Stolen Vehicle Recovery Systems is presently worth USD 12, 304.8 million and is poised to amplify at a CAGR of 7.2% over 2022-2030, thereby amassing a valuation of USD 23,005.3 million by end of the assessment timeline.
An anti-theft gadget that enables users to find their vehicle if it is lost is called a stolen vehicle recovery device. The user's automobile can still be stolen even with the gadget installed. However, if it ends up in the wrong hands, you can assist clients in getting it back safely.
Also, there has been an increased awareness about the new technologies over the forecast period among the customers throughout the world. Additionally, the stolen vehicle recovery system has also effectively eradicated the chances of vehicle theft with the help of various components that includes, a remote keyless entry system, a central locking system, an automatic collision detection system and Ultrasonic Intrusion Protection (UIP). All these factors have boosted the market growth over the forecast period.
During the forecast period, the demand for stolen car recovery systems is anticipated to be driven by the continuously expanding automotive industry. The market for stolen car recovery systems is anticipated to gain from rising theft rates as well as rising government spending in the industry throughout the study period.
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Segmental analysis of the Market:
Based on Components
- Ultrasonic Intrusion Protection System (UIP)
- Battery Backup Siren (BBS)
- Central Locking
- System Automatic Collision Detection
- System Automatic Driver Recognition System (ADRS)
- System Remote Keyless Entry
- Others
Based on Vehicle type
- Passenger
- Vehicle Commercial Vehicles
Based on Technology
- Ultrasonic
- Radio Frequency Identification
- Other
Competitive Landscape:
Some of the prominent companies operating in the market are
- HELLA GmbH Co.
- KGaA
- Robert Bosch GmbH
- Valeo
- Continental AG
- Denso corporation
- mitsubishi electric corporation
- omron corporation
- ALPS Alpine Co., Ltd.
- Tokairika, Co., Ltd.
- lear corporation
- spireon
COVID-19 Impact:
Following the COVID-19 outbreak, the market for stolen car recovery systems saw a significant decline in sales. The epidemic significantly reduced the demand for cars. Governments also established travel limitations, which significantly decreased the likelihood of auto theft. The pandemic also had an impact on people's capacity to maintain their financial stability, which in turn reduced consumer confidence. The market for stolen vehicle recovery systems suffered as a result.
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Questions Answered In This Report:
- What is the growth rate of the Global Stolen Vehicle Recovery Systems Market?
- What are the primary growth determinants of the market?
- Which are the major regions constituting the geographical landscape of the market?
- Which are the prominent companies operating in the market?
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