The stolen vehicle recovery market relies on the vehicle security system that are intelligent, reliable, and effective. This is expected to reduce the number of stolen cars. Several technologies, such as remote keyless entry system, ultrasonic intruder protection system (UIP), central locking system, and automatic collision detection system are providing excellent service to the global stolen vehicle recovery market. The global stolen vehicle recovery market is expected to gain 6.38% CAGR on its way to complete the forecast period (2018-2023). Market Research Future (MRFR) predicts a touching of USD 13,408.83 million valuation by 2023.
Rise in biometric technology, GPS, RFID, UIP, central locking system, alarms, and immobilizers are expected to promote the global stolen vehicle recovery market progress. At the same time, hike in investment to manufacture such security systems are expected to promote the market growth.
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MRFR’s recent analysis of the global stolen vehicle recovery market has its emphasis on segments that are expected to provide a closer look at the market. These segments are technology, component, sales channel, and vehicle type.
Based on the technology, the stolen vehicle recovery market can be segmented into ultrasonic, radio frequency identification, and others. The radio frequency identification segment has better market share and it covered almost 51.82% in 2017 and accounted for USD 4,828.18 million. Currently, it is slated to acquire 7.55% CAGR during the forecast period.
Based on the component, the stolen vehicle recovery market includes Ultrasonic Intruder Protection System (UIP), Backup Battery Siren (BBS), central locking system, automatic collision detection system, Automatic Driver Recognition System (ADRS), remote keyless entry system, and others. The central locking system segment had almost 32.32% share of the global market in 2017 and accounted for USD 3,011.6 million. Its current projectile expresses a possibility of growth with 3.82% CAGR during the forecast period.
Based on the sales channel, the stolen vehicle recovery market can be segmented into OEM and aftermarket. The OEM segment owned the lion’s share in 2017. It had 77.90% of the total market share and was valued at USD 7,525.8 million. At present, it shows a possibility of rising with 5.64% CAGR during the forecast period.
Based on the vehicle type, the stolen vehicle recovery market includes passenger cars and commercial vehicles. The passenger cars segment owned 69.07% share of the market in 2017 and accounted for USD 6,435.4 million. The segment is slated to acquire 5.94% CAGR during the forecast period.
Geographical analysis of the stolen vehicle recovery market reveals a detailed study of regions like North America, Asia Pacific (APAC), Europe, and Rest of the World (RoW). This is needed for understanding dynamics of growth pockets.
The APAC market had the maximum market share in 2017. The market is also expected to be the fastest growing one during the forecast period. This would be substantially backed by high sales rate of automobiles in the region, especially in China and India.
Europe’s market is the second largest one and it is going to retain its prominence during the forecast period. The regional market is witnessing substantial investment in the research and development segment.
A number of companies that are playing pivotal roles in the global stolen vehicle recovery market have started investing much to solidify their own market position and improve the global market holistically. MRFR enlisted several companies to have a good look at the trend. These companies are Robert Bosch GmbH (Germany), Denso Corporation (Japan), Valeo (France), HELLA GmbH & Co. KGaA (Germany), Continental AG (Germany), Mitsubishi Electric Corporation (Japan), OMRON Corporation (Japan), Tokairika, Co, Ltd (Japan), Lear Corporation (US), and ALPS Alpine Co., Ltd (Japan). They have included merger, acquisition, product launch, innovation, and other features to ensure better production rate.
In July 2019, Indian government directed all the automotive makers to affix laser-oriented microdots in vehicles and parts, readable with microscopes under ultraviolet light sources.
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