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

Global Remote Vehicle Shutdown Market size was valued at USD 3.7 billion in 2022 and is poised to grow from USD 4.07 billion in 2023 to USD 7.42 billion by 2031, growing at a CAGR of 7.8% in the forecast period (2024-2031).

Remote vehicle shutdown can be triggered using a device that is connected to the car through a circuit. The device helps safeguard the vehicle in case of hijack or robbery, which could aid in recovery or prevent further damage that can be caused. Growing emphasis on increasing vehicle safety in the commercial space to reduce losses from theft and damage is also slated to promote the demand for remote vehicle shutdown over the coming years. ears. However, data security and privacy concerns are projected to hamper remote vehicle shutdown adoption in multiple parts of the world.

Increasing number of vehicle sales around the world are also estimated to bolster the adoption of remote vehicle shutdown systems in the long run. Developed as well as developing economies are both estimated to provide highly lucrative new opportunities for remote vehicle shutdown providers going forward. Automatic remote vehicle shutdown systems are projected to be highly coveted owing to their accurate and easy operation as compared to manual remote vehicle shutdown systems. North America is slated to maintain its stance as a dominant regional market in the world across the forecast period.