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The global stolen vehicle recovery system market is growing fast because more vehicles are being stolen, and these recovery systems have a high success rate. However, the market might face challenges from advanced anti-theft technology and occasional failures in the recovery systems.
In 2017, the Federal Bureau of Investigation (FBI) reported that around $6 billion was lost due to vehicle theft, with an average loss of about $7,708 per theft. The U.S. saw 773,139 stolen vehicles that year, a slight increase from 2016. The FBI data revealed that a vehicle was stolen roughly every 40.9 seconds in the U.S. in 2017.
Efforts by law enforcement and anti-theft programs, along with technological advancements, have helped reduce thefts. However, there were increases in vehicle thefts in 2015 and 2016.
Thieves are becoming more sophisticated, using methods like obtaining smart keys or changing vehicle identification numbers. The National Insurance Crime Bureau (NICB) noted a 22% increase in vehicles stolen using such tactics in 2015.
To combat rising thefts, there's a growing demand for stolen vehicle recovery systems. These systems provide real-time location data, monitored through mobile apps, helping law enforcement recover vehicles quickly. The increasing number of thefts is expected to drive the stolen vehicle recovery system market growth.
Over time, the adoption of anti-theft systems, including video surveillance and fingerprint sensors, is likely to decrease vehicle thefts. This may moderate the impact of theft incidents on the demand for stolen vehicle recovery systems in the future.
In recent years, there has been a significant increase in vehicle thefts, leading to a rising demand for stolen vehicle recovery systems. These systems play a crucial role in locating and recovering stolen vehicles, contributing to the growth of the global stolen vehicle recovery system market. However, the market may face challenges due to advancements in anti-theft technology and occasional system failures.
According to the Federal Bureau of Investigation (FBI), vehicle thefts resulted in approximately $6 billion in losses in 2017, with an average loss of around $7,708 per theft. The FBI reported 773,139 stolen vehicles in the U.S. that year, occurring at a rate of one vehicle stolen every 40.9 seconds.
While law enforcement efforts and anti-theft programs have helped reduce theft numbers, there has been an increase in vehicle theft incidents in certain years, emphasizing the need for effective recovery solutions.
Thieves are employing more sophisticated methods, such as obtaining smart keys and manipulating vehicle identification numbers, leading to a 22% increase in vehicles stolen using such tactics in 2015, according to the National Insurance Crime Bureau (NICB).
The demand for stolen vehicle recovery systems has surged as a response to these challenges. These systems provide real-time location data, monitored through mobile applications, facilitating quick recovery by law enforcement. The ongoing increase in vehicle thefts is expected to drive the growth of the stolen vehicle recovery system market.
Covered Aspects:
| Report Attribute/Metric | Details |
|---|---|
| Market Opportunities | Technological advancements |
| Market Dynamics | Rapid urbanization Increasing criminal activity |
Stolen Vehicle Recovery Market Highlights:
Stolen Vehicle Recovery Market Overview:
The Stolen Vehicle Recovery market industry is projected to grow from USD 7.52 Billion in 2024 to USD 12.57 billion by 2032, exhibiting a compound annual growth rate (CAGR) of 6.63% during the forecast period (2024 - 2032). The Stolen Vehicle Recovery Market Size was valued at USD 6.5 billion in 2022. Increased technological advancements and rapid urbanization are the key market drivers enhancing market growth.
Source: Secondary Research, Primary Research, MRFR Database, and Analyst Review
Stolen Vehicle Recovery Market Trends
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Increasing Awareness about Vehicle Safety is driving the market growth
The market for vehicle security is expected to experience growth in the coming years due to several factors. One of these is the growing awareness among consumers regarding the importance of vehicle safety. Additionally, the increasing production of commercial and passenger vehicles, advancements in stolen vehicle recovery systems, and the adoption of biometric technology in vehicle security are all contributing to market growth. The need for innovative products and the rising popularity of smart cars are also expected to drive market CAGR growth.
The adoption of the Internet of Things (IoT) technology for stolen vehicle recovery (SVR) presents significant opportunities for the market. The use of IoT provides SVR companies with a new value proposition. IoT devices are small, easy to install, and can be concealed in any car. Additionally, they offer low power consumption and can monitor battery usage, which helps reduce maintenance costs. The low cost of batteries makes them a suitable option for stolen vehicle recovery companies. Thus, driving the Stolen Vehicle Recovery market revenue.
Stolen Vehicle Recovery MarketSegment Insights:
Stolen Vehicle Recovery Technology Insights
Based on technology, the Stolen Vehicle Recovery Market segmentation includes ultrasonic, radio frequency identification, and others. The radio frequency identification segment dominated the market because it assists in recognizing the thief's movement via radio waves. Through radio waves, information may be sent to a little chip attached to the object, allowing the object to be located, identified, and tracked.
Stolen Vehicle Recovery Component Insights
The Stolen Vehicle Recovery Market segmentation, based on components, includes ultrasonic intruder protection system (UIP), backup battery siren (BBS), central locking system, automatic collision detection system, automatic driver recognition System (ADRS), remote keyless entry system, others. The central locking system segment dominated the market due to its ability to remotely lock and unlock all vehicle doors. This makes it an important component for vehicle security and enables quick recovery in case of theft.
Stolen Vehicle Recovery Vehicle Type Insights
Based on vehicle type, the Stolen Vehicle Recovery Market segmentation includes passenger cars and commercial vehicles. The passenger car segment dominated the market due to the higher incidence of vehicle theft among passenger cars compared to other vehicle types, such as commercial vehicles and motorcycles. Additionally, passenger cars tend to have a higher value and are, therefore, more likely to be targeted by thieves.
Stolen Vehicle Recovery Sales Channel Insights
Based on Sales Channels, the Stolen Vehicle Recovery Market segmentation includes OEM and Aftermarket. The OEM segment dominated the market because OEMs have started offering stolen vehicle recovery systems as a standard feature. This has resulted in a higher adoption rate among consumers who prefer a built-in system rather than installing an aftermarket one.
Figure 1: Stolen Vehicle Recovery Market, by Sales Channel, 2022 & 2032 (USD billion)
Source: Secondary Research, Primary Research, MRFR Database, and Analyst Review
Stolen Vehicle Recovery Regional Insights
By region, the study provides market insights into North America, Europe, Asia-Pacific, and the Rest of the World. The North American stolen vehicle recovery market will dominate this market, due to the rapid pace of technological advancements and the increasing process of urbanization. As technology advances, the demand for more advanced and innovative products increases, and urbanization drives the need for more advanced infrastructure and services. This combination of factors is expected to result in an overall positive impact on the market.
Further, the major countries studied in the market report are the U.S., Canada, German, France, the UK, Italy, Spain, China, Japan, India, Australia, South Korea, and Brazil.
Figure 2: Stolen Vehicle Recovery Market Share By Region 2022 (%)
Source: Secondary Research, Primary Research, MRFR Database, and Analyst Review
Europe's Stolen Vehicle Recovery market accounts for the second-largest market share due to the presence of major automotive manufacturers. The region also has advanced security and safety regulations that have created a favorable environment for the growth of the SVR market. Further, the German Stolen Vehicle Recovery market held the largest market share, and the UK Stolen Vehicle Recovery market was the fastest-growing market in the European Region.
The Asia-Pacific Stolen Vehicle Recovery Market is expected to grow fastest from 2024 to 2032. This is the region can be attributed to the significant presence of major manufacturers and operational units of global players, as well as the increasing demand from small and medium-sized enterprises (SMEs) and various industry verticals. It is anticipated that these factors will contribute to the growth of the market in the region. Moreover, China’s Stolen Vehicle Recovery market held the largest market share, and the Indian Stolen Vehicle Recovery market was the fastest-growing market in the Asia-Pacific region.
Stolen Vehicle Recovery Key Market Players & Competitive Insights
Leading market players are investing heavily in research and development to expand their product lines, which will help the Stolen Vehicle Recovery market grow even more. Market participants are also undertaking various strategic activities to expand their global footprint, with important market developments including new product launches, contractual agreements, mergers and acquisitions, higher investments, and collaboration with other organizations. The Stolen Vehicle Recovery industry must offer cost-effective items to expand and survive in a more competitive and rising market climate.
Manufacturing locally to minimize operational costs is one of the key business tactics manufacturers use in the global Stolen Vehicle Recovery industry to benefit clients and increase the market sector. The Stolen Vehicle Recovery industry has offered some of the most significant advantages in recent years. Major players in the Stolen Vehicle Recovery market, including Robert Bosch GmbH (Germany), Denso Corporation (Japan), HELLA GmbH & Co. KGaA (Germany)., and others, are attempting to increase market demand by investing in research and development operations.
Mitsubishi Electric Corporation is a Japanese multinational company that manufactures electronics and electrical equipment. The company has developed a security technology that can detect attacks on equipment sensors. This technology uses a proprietary algorithm that is inserted in sensor fusion algorithms that combine multiple sensors for measurements. It helps to control in-vehicle devices automatically by detecting measurement-data inconsistencies. Mitsubishi Electric Corporation is considered one of the core companies of Mitsubishi and was established on January 15, 1921, with its headquarters located in Tokyo, Japan.
Continental AG is a German company that focuses on manufacturing automotive parts like tires, brake systems, and interior electronics. They have developed an in-vehicle server that acts as a network manager for modern electronic architectures. This server is a crucial element for vehicle cyber security, enabling wireless software updates and remote maintenance. It is also instrumental in managing networks, making it easier for the company to monitor vehicle performance and diagnose problems.
Key Companies In The Stolen Vehicle Recovery Market Include
- Denso Corporation (Japan)
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Robert Bosch GmbH (Germany) - HELLA GmbH & Co. KGaA (Germany)
- Valeo (France)
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Mitsubishi Electric Corporation (Japan) - Continental AG (Germany)
- Lear Corporation (US)
- Tokairika, Co, Ltd (Japan)
- OMRON Corporation (Japan)
Stolen Vehicle Recovery Industry Developments
February 2019:Â Mitsubishi Electric, a Japanese multinational electronics and electrical equipment manufacturing company, has developed sensor-security technology to detect attacks on equipment sensors. This technology detects measurement-data inconsistencies by using a proprietary algorithm in sensor fusion algorithms. The fusion algorithms automatically combine multiple sensors to measure and control in-vehicle devices.
February 2019:Â Continental AG, a German multinational automotive parts manufacturer, has developed the in-vehicle server that acts as a fundamental component of modern electronic systems in vehicles. The in-vehicle server plays a crucial role as a network manager, allowing for wireless software updates and remote maintenance, which are essential for vehicle cybersecurity.
Stolen Vehicle Recovery Market Segmentation:
Stolen Vehicle Recovery Technology Outlook
- Ultrasonic
- Radio Frequency Identification
- Others
Stolen Vehicle Recovery Component Outlook
- Ultrasonic Intruder Protection System (UIP)
- Backup Battery Siren (BBS)
- Central Locking System
- Automatic Collision Detection System
- Automatic Driver Recognition System (ADRS)
- Remote Keyless Entry System
- Others
Stolen Vehicle Recovery Vehicle Type Outlook
- Passenger Car
- Commercial Vehicle
Stolen Vehicle Recovery Sales Channel Outlook
- OEM
- Aftermarket
Stolen Vehicle Recovery Regional Outlook
- North America
- US
- Canada
- Europe
- Germany
- France
- UK
- Italy
- Spain
- Rest of Europe
- Asia-Pacific
- China
- Japan
- India
- Australia
- South Korea
- Australia
- Rest of Asia-Pacific
- Rest of the World
- Middle East
- Africa
- Latin America
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