In 2019, the remote vehicle shutdown market value is registered as USD 396.44 million and is expected to exhibit a significant CAGR of 8.04% with the market size of USD 781.83 million during the forecast period (2021-2028).
Remote Shutdown device is very helpful in these terrible days to prevent hijacking and thefts by burglars. This device has a system with possible manual or automated operators through satellites and wireless connections to connect the car. This device is connected through the central circuit in the car. The transmitter and receiver receive the signal either to reduce the vehicle’s speed or shut off the engine entirely. In the U.S, subprime auto loans are provided by the lenders where the need for a remote vehicle shutdown market is found. When a borrower fails to repay, the lender uses this technology to disable the ignition of their cars. The police department also using this advanced technology to remotely stop the high-speed hunts and also to search the stolen or missed cars.
According to the report of the National Insurance Crime Bureau, from 2013 to 2015, nearly 147,434 vehicles are robbed with keys and fobs left in the cars which reflects 56% of rising in car robberies, and from 2016 to 2018, approximately 229,339 car robberies were done in the U.S. and stolen cars turn out to 209 cars everyday.
In the first two quarters of 2020, the COVID-19 pandemic impacts most of the sectors like businesses, transportation, education, and more all over the world. The virus spread from one place to another very faster. Then the governments imposed several stringent regulations like lockdowns, to maintain social distance the public places like restaurants, theatres, schools, colleges are shut down. Due to these lockdowns, manufacturing industries were shutoffs their production owing to the lack of labor, supply chain disruptions, and shortage of raw materials.
The remote vehicle shut down market is also impacted negatively in the first quarter of 2020. Further due to the benefits of this technology in the police department makes it rising the demand for the market. The police department uses this system for tracking the thefts or the missing vehicles by GPS tracking or alarm system using the remote vehicle shutdown system.
The prominent key players in the remote vehicle shutdown market outlook are the following:
The rising robbery cases in the commercial vehicle is the major factor driving the market. Due to the robberies, the transportation sector experiences massive losses which leads to the rise in demand for automatic systems that secure the vehicle. Moreover, the growing number of passenger car theft cases is boosting the market growth in the review period. This system is used by businesses, individuals, and law enforcement agencies, for preventing the misuse of vehicles by rogue elements. Apart, parents are also using this system to detect their underage children from using vehicles.
The increase in vehicle and cargo thefts requires automated systems that help in protecting the vehicle or cargo from hijacking or robbing. These systems are equipped with complex electronics and alarm systems. Transportation is at a vulnerable stage due to thefts. A remote immobilization system prevents vehicle thefts and helps in retrieving valuable things like goods and cargo from the lost vehicles. Hence this factor accelerates the market growth. It provides complete vehicle security like GPS tracking and anti-theft security alarm.
Owing to the engine’s lockdown, privacy issues, and risk of vehicle damage are anticipated to hamper the growth of the market.
Automotive manufacturers are investing a huge amount in the development of advanced technologies for the protection of vehicles. Multinational corporations like General Motors and Scania AB are participating in the development of such technologies. These are the opportunities to boost the growth of the market.
When this system is used by businesses or law enforcement agencies, it may endanger the life of drivers. As the vehicles stopped in the middle of the road endangers the driver’s life by the use of remote immobilizer leads to accidents and traffic congestions. This is the major challenge of market growth.
Study Objectives -
The global remote vehicle shutdown market has been divided into segments based on system, vehicle type, and region.
Based on System
The global remote vehicle shutdown market based on the system is classified into two types as manual and automatic. Out of these two, the automatic segment is dominating the largest market share for the growing integration of IoT, artificial intelligence, and other automated systems in vehicles.
Based on Vehicle Type
The global remote vehicle shutdown market by vehicle type is bifurcated into two types as passenger and commercial. Due to the globally rising car theft cases, the passenger vehicle segment is accounting for the largest market share. In 2016, according to the FBI, nationwide nearly 765,484 motor vehicle robberies were done. In the years 2015 and 2016, the crime rate is registered as up 3.2% and 6.6% respectively. According to the National Insurance Crime Bureau, one car was theft every 6.5 minutes and 156 cars per day.
Apart, the commercial segment is expected to grow at a significant rate during the forecast period due to the growing robbery cases in logistics and transportation industry vehicles. The increase in the e-commerce sector is the major driver for the logistics industry that requires additional security and prevention from theft that propels the growth of the market in this segment shortly.
Based on Region
Regionally, the global remote vehicle shutdown market is divided into four main geographies such as North America, Europe, Asia-Pacific, and the Rest of the World. Among them, North America is dominating the largest market share due to the rising concerns about vehicles security.
Regional Analysis -
Geographically, the remote vehicle shutdown market is segmented into four main regions like North America, Europe, Asia-Pacific, and the Rest of the World. Out of these regions, North America is the leading region in the market due to the growing concerns about vehicles security. In the US, the emerging country California has the highest motor vehicle theft rate which leads to the increase in demand for the market. Asia-Pacific is anticipated to be the fastest-growing region for the rising vehicle theft cases in this region.
This global remote vehicle shutdown market research includes the Market Overview, COVID-19 analysis, Market Dynamics, Study Objectives, Segment Overview, Regional Analysis, Competitive Landscape, Recent developments, Segmentation Table, and FAQs. The market scenario includes the remote vehicle shutdown market drivers, restraints, challenges, and opportunities. The global market forecast segments are system, vehicle type, and region.
The remote vehicle shutdown market trends have been segmented globally based on the system, vehicle type, and region.
Manual and automatic.
By Vehicle Type
Passenger and commercial.
Asia-Pacific, Europe, North America, and the rest of the world are the four main geographies included in the remote vehicle shutdown market.
|Market Size||2027: Significant Value|
|CAGR||8% CAGR (2017-2023)|
|Forecast Units||Value (USD Million)|
|Report Coverage||Revenue Forecast, Competitive Landscape, Growth Factors, and Trends|
|Segments Covered||System and Vehicle Type|
|Geographies Covered||North America, Europe, Asia-Pacific, and Rest of the World (RoW)|
|Key Vendors||PassTime GPS (U.S), OnStar Corporation (U.S), Cobra Car Tech Ltd (U.K), Sonic Electronix,Inc (U.S), LoJack Corporation (U.S), TracknStop (Ireland), The Tracker (South Africa), Fleetsmart (U.K), Frotcom International (Portugal) and EMCO Software (Iceland).|
|Key Market Opportunities||Increasing concerns of the safety of vehicles|
|Key Market Drivers||The inclination of people towards|
Frequently Asked Questions (FAQ) :
The remote vehicle shutdown market can surge at 8% CAGR by 2023.
The remote vehicle shutdown market can attain a lucrative value by 2023.
Fleetsmart (U.K), The Tracker (South Africa), EMCO Software (Iceland), and Frotcom International (Portugal) are some reputed organizations in the remote vehicle shutdown market.
The inclination of people towards automatic remote vehicle shutdown can impel its global market growth.
In North America, rise in safety concerns can cause the regional remote vehicle shutdown market growth to augment.