An anti-theft gadget that enables users to find their vehicle if it is lost is called a stolen vehicle recovery device. The user's automobile can still be stolen even with the gadget installed. However, if it ends up in the wrong hands, you can assist clients in getting it back safely.
Stolen Vehicle Recovery Systems is presently worth USD 12, 304.8 million and is poised to amplify at a CAGR of 7.2% over 2022-2030, thereby amassing a valuation of USD 23,005.3 million by end of the assessment timeline.
Market Overview:
Law enforcement personnel can identify and recover the vehicle with the aid of radio frequency technology included into vehicle recovery systems. Special computers send radio signals to the stolen car when users report it as stolen to the police. It will be simpler to retrieve the vehicle thanks to these radio signals, which turn on the vehicle recovery system in the automobile and relay the location to police computers.
During the forecast period, the demand for stolen car recovery systems is anticipated to be driven by the continuously expanding automotive industry. The market for stolen car recovery systems is anticipated to gain from rising theft rates as well as rising government spending in the industry throughout the study period.
In addition, during the course of the study, it is anticipated that developing developments in stolen car recovery systems would present unexplored potential opportunities for the industry. IoT networks and devices are simple to install in vehicles and have low power requirements. These benefits will support market expansion.
Due to a sharp surge in car theft incidents and a growing desire to increase vehicle security, the market for stolen vehicle tracking systems is fast rising. Vehicle monitoring technology is becoming increasingly popular as a practical way to quickly locate a stolen vehicle.
R&D and product innovation are being embraced as more and more startup businesses compete for a piece of this lucrative market. For instance, a UK start-up has created a new system that will increase the accuracy and speed of tracking stolen vehicles.
Segmental analysis of the Market:
Based on Components
- Ultrasonic Intrusion Protection System (UIP)
- Battery Backup Siren (BBS)
- Central Locking
- System Automatic Collision Detection
- System Automatic Driver Recognition System (ADRS)
- System Remote Keyless Entry
- Others
Based on Vehicle type
- Passenger
- Vehicle Commercial Vehicles
Based on Technology
- Ultrasonic
- Radio Frequency Identification
- Other
Competitive Landscape:
Some of the prominent companies operating in the market are
- HELLA GmbH & Co.
- KGaA
- Robert Bosch GmbH
- Valeo
- Continental AG
- Denso corporation
- mitsubishi electric corporation
- omron corporation
- ALPS Alpine Co., Ltd.
- Tokairika, Co., Ltd.
- lear corporation
- spireon
COVID-19 Impact:
Following the COVID-19 outbreak, the market for stolen car recovery systems saw a significant decline in sales. The epidemic significantly reduced the demand for cars. Governments also established travel limitations, which significantly decreased the likelihood of auto theft. The pandemic also had an impact on people's capacity to maintain their financial stability, which in turn reduced consumer confidence. The market for stolen vehicle recovery systems suffered as a result.
Questions Answered In This Report:
- What is the growth rate of the Global Stolen Vehicle Recovery Systems Market?
- What are the primary growth determinants of the market?
- Which are the major regions constituting the geographical landscape of the market?
- Which are the prominent companies operating in the market?
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