Market Trends of Stolen Vehicle Recovery Industry
Ultrasonic Intrusion Protection and Central Lock System Hold Major Market Share
- The automotive industry is transforming significantly due to the digitalization of in-car systems. This digitalization is essential for implementing vehicle automation, connectivity, and shared mobility and is expected to drive substantial market growth in the forecast period.
- The widespread availability of high-speed internet and the increasing use of global positioning systems and other internet-connected technologies that offer advanced security features to consumers are expected to boost the demand for vehicle security systems. This rise in vehicle security systems is likely to lead to an increased demand for ultrasonic intrusion protection systems during the forecast period.
- The growing popularity of the keyless entry system in vehicles is due to the use of proximity and locking sensors to detect the opening and closing of vehicle doors. With the increase in demand for keyless entry systems, sensors will be in significant demand during the forecast period.
- For instance, in May 2024, Great Wall Motor launched the Tank 400 Hi4-T, a mid-to-large-size plug-in hybrid off-road SUV in China. This new SUV model boasts a central lock system among its features.
- Ultrasonic intrusion protection is a security feature that triggers an alert if movement is detected inside the passenger compartment after the vehicle has been locked. This advanced system uses ultrasonic sensors to detect any unauthorized entry or attempted break-in, providing additional security for the vehicle and its occupants. This is anticipated to boost the market in the coming years.
- The increasing consumer interest in connected vehicles is expected to drive the incorporation of advanced technologies such as ultrasonic intrusion protection. This trend is anticipated to create substantial growth opportunities for the market in the foreseeable future.
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Europe and Asia-Pacific Hold Major Market Share
- The presence of several auto manufacturers in the region, coupled with the penetration of autonomous vehicles owing to the increasing preference of consumers toward availing vehicles equipped with advanced features and the expanding e-commerce sector in the region, serve as the major determinants for the growth of the market in the European region.
- The increase in vehicle theft across the European region is expected to drive a surge in the demand for advanced security technologies in vehicles. For example, in the United Kingdom, an average of 159 cars are stolen annually, with the perpetrators often being professional criminal groups.
- This represents a significant 20% increase compared to 2022. The rise in car theft incidents underscores the pressing need for enhanced security measures to protect vehicles and deter theft.
- Asia-Pacific is experiencing a significant increase in vehicle sales and a growing demand for vehicle safety features. This trend is expected to create substantial opportunities for the market in the foreseeable future.
- Asia-Pacific is currently one of the most significant automotive markets globally. This is mainly due to the rapidly growing population in the region. Governments across Asia-Pacific are placing significant emphasis on embracing technological advancements to improve personal mobility for consumers. This focus has led to an increased adoption of anti-theft systems in vehicles, ultimately driving the growth of the Asia-Pacific automotive market.
- With the above-mentioned development across the regions, the market is likely to rise significantly in the coming years.
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