Stolen Vehicle Tracking Software Market Value Surge at 7.90% CAGR By 2032
Updated · Apr 28, 2023
WHAT WE HAVE ON THIS PAGE
Published Via 11Press : Stolen Vehicle Tracking Software is designed to locate and recover stolen vehicles by installing GPS trackers into them, which send real-time location updates directly to a software provider. In the event that a car is stolen, owners can use stolen vehicle tracking software to use real-time location updates from GPS tracking devices installed into it for tracking by law enforcement authorities to assist recovery.
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 7.90% during the forecast period from 2023 to 2032.
Market share includes both software providers as well as manufacturers of GPS devices used with this type of software – this market should expand as individuals and businesses increasingly look for solutions that protect assets while mitigating risk and theft risk.
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North America and Europe currently boast the largest markets for stolen vehicle tracking software adoption rates among individual car owners and fleet managers alike. Asia-Pacific markets are forecasted to experience substantial market expansion as vehicle theft rates escalate and awareness about vehicle tracking software grows among vehicle owners. Latin America and Middle East and Africa regions are expected to experience substantial market expansion driven by rising concerns of vehicle theft as well as growing demands for advanced security solutions. Competition among established players, as well as new entrants for market dominance, remains fierce; most focus on producing innovative products while expanding geographical presence.
- Increased vehicle theft: With vehicle theft increasing worldwide, demand for stolen vehicle tracking software has also surged as it allows owners of stolen cars to track them and recover them more easily.
- Car Security Awareness Increases: Car owners’ growing understanding of how vehicle tracking software can enhance security is fuelling market expansion.
- Government Regulations: Governments across multiple nations have mandated stolen vehicle tracking software as an essential way of combatting vehicle theft and recovering stolen vehicles, thus stimulating market expansion. This move by lawmakers serves to drive market demand further.
- Telematics Adoption in Automotive Sector: Telematics solutions have gained increasing acceptance across automotive sector industries, which in turn drives up stolen vehicle tracking software demand by creating an all-encompassing vehicle management system that includes stolen vehicle monitoring software as a part of it.
- Costly Set-up and Maintenance Costs: Installation and maintenance expenses associated with GPS trackers can act as a barrier to adoption among individual vehicle owners as well as small businesses alike.
- Tracking software that follows stolen vehicle movements depends heavily on GPS reception; in areas with poor network coverage, its effectiveness could be limited and may no longer work effectively.
- Data security issues: Stolen vehicle tracking software collects sensitive information on both its owner and driver that could be vulnerable to theft and hacking attempts, potentially hindering market expansion. This poses major concerns.
- Integration With Other Vehicle Security Systems: When combined, stolen vehicle tracking software and other vehicle security measures such as alarms and immobilizers can drastically enhance overall vehicle protection while opening up opportunities for market expansion.
- Utilization of advanced technologies: Leveraging advanced technologies like machine learning, artificial intelligence and blockchain can greatly increase the accuracy and effectiveness of stolen vehicle tracking software – thus opening up new market opportunities.
- Rising Demand from Emerging Economies: Rising demand for stolen vehicle tracking software among emerging economies opens new avenues of market expansion.
- Competition from Alternative Solutions: Alternative solutions such as insurance policies that cover vehicle theft may discourage adoption of stolen vehicle tracking software.
- Legal and Privacy Issues: Legal and privacy concerns related to collecting and using sensitive data can present major barriers for market expansion.
- Lack of Awareness: Lack of understanding among vehicle owners in developing economies about the benefits of stolen vehicle tracking software could hinder market expansion.
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Top Impacting Factors
- Rising Vehicle Theft: With increasing incidents of vehicle theft worldwide, demand for stolen vehicle tracking software has seen dramatic surge in market growth.
- Technological Developments: Thanks to advances such as GPS, cellular networks and cloud computing technologies, stolen vehicle tracking software now performs more accurately, increasing effectiveness and accuracy and leading to anticipated market expansion.
- Government Regulations: Government regulations across multiple nations have mandated stolen vehicle tracking software as a preventative measure and recovery solution, fuelling market expansion.
- Increased Awareness Among Vehicle Owners: Rising awareness among vehicle owners about the advantages of vehicle tracking software to enhance vehicle security is driving market expansion.
- Integration With Other Vehicle Security Systems: Combining stolen vehicle tracking software with other vehicle security measures such as alarms and immobilizers may increase overall vehicle protection and help drive market expansion.
- Rising Demand from Emerging Economies: Rising demand for stolen vehicle tracking software among emerging economies represents opportunities for market expansion.
- Security Issues: Collecting and using sensitive data by stolen vehicle tracking software poses major security risks that threaten its market growth.
Install and Maintenance Costs: Installing and maintaining GPS trackers can be expensive – often being seen as the primary barrier to their adoption by individual vehicle owners and small businesses alike.
- LoJack, an industry-leading provider of stolen vehicle tracking software, announced the introduction of its next-generation of theft recovery solutions utilizing advanced technologies such as GPS, cellular networks and motion sensors for improved accuracy and speed in finding missing cars.
- Spireon, a global provider of telematics solutions, announced in April 2021 the launch of their Stolen Vehicle Recovery (SVR) solution using cutting edge GPS and wireless technologies for real time tracking of stolen cars as well as recovery services for recovered ones.
Key Market Segments:
Based on Technology
- Other Technologies
Based on Component
- Central Locking Systems
- Remote Keyless Entry System
Based on Vehicle
- Passenger Car
- Electric Vehicle
Based on Sales Channel
Market Key Players
Listed below are some of the most prominent stolen vehicle tracking software industry players.
- Robert Bosch GmbH
- Lear Corporation
- Continental AG
- DENSO Corporation
- TOKAI RIKA, CO, LTD.
- OMRON Corporation
- Mitsubishi Electric Corporation
- HELLA GmbH & Co. KGaA
- ALPS ALPINE CO., LTD.
- Other Key Players
|The market size value in 2022
|USD 6.8 Bn
|Revenue Forecast by 2032
|USD 14.3 Bn
|CAGR Of 7.90%
|North America, Europe, Asia Pacific, Latin America, and Middle East & Africa, and Rest of the World
|Short-Term Projection Year
|Long-Term Projected Year
Frequently Asked Question
Q: What is the current market size for the Stolen Vehicle Tracking Software Market?
A: According to a report by Market.us, the Market was valued at USD 6.8 billion in 2022 and is expected to reach USD 14.3 billion by 2032, growing at a CAGR of 7.90% during the forecast period.
Q: What are the key segments of the Stolen Vehicle Tracking Software Market?
A: The Market can be segmented based on Technology (Ultrasonic, RFID, Other Technologies), Based on 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), and geography (North America, Europe, Asia-Pacific, Latin America, and Middle East & Africa).
Q: Who are the key players in the Stolen Vehicle Tracking Software Market?
A: Some of the key players in the Market 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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