Asia-Pacific Stolen Vehicle Recovery
Market Overview:
6.38% CAGR, Asia-Pacific
Stolen Vehicle Recovery Market valuation will rise during that period from
USD 9,317.40 million in 2023 to USD 13,408.83 million by 2032.
Global Asia-Pacific Stolen Vehicle Recovery
Market to witness a disruption caused by COVID 19
Rising global vehicle theft events is one
of the main factors driving the recovery demand for the stolen vehicles.
Growing investments by the stolen vehicle recovery device manufacturers have
also led them to work continuously on developing new solutions that allow the
use of vehicles without connecting to the internet, reducing the risks to
driver safety and cyber security. Manufacturers of the stolen vehicle recovery
system are developing new technologies such as biometric technology, radio
frequency recognition, and ultrasonic sensors which have reduced the rate of
the stolen vehicle. These factors drive growth in the market.
Potential electronic component failure and
high cost of the stolen vehicle safety system could, however, restrict the
growth of the global market for the recovery of stolen vehicles. The vehicle
security system that has been stolen includes multiple subsystems such as face
detection system, GPS, RFID, UIP, alarms, central locking system, and real
estate. The costs associated with designing and engineering these subsystems
are high, which is having a major impact on the inclusive price of the vehicle.
Consequently, they hamper the Asia-Pacific Stolen Vehicle Recovery Market
globally.
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Stolen Vehicle Recovery Market
Segment Analysis
Global Asia-Pacific Stolen Vehicle Recovery
Market has been segmented based on sales channel, component, technology,
vehicle type, and region.
Technologically, the market is segmented
into ultrasonic, RFID ( Radio Frequency Identification), and others. Based on
technology, the segment of radio frequency identification accounted for the
largest market share of 51.82 percent in 2017, representing USD 4,828.18
million, and is expected to exhibit a CAGR of 7.55 percent over the forecast
period.
The global market was segmented by part
into Ultrasonic Intruder Protection System (UIP), Backup Battery Siren (BBS),
Central Locking System, Automatic Collision Recognition System (ADRS), Remote
Keyless Entry System, Others. Based on component, the central locking system segment held the
largest market share of 32.32 percent in 2017, representing USD 3.011.6 million
and is projected to exhibit a CAGR of 3.82 percent over the forecast period.
The market is segmented into passenger
cars, and commercial vehicles by vehicle type. Depending on the type of
vehicle, the category of passenger cars accounted for the greater market share
of 69.07 percent in 2017, representing USD 6.435.4 million and is expected to
exhibit a CAGR of 5.94 percent over the forecast period.
The market is bifurcated by Sales Channel
into OEM and Aftermarket. Based on the distribution channel, the OEM segment
accounted for the greater market share of 77.90 percent in 2017, representing
USD 7.525.8 million, and is expected to exhibit a CAGR of 5.64 percent over the
forecast period.
Regional Review
Demand for the recovery of stolen vehicles
by area is segmented into Asia-Pacific, Europe , North America and the rest of
the world. Asia-Pacific is expected to have the largest share in the global
market for the recovery of stolen vehicles, with a 51.13 percent share in 2017.
In 2017, China was the largest market, estimated at USD 2 494.40 million. Growth
in the recovery of stolen vehicles in Asia-Pacific can be attributed to China ,
Japan and India, owing to increased demand for automobiles, especially in China
and India, along with the presence of major manufacturers and global players
operating units in this region.
Competitive Dashboard
The major players of global Asia-Pacific
Stolen Vehicle Recovery Market are OMRON Corporation (Japan),Robert Bosch GmbH
(Germany), Denso Corporation (Japan), HELLA GmbH & Co. KGaA (Germany),
Mitsubishi Electric Corporation (Japan), Valeo (France), Continental AG
(Germany), Tokairika, Co, Ltd (Japan), Lear Corporation (US), and ALPS Alpine
Co., Ltd (Japan).
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