), Central Locking System, Automatic Collision Recognition System (ADRS), Remote Keyless Entry System, Others. Based on component, the central locking system segment held the largest market share of 32.32 percent in 2017, representing USD 3.011.6 million and is projected to exhibit a CAGR of 3.82 percent over the forecast period.
The market is segmented into passenger cars, and commercial vehicles by vehicle type. Depending on the type of vehicle, the category of passenger cars accounted for the greater market share of 69.07 percent in 2017, representing USD 6.435.4 million and is expected to exhibit a CAGR of 5.94 percent over the forecast period.
The market is bifurcated by Sales Channel into OEM and Aftermarket. Based on the distribution channel, the OEM segment accounted for the greater market share of 77.90 percent in 2017, representing USD 7.525.8 million, and is expected to exhibit a CAGR of 5.64 percent over the forecast period.
Regional Review
Demand for the recovery of stolen vehicles by area is segmented into Asia-Pacific, Europe , North America and the rest of the world. Asia-Pacific is expected to have the largest share in the global market for the recovery of stolen vehicles, with a 51.13 percent share in 2017. In 2017, China was the largest market, estimated at USD 2 494.40 million. Growth in the recovery of stolen vehicles in Asia-Pacific can be attributed to China , Japan and India, owing to increased demand for automobiles, especially in China and India, along with the presence of major manufacturers and global players operating units in this region.
Competitive Dashboard
The major players of global Stolen Vehicle Recovery Market are OMRON Corporation (Japan),Robert Bosch GmbH (Germany), Denso Corporation (Japan), HELLA GmbH & Co. KGaA (Germany), Mitsubishi Electric Corporation (Japan), Valeo (France), Continental AG (Germany), Tokairika, Co, Ltd (Japan), Lear Corporation (US), and ALPS Alpine Co., Ltd (Japan).
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