Stolen Vehicle Recovery Market Size, Share, Growth Analysis, By Technology(Ultrasonic, Radio Frequency Identification, GPS Tracking, and Others), By Vehicle Type(Passenger Cars, and Commercial Vehicles), By Component(Ultrasonic Intruder Protection System (UIP), Backup Battery Siren (BBS), Central Locking System, Automatic Collision Detection System), By Sales Channel(OEMs, and Aftermarket), By Region - Industry Forecast 2024-2031

Q: What is the global market size of Stolen Vehicle Recovery Market?

Global stolen vehicle recovery market size was valued at USD 8.5 billion in 2022 and is poised to grow from USD 8.95 billion in 2023 to USD 13.53 billion by 2031, growing at a CAGR of 5.3% in the forecast period (2024-2031).

Q: Which region accounted for the largest share in Global Stolen Vehicle Recovery Market?

Europe is estimated to dominate the global stolen vehicle recovery demand outlook across the forecast period while losing some market share to Asia Pacific and North America by the end of 2031. Increasing consumer awareness regarding benefits of stolen vehicle recovery deployment and growing number of automotive manufacturers integrating these systems in their vehicles are also slated to favor market growth in the future. Germany is predicted to account for the highest share of stolen vehicle recovery system sales in Europe over the coming years.

Report ID: SQMIG25A2278 | Region: Global | Published Date: April, 2024
Pages: 221 | Tables: 120 | Figures: 75

Stolen Vehicle Recovery Market Dynamics

Drivers

Efforts to Mitigate Insurance Risks

Vehicle insurance companies are focusing on mitigating their claim risks by adding clauses and mandates that vehicles should be equipped stolen vehicle recovery systems to improve recovery rates. These efforts of insurance companies are pushing individuals to opt for stolen vehicle recovery devices and thereby drive market growth as well.

Surge in Vehicle Theft Rates

Incidence of vehicle theft around the world has increased drastically in recent years and this has promoted the demand for advanced vehicle tracking thereby boosting stolen vehicle recovery demand outlook as well.

Restraints

Evolving Threat Landscape

Thieves have always come up with innovative solutions to steal vehicles and bypass all kinds of security and safety measures deployed. Signal jamming and device tampering are some key tactics that are used by thieves, which could render stolen vehicle recovery systems useless and thereby slow down market growth as well.

Data Privacy Concerns

Stolen vehicle recovery solutions gather location and other crucial data related to the driver. Concerns regarding the security of this data are predicted to slow down the adoption of stolen vehicle recovery in the long run.

Stolen Vehicle Recovery Market Report Snapshots

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FAQs

stolen vehicle recovery market size was valued at USD 8.5 billion in 2022 and is poised to grow from USD 8.95 billion in 2023 to USD 13.53 billion by 2031, growing at a CAGR of 5.3% in the forecast period (2024-2031).

Stolen vehicle recovery providers should focus on using advanced tracking technologies in their products to maximize their recovery success rate, which in turn, is also estimated to bolster sales potential. Companies can also collaborate with automotive manufacturers, law enforcement agencies, and even thieves to improve their product and provide the best-in-class security. Integration of advanced technologies is a key trend that new as well as established stolen vehicle recovery companies should focus on. 'Denso Corporation (Japan)', 'Robert Bosch GmbH (Germany)', 'Ford Motor Company', 'Tokairika, Co, Ltd (Japan)', 'HELLA GmbH & Co. KGaA (Germany)', 'BMW', 'Valeo (France)', 'Ituran', 'Vodafone Limited', 'Spireon Inc.', 'Mitsubishi Electric Corporation (Japan)', 'Continental AG (Germany)', 'TRACKMATIC UK', 'Cartrack', 'Lear Corporation (US)', 'Digital Matter', 'OMRON Corporation (Japan)', 'Altron'

Vehicle insurance companies are focusing on mitigating their claim risks by adding clauses and mandates that vehicles should be equipped stolen vehicle recovery systems to improve recovery rates. These efforts of insurance companies are pushing individuals to opt for stolen vehicle recovery devices and thereby drive market growth as well.

Use of Predictive Intelligence: Stolen vehicle recovery systems can be integrated with predictive intelligence technology to accurately trace the vehicle and improve the chances of a successful recovery. These systems also collect data from the vehicle, which can be further utilized to feed in predictive intelligence operations and give a better analysis of the situation.

Europe is estimated to dominate the stolen vehicle recovery demand outlook across the forecast period while losing some market share to Asia Pacific and North America by the end of 2031. Increasing consumer awareness regarding benefits of stolen vehicle recovery deployment and growing number of automotive manufacturers integrating these systems in their vehicles are also slated to favor market growth in the future. Germany is predicted to account for the highest share of stolen vehicle recovery system sales in Europe over the coming years.

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Stolen Vehicle Recovery Market Dynamics

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