Remote Vehicle Shutdown Market Size, Share, Growth Analysis, By Type(Automatic, Manual), By Vehicle Type(Passenger, Commercial), By Region - Industry Forecast 2024-2031

Drivers

• Emphasis on Asset Protection

Commercial as well as individual vehicle owners are taking initiative to protect their vehicles from all kinds of damages and risks either by opting for comprehensive insurance policies or remote vehicle shutdown systems. This increase in emphasis on vehicle protection is slated to drive remote vehicle shutdown market growth.

• Requisite in Fleet Management

Most of the fleet management systems that are deployed by commercial organizations feature remote vehicle shutdown to safeguard their assets and prevent further damage to the organization. Growing popularity of this feature in fleet management will create new growth opportunities in the future.

Restraints

• Data Security Risks

Remote vehicle shutdown systems can collect and store crucial data that is private to the user of the vehicle. Since, these systems are remote they can be hacked into and the data could fall into wrong hands. Increasing concerns regarding the data protection norms of these devices could slow down market development.

• Liability and Safety Concerns

If hijacked or hacked, remote vehicle shutdown system in the hands of a fringe element could be a threat to the people and emerge as a major liability for the vehicle owner. Therefore, these concerns regarding safety of these systems are slowing down remote vehicle shutdown demand.