Stolen Vehicle Recovery Market is estimated to register a 7.59% CAGR by 2030 during the forecast period (2022-2030).
The stolen vehicle recovery system is an intelligent, reliable, and effective system to eliminate the chances of vehicle theft with the help of various components, such as central locking system, remote keyless entry system, ultrasonic intruder protection system (UIP), and automatic collision detection system. This security system includes detection, prevention and response to threats through the use of various technologies, such as radio frequency identification, and ultrasonic. The global stolen vehicle recovery market is estimated to register a 7.59% CAGR during the forecast period, 2022–2030. During that time, its valuation can grow from USD 9,317.40 million in 2017 to USD 13,408.83 million by 2027. Market Research Future’s (MRFR) detailed report on the market has its focus on segments, drivers, and competitive analysis of the entire market. This can give a peek into the future market demography and enable market players in having strategies planned accordingly. Rising global incidents of vehicle theft is one of the key factors, driving the stolen vehicle recovery market. For instance, according to the Federal Bureau of Investigation (FBI), in 2017, about USD 6 billion was lost due to vehicle theft and the average loss, per vehicle theft, was approximately USD 7,708. Moreover, in 2017, vehicle theft rose by 10.4% compared to 2013. As per the FBI reports, in 2017, one vehicle theft was reported in every 40.9 seconds in the US. Moreover, increasing investments by the stolen vehicle recovery system manufacturers have led them to continuously working on developing alternative technologies that facilitate vehicle use without connecting to the internet, eliminating the risks for driver safety and cybersecurity. The stolen vehicle recovery system manufacturers are developing new technologies such as, biometric technology, radio frequency identification, and ultrasonic sensors, which has depleted the stolen vehicle rate. For instance, the stolen vehicle recovery system manufacturers have developed the biometric technology, that uses fingerprint, face, iris, hand, and retina recognition systems to grant access to the vehicle. They also identify people based on physical and/or behavioral characteristics. They offer easy vehicle entry by quickly processing the access request, collecting database, and recognizing authorization. Biometric technology is also capable of recognizing voices, typing patterns, and signature recognition. Such factors are expected to drive the global stolen vehicle recovery market during the forecast period.
However, potential failure of electronic components and high cost of the stolen vehicle security system could restrain the growth of the global stolen vehicle recovery market. The stolen vehicle security system comprises multiple subsystems, such as GPS, face detection system, RFID, UIP, central locking system, alarms, and immobilizers. The costs associated with the design and manufacturing of these subsystems are high, which affects the overall vehicle price to a major extent. Therefore, they hamper the market for stolen vehicle recovery, globally.
Stolen vehicle recovery market by region is segmented into Asia-Pacific, Europe, North America, and Rest of the World. Asia-Pacific is expected to hold the largest share in the global stolen vehicle recovery market during the forecast period with 51.13% share in 2017. China was the largest market in 2017, valued at USD 2,494.40 million. The growth in stolen vehicle recovery in Asia-Pacific can be attributed to China, Japan, and India, owing to an increase in demand for automobiles, primarily in China and India, along with the existence of major manufacturers and operating units of global players in this region.
Global stolen vehicle recovery market has been segmented based on technology, component, vehicle type, sales channel, and region. On the basis of technology, the market is classified into ultrasonic, radio frequency identification (RFID), and others. The radio frequency identification segment is expected to dominate the stolen vehicle recovery market as it helps recognize the movement of the thief though radio waves. RFID transmits the information by radio wave to a small chip attached to the objects, through which such objects can be located, identified, and tracked. RFID is used in a car security system, functions as a key sensor, which activates the car by using radio frequency signals and the tag sensor identifies whether the driver has access to operate the vehicle, or not, and enables locking if a user is identifies without access. Therefore, a wide range of operational ability allows RFID to be used for the vehicle safety applications.
The key players of global stolen vehicle recovery market are Denso Corporation (Japan), Robert Bosch GmbH (Germany), HELLA GmbH & Co. KGaA (Germany), Valeo (France), Mitsubishi Electric Corporation (Japan), Continental AG (Germany), Lear Corporation (US), Tokairika, Co, Ltd (Japan), OMRON Corporation (Japan), and ALPS Alpine Co., Ltd (Japan).
Key questions addressed in the report
|CAGR||7.59% CAGR (2022 to 2030)|
|Historical Data||2019 & 2020|
|Forecast Units||Value (USD Million)|
|Report Coverage||Revenue Forecast, Competitive Landscape, Growth Factors, and Trends|
|Segments Covered||Technology, Component, Vehicle Type and Sales Channel|
|Geographies Covered||North America, Europe, Asia-Pacific, and Rest of the World (RoW)|
|Key Vendors||Robert Bosch GmbH (Germany), Denso Corporation (Japan), HELLA GmbH & Co. KGaA (Germany)|
|Key Market Opportunities||The central locking system segment|
|Key Market Drivers||
The global stolen vehicle recovery market is expected to record a substantial market valuation of USD 13,408.83 million by 2027.
The global stolen vehicle recovery market is projected to register a 7.59% CAGR in the forecast period.
Technological advancements, rapid urbanization, and increasing criminal activity are driving the growth of the market.
the failure of electronic components and high costs are likely to hamper the growth of the stolen vehicle recovery market over the review period.
The RFID segment is slated to expand as the fastest-growing segment.
The central locking system segment is slated to expand as the fastest-growing segment.
A few major market players operating in the global stolen vehicle recovery market are Robert Bosch GmbH (Germany), Denso Corporation (Japan), HELLA GmbH & Co. KGaA (Germany), among others.