Remote Vehicle Shutdown System Market - Forecast(2023 - 2028)

Remote Vehicle Shutdown System Market size is forecast to reach $X billion by 2025, after growing at a CAGR X during 2020-2025. Remote Vehicle Shutdown refers to a system that allows the user to use radio pulses to remotely shut down the vehicle to which they are connected. The significant rise in the theft of vehicles and cargo has triggered for the need of automated systems that help in securing the vehicles and cargo. Police also use Remote vehicle shutdown technology to hunt high-speed vehicles and to find stolen cars. In Brazil the government has taken steps to equip manufactured or imported vehicles with tracking and immobilization devices. The transport industry is also experiencing tremendous losses due to cargo robberies, which in turn lead to increased demand in the remote vehicle shutdown market. Another major factor attributing to the growth of the market is the use of Remote Vehicle Shutdown technology by the bank and finance companies to lock-down the vehicles of loan defaulters. The Remote Vehicle Shutdown market is in its infancy; thus competition is rising. Technological development and the product development will provide the growth to the market.

The report: “Remote Vehicle Shutdown System Market – Forecast (2020-2025)”, by IndustryARC, covers an in-depth analysis of the following segments of the Remote Vehicle Shutdown System Market. 

By System: Manual, Automatic

By Vehicle Type: Passenger Vehicle, Light Commercial Vehicle (LCV), High Commercial Vehicle (HCV)

By End-User: Personal Use, Commercial Use, Governmental use, Others

By Propulsion: Electric, Petrol, Diesel, CNG

 

The Automatic system segment is anticipated to account the maximum market share by 2025 in the growing demand of remote vehicle shutdown system across the globe. Increasingly, automakers are becoming interested in the technological development of Remote Vehicle Shutdown with the growing market potential. Automation segment is increasing because of the inclusion of AI, IOT. Automated systems remove the human factor component, facilitating greater stability, accuracy, protection, and reliability.

On the basis of End-User, Commercial vehicles segment is forecasted to grow the fastest through the forecast period due to the rising logistics and transportation industry. In 2019, the global market for commercial vehicles was dominated by the logistics segment, based on end-use. The category Logistics contributed around 30 per cent of the same year's revenue share. The global logistics industry was estimated to rise by about US$ 8.5 tons in 2018 and is expected to grow by approximately 4.5 per cent at CAGR in the coming years. The segment Logistics is dominated by the worldwide growing e-commerce industry and trade activities. The need for multi-channel distribution and growing globalization enable the logistics segment to expand. Road infrastructure creation is yet another major factor in segment growth. Consequently, we expect the segment to continue to dominate over the forecast period.

The sale of Electric Vehicle worldwide increased by 66% between 2017 and 2019 and reached approximately 2.2 million units in 2019. According to the major car manufacturers, about 8-10 new electric vehicle models are expected to be introduced between 2019 and 2020. The demand for electric vehicles has seen rapid developments in the automotive sector. Favorable government policies & support in terms of subsidies & grants, tax rebates, and other non-financial benefits in the form of carpool lane access and new car registration.

Remote Vehicle shutdown technology market is dominated by North America, followed by South America, In North America, Growing concerns about safety of vehicles is one of the key factors driving the growth of this market in this region. The remote vehicle shutdown is mounted in about 2 million vehicles in the U.S. in 2014 for example. The market in North America will continue to lead in terms of volume demand due to growing concerns regarding vehicle safety. There has been a rise in subprime auto loan are given by lenders. And lenders use this device to deactivate a car's ignition when a creditor refuses to repay. Within the forecast period, Asia Pacific is expected to experience a lucrative growth in the remote vehicle shutdown market. China and India are markets with massive potential for this technology, and demand in those markets is expected to rise significantly.

In Commercial Vehicles, Increasing cases of theft of vehicles and cargos provides the need for automated systems that helps in securing the vehicle or the cargo. The transport industry often experiences huge losses because of the robberies. This leads to increased demand for remote shutdown vehicles. Increase in Automated System helps in securing Vehicle. In 2018, nearly $6 billion was lost to theft in motor vehicles. The average loss per burglary for the currency was $8,407. In 2018, motor vehicles were stolen at a rate of 228.9 for every 100,000 people, down from 237.7 in 2017. There were 748,841 vehicles stolen in 2018, down 3.1 percent from 772,943 vehicles in the US in 2017 In Commercial Vehicles. Growing robbery of automobiles and cargoes necessitates automated systems that help protect the vehicle or the cargo. The transport industry often experiences huge losses because of the robberies. This leads to increased demand for remote shutdown vehicles. Increase in Automated System helps in securing Vehicle. The average loss per crime for the currency was $8,407. In 2018, motor vehicles were stolen at a rate of 228.9 for every 100,000 people, down from 237.7 in 2017. There were 748,841 vehicles stolen in 2018, down 3.1 percent from 772,943 vehicles in the US in 2017. Uruguay has the largest auto-theft rate in the world for any fairly large population, at 437.6 per 100,000 citizens in 2012.

Increasing sales of passenger car also supplement the remote vehicle shutdown market growth.  For instance; globally around 79 million passenger cars have sold in 2019 and it is continuously increasing. In the United States, police are also using automated vehicle shutdown technology that allows them to stop high-speed shooting remotely. The remote vehicle lockdown devices are being combined with a comprehensive security device which provides complete vehicle security inclusive of GPS tracking and anti-theft security alarm. Asia Pacific is expected to grow as fast as possible between 2019 and 2026 due to emerging markets in countries such as China and India. Passenger Vehicle segment is forecasted to grow the fastest through the forecast period due to the rising logistics and transportation industry. Growing vehicle demand, increasing awareness of vehicle safety and increasing the implementation of safety features in automobiles are driving the growth of the vehicle security system market.

Concerns about privacy and the incidence of vehicle damage due to engine lockdown could impede market growth. Some borrowers say their cars were disabled when they were only a few days behind on their payments, according to the New York Times. Few report, while idling at the stoplights, their cars had been shut down. Some have mentioned that they can’t take their children to the doctor's appointments at schools, It could lead to accidents with cars stopped without telling the borrower. These concerns could pose a challenge to Remote Vehicle Shutdown adoption.

Technology launches, acquisitions, and R&D activities are key strategies adopted by players in the Remote Vehicle Shutdown system market. In 2019, the market of Remote Vehicle Shutdown System market has been consolidated by the top players - PassTime (U.S.), Onstar, Corp. (U.S.), Cobra Car Tech. Ltd. (U.K.), Sonic Electronix Inc. (U.S.), LoJack Stolen, Vehicle Recovery System (U.S.), EMCO Software (Iceland), Frotcom International (Portugal), The Tracker (South Africa), Fleetsmart (U.K.), TracknStop (Ireland).