Stolen Vehicle Recovery Market Projected to Grow at a CAGR of 7.59%, Reaching 13,408.83 Million USD During Forecast Period – Report by Market Research Future (MRFR)
Stolen Vehicle Recovery Market Growth Boost by Rising Technological Advancements, Rapid Urbanization and Increasing Criminal Activity
New York, US, May 22, 2023 (GLOBE NEWSWIRE) -- According to a Comprehensive Research Report by Market Research Future (MRFR), “Stolen Vehicle Recovery Market Information by Technology, Component, Vehicle Type, Sales Channel, and Region - Forecast till 2030”, Stolen Vehicle Recovery Market could thrive at a rate of 7.59% between 2022 and 2030. The market size will be reaching around USD 13,408.83 Million by the end of the year 2027
*Stolen Vehicle Recovery Market Overview*
Stolen Vehicle Recovery (SVR) refers to the process of locating and recovering stolen vehicles using advanced tracking and communication technologies. SVR systems use GPS, cellular and satellite technologies to track the location of the stolen vehicle, allowing law enforcement agencies to recover the vehicle quickly and safely. The SVR market includes hardware and software solutions used to track and recover stolen vehicles.
SVR technology has become increasingly important due to the rising incidence of vehicle thefts globally. According to the National Insurance Crime Bureau (NICB), a non-profit organization based in the US, nearly 800,000 vehicles were stolen in the US alone in 2019. This represents an increase of 4% compared to the previous year. In addition, the NICB estimates that only half of the stolen vehicles are recovered. This has led to increased demand for SVR systems from vehicle owners and fleet operators who want to protect their assets and reduce the risk of financial loss.
*Stolen Vehicle Recovery Market Competitive Landscape:*
The affluent companies in the Stolen Vehicle Recovery industry include
· Robert Bosch GmbH
· Denso Corporation
· HELLA GmbH & Co. KGaA
· Among others.
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February 2019*
Mitsubishi Electric developed a proprietary algorithm to detect attacks on equipment sensors by detecting inconsistencies in measurement data. The technology is used to secure automatic control of in-vehicle devices by inserting the algorithm in sensor fusion algorithms that combine multiple sensors
*February 2019*
Continental AG developed an in-vehicle server as the core of modern electronic architecture. This network manager serves as a central architectural element for vehicle cyber security, enabling wireless software updates and remote maintenance.
*Stolen Vehicle Recovery Market Segmentation*
*By Technology*
The technology in the market includes Ultrasonic, RFID, and Others.
*By Component*
By component, the segment includes UIP, BBS, Central Locking System, ACDS, ADRS, Remote Keyless Entry System
*By Vehicle Type*
By vehicle type, the segment includes Passenger Cars Commercial Vehicle
*By sales channel*
By sales channel, the segment includes OEM Aftermarket
*Report Scope:*
*Report Metrics* *Details*
Market Size 2030 2027: USD 13,408.83 Million
2030: Significant Value
CAGR during 2022-2030 7.59% CAGR
Base Year 2021
Forecast 2022-2030
Report Coverage Revenue Forecast, Competitive Landscape, Growth Factors, and Trends
Segments Covered Technology, Component, Vehicle Type and Sales Channel
Key Market Opportunities The central locking system segment
Key Market Drivers Technological advancements
Rapid urbanization
Increasing criminal activity
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Stolen Vehicle Recovery Market USP Covered:*
*Market Drivers:*
One driver of the SVR market is the increasing adoption of connected car technologies. Many modern vehicles are equipped with telematics systems that can provide real-time data on the location and condition of the vehicle. This has made it easier for SVR companies to track and recover stolen vehicles. In addition, the increasing use of mobile devices and the Internet of Things (IoT) has made it easier for vehicle owners to access SVR services and receive real-time alerts about the status of their vehicles.
*Market Restraints:*
One major restraint in the SVR market is the high cost of SVR systems. These systems can be expensive to install and maintain, which can limit their adoption by small and medium-sized businesses and individuals. In addition, SVR systems require a strong network infrastructure, which may not be available in some areas. This can limit the effectiveness of SVR systems in certain regions, reducing their appeal to potential customers.
*Stolen Vehicle Recovery Market COVID 19 Analysis*
The stolen vehicle recovery market has not been significantly impacted by the COVID-19 pandemic. This is mainly because the market primarily depends on the number of vehicle thefts, which have not seen a major shift in trend during the pandemic. Additionally, the adoption of stolen vehicle recovery solutions is also driven by the need for better security measures, which have remained unchanged during the pandemic. However, there may have been some minor delays or disruptions in the supply chain and installation of stolen vehicle recovery systems due to restrictions on movements and social distancing norms in some regions.
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Stolen Vehicle Recovery Market Regional Insights*
In North America, the market is primarily driven by the high number of vehicle theft cases reported in the region, coupled with the strict regulations imposed by the government authorities to curb vehicle theft. Additionally, the high awareness among vehicle owners regarding the benefits of stolen vehicle recovery services is also fueling the growth of the market in this region.
In Europe, the market is driven by the increasing adoption of advanced technologies such as GPS, RFID, and others to track and recover stolen vehicles. Furthermore, the strict government regulations mandating the installation of theft-prevention devices in vehicles are also driving the growth of the market in this region.
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https://www.marketresearchfuture.com/checkout?currency=one_user-USD&report_id=7652In Asia Pacific, the market is primarily driven by the increasing number of vehicle theft cases reported in countries such as India, China, and others. The rising awareness among vehicle owners regarding the benefits of stolen vehicle recovery services is also driving the growth of the stolen vehicle recovery market in this region.
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