A stolen vehicle recovery device is an anti-theft device that enables users to locate their vehicle if it is lost. Even with the device fitted, the user’s car may still be stolen. It can help clients safely regain it in the event that it falls into the wrong hands.
The Stolen Vehicle Recovery Systems Market is presently worth USD 12,304.8 million and is poised to amplify at a CAGR of 7.2% over 2023-2033, thereby amassing a valuation of USD 23,005.3 million by the end of the assessment timeline.
Radiofrequency technology found in vehicle recovery systems helps law enforcement personnel locate and recover the vehicle. When users report a car theft to the police, special computers send radio signals to the stolen vehicle. These radio signals activate the vehicle recovery system in the car and transmit the location to police computers, making it easier to recover the vehicle.
The stolen automobile security system effectively reduces the likelihood of vehicle theft (UIP) by utilizing a number of tools, such as a remote keyless entry system, central locking system, automated collision detection system, and ultrasonic intruder protection system.
Due to rising consumer spending on automotive telematics, notably in the Asia-Pacific region, and rising awareness of more cutting-edge technologies, the market for stolen car tracking systems is developing.
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Market Trends
Internet of Things networks and devices, as opposed to conventional security systems, present a new opportunity for SVR firms. Gadgets are quick and easy to install and are small enough to be hidden in any car. Devices are more appropriate for SVR firms since they also have low power consumption, inexpensive batteries, and help to lower the high maintenance expenses of the vehicle by monitoring the battery use.
Additionally, vendors of Internet of Things solutions have created geolocation tools based on network triangulation that can estimate where stolen automobiles might be. This suggests that the network will locate the car for each communication it receives, enabling the security firm to forward the information to the closest recovery team.
The fact that devices are not linked to a particular base station or network allows for a large area of coverage. IoT-based solutions are thus currently best suited to meet all needs and provide the best assistance for victims, law enforcement, and insurance companies when a car or shipment is stolen. The market for recovering stolen vehicles is expected to undergo a revolutionary change as a result of this.
COVID-19 Impact
Due to a sharp decline in automotive spending, COVID-19 has had a negative influence on the market for recovering stolen vehicles. To reduce the risk of pandemic spread, a number of countries enacted lockdowns and stopped business activities, which had the unintended consequence of significantly decreasing customer trust and sales. However, the market for recovering stolen vehicles will pick up speed after the pandemic’s effects fade. Trade and travel are anticipated to continue in a limited capacity with the execution of government directives, offering a promising picture for the market for recovered stolen vehicles during the course of the projected year.
Key Drivers
- The industry for recovering stolen vehicles is reaching new heights as a result of greater customer awareness.
- Vehicle security using biometrics is becoming more popular.
- the increasing awareness of consumers regarding the significance of vehicle safety.
- Both passenger and commercial vehicles are being produced in increasing numbers.
- Enhancement of the car recovery systems’ accuracy.
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Opportunities
- Technology developments in stolen car recovery systems have created the chance.
- IoT ( Internet of Things ) -enabled vehicle recovery will experience tremendous market expansion.
- To find stolen vehicles, IoT solution providers have developed geolocation-based network triangulation.
Competitive Analysis
The prominent companies defining the competitive terrain of this marketplace 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,, and Spireon.
