Stolen Vehicle Recovery Market Future Trends
The future of the stolen vehicle recovery market is expected to be driven by technological advances in vehicle tracking and recovery systems, as well as the increasing demand for sophisticated security systems. Over the next few years, more vehicles will be equipped with Global Positioning Systems (GPS) and other type of tracking technologies, which will increase the accuracy of stolen car recovery. Other growth areas are expected to include real-time vehicle tracking systems and Wi-Fi enabled devices that allow concerned vehicle owners to monitor and track their vehicles. The increasing adoption of such advanced technologies will significantly accelerate market growth over the forecast period. Additionally, the introduction of Machine Learning and Artificial Intelligence (AI) algorithms in vehicle tracking and vehicle recovery systems will further propel the stolen vehicle recovery market in the future. Furthermore, the rising demand for the integration of vehicle telematics systems with RFIDs and embedded sensors is likely to provide further impetus to the stolen vehicle recovery market during forecast period.
Stolen Vehicle Recovery Market Overview
The global Stolen Vehicle Recovery Market is projected to enhance the market value at a 6.38% CAGR by the end of the forecast period 2027. The stolen vehicle security system is an effective, intelligent, and reliable system that is helpful to reduce the possibilities of vehicle theft with the help of different components like remote keyless entry system, central locking system, automatic collision detection system, and ultrasonic intruder protection system.
Technological advancements, increasing criminal activity, and rapid urbanization are the major driving factors in the Stolen Vehicle Recovery Market. Moreover, the presence of key market leaders such as Denso Corporation (Japan), Robert Bosch GmbH (Germany), HELLA GmbH Co. KGaA (Germany), and others are competing across the regions to enhance the market growth on a large scale.
Further, the global market has more growth opportunities for the giants and manufacturers because of the high demand for the central locking system segment.
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Stolen Vehicle Recovery Market Segmentation
As per the Stolen Vehicle Recovery Market trends, the present market has been classified based on the vehicle type, technology, component, and sales channel.
The worldwide market has been classified into radio frequency identification (RFID), ultrasonic, and others based on the technology segment. Among these, the radio frequency identification segment is projected to lead the global market as it helps to recognize the thief’s movement through the waves of radio. RFID functions as a key sensor, which is widely used in a car security system. Its tag sensor identifies by using radio frequency signals and helps the car drivers to operate and access the vehicle. The RFID transmits the information through radio waves to a small chip attached to the objects, which can be easily tracked, located, and identified. Thus, vehicle safety applications are widely using RFID because of its wide range of operational abilities.
In terms of component segment, the Stolen Vehicle Recovery Market share has been segmented into Ultrasonic Intruder Protection System (UIP), Central Locking System, Backup Battery Siren (BBS), Remote Keyless Entry System, Automatic Driver Recognition System (ADRs), Automatic Collision Detection System, and others. Based on the Vehicle Type segment, the worldwide market has been segregated into Commercial Vehicle and Passenger Car. Based on sales channels, the global market has been classified into Aftermarket and OEM.
Stolen Vehicle Recovery Market Regional Analysis
The global Stolen Vehicle Recovery Market size is growing with the contributions of different regional markets such as Asia Pacific, Europe, North America, South America, and the rest of the world.
In 2017, the Asia-Pacific market was registered to account for the largest market share of 51.13%during the analysis period. In this year, China was accounted to generate the largest market value at USD 2,494.40 million. The specific Asia Pacific regions such as Japan, India, and China are growing the Stolen Vehicle Recovery Market growth due to operating units of global players and major manufacturers in the region and the growing demand for automobiles in India and China.
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Stolen Vehicle Recovery Industry News
In February 2019, a prominent market player named Mitsubishi Electric developed a security technology. This company has aimed to detect or identify attacks on equipment sensors. Here, this sensor-security technology inserts a proprietary algorithm in the sensor fusion algorithms to detect measurement-data inconsistencies.
Key Players
- Robert Bosch GmbH (Germany)
- Denso Corporation (Japan)
- HELLA GmbH Co. KGaA (Germany)
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