New York, Nov. 15, 2021 (GLOBE NEWSWIRE) -- Stolen Vehicle Recovery Market Overview: According to a comprehensive research report by Market Research Future (MRFR), “Stolen Vehicle Recovery Market Research Report, Technology, Component, Vehicle Type, Sales Channel and Region - Forecast till 2030”, the market is estimated to register a 7.59% CAGR by 2030 during the forecast period (2022-2030).
List of the companies profiled in the stolen vehicle recovery market research report include –
- 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)
- ALPS Alpine Co. Ltd (Japan).
- Among others.
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Market Research Future’s Review on Stolen Vehicle Recovery Market
Drivers
Increasing Awareness about Vehicle Safety to Boost Market Growth
The increasing awareness among consumers regarding vehicle safety will boost market growth over the forecast period.
Besides, the increasing commercial and passenger vehicles production, increased accuracy in vehicle recovery systems, high need for innovative products, technological advances in stolen vehicle recovery systems, growing automobile industry worldwide, increasing number of people buying smarter cars, and adoption of biometric technology in vehicle security are also adding market growth.
Opportunities
Use of IoT for Stolen Vehicle Recovery to offer Robust Opportunities
The use of IoT for stolen vehicle recovery will offer robust opportunities for the market over the forecast period. IoT unlike traditional security systems offer SVR companies a new proposition. These devices are minute in size and can be hidden in any car as well as simple and quick to install. Besides, IoT devices provide lower power consumption, help to reduce the high maintenance cost of the car by monitoring the battery consumption, and offers low battery costs thus making it ideal for stolen vehicle recovery companies. Also, the IoT solution providers have created geo-location functions that are based on network triangulation which can offer estimates of the stolen vehicles’ location.
Restraints
Potential Failure of Electronic Components to act as Market Restraint
The potential failure of electronic components may act as market restraint over the forecast period.
Challenges
High Cost to act as Market Challenge
The high cost of stolen vehicle security system may act as market challenge over the forecast period.
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https://www.marketresearchfuture.com/reports/stolen-vehicle-recovery-market-7652
COVID-19 Analysis
The COVID-19 outbreak has resulted in the supply chain disruption causing lower demand or shortage of supply in stolen vehicle recovery system. Social distancing measures and travel restrictions have led to a sharp fall in business and consumer spending and this is likely to go on for some time. The end user preferences and trends have changed for the outbreak and have led in services providers, developers, and manufacturers in adopting different strategies for stabilizing the company. COVID-19 has adversely affected the market for a noteworthy drop in automobile spending. Suspended economic operations and government imposed lockdowns have limited the perils of the outbreak to spread, leading to a significant drop in sales and also a decrease in consumer confidence. But when the pandemic impact reduces, the market will once again gain pace. Following the implementation of government guidelines and rules, trade and travel are likely to resume in limited capacity offering a favorable outlook for the market in the forecast period. When the business recovers from the outbreak, they will have new priorities to cope with. All through the crisis, they were forced in dealing with shifting situations and often times fell short of the ultimate goals. But of late with a cure been discovered and the outbreak dying out, they will require recuperating from the crisis via setting forth novel objectives to succeed in the days to come.
Market Segmentation
The global stolen vehicle recovery market is bifurcated based on technology, component, vehicle type, and sales channel.
By technology, the radio frequency identification segment will lead the market over the forecast period.
By component, the central locking system will dominate the market over the forecast period.
By vehicle type, passenger cars will spearhead the market over the forecast period.
By sales channel, the OEM will command the market over the forecast period.
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Regional Analysis
APAC to Precede Stolen Vehicle Recovery Market
The APAC region will precede the stolen vehicle recovery market over the forecast period. China, India, and Japan hold the utmost market share. Increase in demand for automobiles in India and China, existence of major manufacturers & operating units of global players, rising need from SMEs & various industry verticals, booming automobile market, and growing need for different solutions of stolen vehicle tracking systems are adding to the global stolen vehicle recovery market growth in the region.
Segmentation of Market covered in the research:
Stolen Vehicle Recovery Market Report: Information by Technology (Ultrasonic, RFID and Others), Component (UIP, BBS, Central Locking System, ACDS, ADRS, Remote Keyless Entry System), Vehicle Type, Sales Channel and Region - Forecast till 2030
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About Market Research Future:
Market Research Future (MRFR) is a global market research company that takes pride in its services, offering a complete and accurate analysis with regard to diverse markets and consumers worldwide. Market Research Future has the distinguished objective of providing the optimal quality research and granular research to clients. Our market research studies by products, services, technologies, applications, end users, and market players for global, regional, and country level market segments, enable our clients to see more, know more, and do more, which help answer your most important questions.
