New York, April 13, 2023 (GLOBE NEWSWIRE) -- The Global Stolen Vehicle Tracking Software Market size is expected to be worth around USD 14.3 Billion by 2032 from USD 6.8 Billion in 2022, growing at a CAGR of 7.9% during the forecast period from 2023 to 2032.
Tracking vehicle performance and location with stolen vehicle tracking software is a popular option for tracing the vehicle. Stolen vehicle tracker software utilizes GPS and other wireless technologies in real time to locate vehicles, enabling owners and law enforcement agencies to swiftly recover stolen cars. Vehicle tracking software will continue to rise in the future due to increased awareness about its advantages, rising concerns about vehicle theft, and more affordable solutions becoming available.
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Key Takeaway:
- By technology, in 2022, the Stolen Vehicle Tracking Software Market was dominated by the RFID segment due to its increased usage.
- By component, the UIP segment dominated the market share with 31% in 2022.
- By vehicle, the passenger car segment dominated the largest market share in vehicle type analysis.
- In 2022, North America dominated the market with the highest revenue share of 43.54%.
- Europe is anticipated to have the highest CAGR among all the regions.
Factors affecting the growth of the Stolen Vehicle Tracking Software Market
There are several factors that can have an impact on the growth of the Stolen Vehicle Tracking Software Market. Some of these factors include:
- Technological Advancements: This industry could benefit from the development and deployment of advanced technology that enhances the reliability and effectiveness of stolen vehicle tracking software.
- Increasing Demand for Vehicle Security: Due to an increasing number of vehicle thefts, there is a rising need for vehicle security solutions such as stolen vehicle tracking software.
- Government Regulations: Government regulations may mandate theft tracking software to be installed in certain vehicles, which could spur growth in this sector.
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Market Growth
The market for stolen vehicle tracking software is expanding because of rising vehicle theft rates, and laws requiring the installation of vehicle tracking systems. There is increasing consumer demand for vehicle security and safety. Also, there are developments in modern technologies such as IoT, artificial intelligence, and cloud computing are expected to enhance the market's growth. The growth of the market is may vary from various factors like market segment, region, and the competitive landscape of the industry.
Regional Analysis
North America is estimated to be the most dominant market in the Stolen Vehicle Tracking Software Market, with the largest market share of 43.54% in 2022. In North America, the Canada and US are the major markets for stolen vehicle tracking software because of modern technologies, high vehicle ownership, and government regulations.
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Scope of the Report
| Report Attribute | Details |
| Market Value (2022) | USD 6.8 Billion |
| Market Size (2032) | USD 14.3 Billion |
| CAGR (from 2023 to 2032) | 7.9% |
| North America Revenue Share | 43.54% |
| Historic Period | 2016 to 2022 |
| Base Year | 2022 |
| Forecast Year | 2023 to 2032 |
Market Drivers
The market for stolen vehicle tracking software is growing as connected automobiles become more common. Theft vehicle monitoring is one of the many advantages and services connected cars provide, which has seen an uptick in popularity with users. Customers are increasingly willing to invest in such solutions due to the advantages of stolen car tracking. Software designed for tracking stolen vehicles provides security and speeds up recovery efforts, minimizing losses for both consumers and businesses alike.
Market Restraints
The advantages of stolen vehicle tracking software may not be well known to many potential consumers, and they may also not fully comprehend how it operates. In markets where the technology is still relatively new, this may result in a lack of demand for it. Immobilizers and alarms are two alternative technologies that can aid in preventing car theft. These technologies may be more accessible to consumers and simpler to deploy, which may increase their appeal.
Market Opportunities
The ability to incorporate stolen vehicle monitoring software into these vehicles and provide customers with a smooth, integrated solution has increased with the growth of linked automobiles. Businesses in the business might also look into ways to expand their product lines and provide clients with value-added services like remote engine shutoff and car diagnostics. By doing this, businesses can stand out from the competition and increase their market share.
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Report Segmentation of the Stolen Vehicle Tracking Software Market
Technology Insight
RFID technology accounted for the largest market share in the stolen vehicle tracking software market. Based on technology, the market for stolen vehicle tracking software is segmented into ultrasonic, RFID, and other technologies. RFID tags are widely used for vehicle tracking and recovery systems due to their reliability. They can also be seamlessly integrated into existing vehicle security systems. RFID readers read tags attached to vehicles at various locations like toll booths or border crossings, providing real-time tracking of vehicles as well as status monitoring. It may help authorities quickly recover stolen cars.
Component Insight
The UIP segment most lucrative in the stolen vehicle tracking software market with the largest market share. Based on the component, the market is segmented into UIP, BBS, central locking system, ACDS, ADRS, and remote keyless entry system. UIP can be utilized to integrate with other technologies or components of a comprehensive vehicle safety system, such as vehicle tracking which could include theft prevention. UIP could authenticate access to the tracking system or decrypt data sent between it and other elements within it.
Vehicle Insight
Passenger vehicles dominate the vehicle analysis of the stolen vehicle tracking software market. Based on vehicles, the market is segmented into passenger cars, LCVs, HCV, and electric vehicles. Passenger cars are the vehicle segment that is most commonly used in stolen vehicle tracking systems due to cars being the most commonly stolen type of vehicles which makes them a primary target for theft prevention and recovery systems.
Sales Channel Insight
The OEM segment dominates the stolen vehicle tracking software market. Many new vehicles now come with built-in tracking systems as a standard feature, making it harder for aftermarket businesses to compete. OEMs also enjoy an advantage in terms of brand recognition, distribution channels, and reputation.
Recent Development of the Stolen Vehicle Tracking Software Market
- In 2021- LoJack recently announced a partnership with Hyundai Motor America that will enable it to offer its stolen vehicle recovery technology as an optional feature on certain Hyundai models. This collaboration is expected to boost LoJack's market share and broaden the company's customer base.
- In 2021- Verizon Connect recently unveiled their stolen vehicle recovery service, integrated with their fleet management platform. This solution offers fleet owners a comprehensive suite of vehicle safety measures such as remote immobilization and real-time vehicle tracking capabilities.
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Market Segmentation
Based on Technology
- Ultrasonic
- RFID
- Other Technologies
Based on the Component
- UIP
- BBS
- Central Locking Systems
- ACDS
- ADRS
- Remote Keyless Entry System
Based on Vehicle
- Passenger Car
- LCV
- HCV
- Electric Vehicle
Based on Sales Channel
- OEM
- Aftermarket
By Geography
- North America
-
- The US
- Canada
- Mexico
- Western Europe
-
- Germany
- France
- The UK
- Spain
- Italy
- Portugal
- Ireland
- Austria
- Switzerland
- Benelux
- Nordic
- Rest of Western Europe
- Eastern Europe
-
- Russia
- Poland
- The Czech Republic
- Greece
- Rest of Eastern Europe
- APAC
- China
- Japan
- South Korea
- India
- Australia & New Zealand
- Indonesia
- Malaysia
- Philippines
- Singapore
- Thailand
- Vietnam
- Rest of APAC
- Latin America
-
- Brazil
- Colombia
- Chile
- Argentina
- Costa Rica
- Rest of Latin America
- Middle East & Africa
-
- Algeria
- Egypt
- Israel
- Kuwait
- Nigeria
- Saudi Arabia
- South Africa
- Turkey
- United Arab Emirates
- Rest of MEA
Competitive Landscape
Major players are continuously working towards research and development to improve the stolen tracking services and solutions to stay in the competition. To expand the market, they engage in collaborations and partnerships with other companies and offer more inclusive services and solutions to customers.
Some of the major players include:
- Robert Bosch GmbH
- Lear Corporation
- Valeo
- Continental AG
- DENSO Corporation
- TOKAI RIKA, CO, LTD.
- OMRON Corporation
- Mitsubishi Electric Corporation
- HELLA GmbH & Co. KGaA
- ALPS ALPINE CO., LTD.
- Other Key Players
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