Selbyville, Delaware, Nov. 19, 2024 (GLOBE NEWSWIRE) --
The stolen vehicle recovery market valuation is predicted to exceed USD 13.9 billion by 2032, reported in a research analysis by Global Market Insights Inc.
The increasing incidence of vehicle theft is a significant driver of this stolen vehicle recovery market demand. As theft methods become more sophisticated, there is a growing demand for advanced recovery solutions. Factors such as economic pressures, organized crime, and the high value of vehicle parts in the black market contribute to rising theft rates, particularly in urban areas where income inequality is prominent. The financial burden of vehicle theft on individuals and businesses highlights the urgent need for investment in recovery technologies. This situation prompts insurance companies, law enforcement agencies, and vehicle owners to seek more effective solutions to tackle the issue.
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The stolen vehicle recovery market from the passenger vehicle segment dominated the market, holding over 60% of the share in 2023. It is projected to exceed USD 4.5 billion by 2032, driven by the increasing adoption of advanced GPS and cellular tracking technologies. The industry is witnessing a trend towards integrating sophisticated tracking systems, which enhance the chances of recovering stolen vehicles.
The market can also be categorized based on installation type, with OEM-installed systems representing approximately 75% of the market share in 2023. Original Equipment Manufacturers (OEMs) are progressively incorporating advanced GPS and cellular technology into vehicles during production. These systems provide real-time tracking abilities with high precision, even in harsh climatic conditions such as underground parking. By utilizing a combination of Wi-Fi positioning, GPS, and cellular triangulation, these systems provide enhanced reliability. Their integration with the vehicle’s onboard computer enables seamless operation and the transmission of comprehensive data, including details about vehicle health.
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North America, the United States is the leading region in the stolen vehicle recovery market and is anticipated to surpass USD 6 billion by 2032. The insurance sector significantly influences market growth, as insurers offer premium discounts for vehicles with approved recovery systems. This financial incentive encourages vehicle owners to adopt these technologies. Some insurance providers even require tracking devices for high-value or high-risk vehicles as a condition of coverage.
Partial chapters of report table of contents (TOC):
Chapter 1 Methodology & Scope
1.1 Research design
1.1.1 Research approach
1.1.2 Data collection methods
1.2 Base estimates and calculations
1.2.1 Base year calculation
1.2.2 Key trends for market estimates
1.3 Forecast model
1.4 Primary research & validation
1.4.1 Primary sources
1.4.2 Data mining sources
1.5 Market definitions
Chapter 2 Executive Summary
2.1 Industry synopsis, 2021 - 2032
Chapter 3 Stolen Vehicle Recovery Market Insights
3.1 Industry ecosystem analysis
3.2 Supplier landscape
3.2.1 Hardware suppliers
3.2.2 Telematics and IoT platform providers
3.2.3 Automotive OEM
3.2.4 Technology integrators
3.2.5 End users
3.3 Profit margin analysis
3.4 Technology differentiators
3.4.1 AI-enhanced tracking
3.4.2 Predictive analytics
3.4.3 Real-time tracking systems
3.4.4 Others
3.5 Key news & initiatives
3.6 Regulatory landscape
3.7 Impact forces
3.7.1 Growth drivers
3.7.1.1 Increasing global vehicle theft rates
3.7.1.2 Advancements in GPS and telematics technology
3.7.1.3 Favorable government regulations and insurance company policies
3.7.1.4 Expansion of automotive markets in developing countries
3.7.2 Industry pitfalls & challenges
3.7.2.1 Privacy and data protection concerns
3.7.2.2 Cross-border recovery complications
Growth potential analysis
3.8 Porter’s analysis
3.9 PESTEL analysis
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About Global Market Insights Inc.
Global Market Insights Inc., headquartered in Delaware, U.S., is a global market research and consulting service provider, offering syndicated and custom research reports along with growth consulting services. Our business intelligence and industry research reports offer clients with penetrative insights and actionable market data specially designed and presented to aid strategic decision making. These exhaustive reports are designed via a proprietary research methodology and are available for key industries such as chemicals, advanced materials, technology, renewable energy, and biotechnology.
