Stolen Vehicle Recovery Market Size, Share & COVID-19 Impact Analysis, By Vehicle Type (Passenger Car and Commercial Vehicle), By Technology (GPS Tracking, Ultrasonic, RFID Chips, and Others), By System (Hardware and Software), By Solution (Ultrasonic Intrusion Protection, Battery Backed Alarm, Immobilization, and Central Lock System), and Regional Forecast, 2023-2030

The global stolen vehicle recovery market size was valued at USD 8.58 billion in 2022. The market is projected to grow from USD 8.91 billion in 2023 to USD 12.75 billion by 2030, exhibiting a CAGR of 5.3% during the forecast period.

The stolen vehicle recovery system allows vehicle owners and drivers to retrieve stolen vehicles by criminals in a systemized fashion at a higher success rate. The system uses location-based services as its primary operation method, tracking vehicle activity through a hidden sensor in the vehicle. In the event of theft, the sensor uses the vehicle’s location data and is transmitted to law enforcement agencies for successful vehicle tracking and recovery.

The market is expected to grow steadily during the forecast period owing to increasing vehicle theft and burglary of high-end luxury vehicles. Furthermore, increased sophistication in organized crime and vehicle theft has led to a surge in year-on-year vehicle theft driven by advanced vehicle hacking techniques. Furthermore, the increasing trend of remote keyless entry systems poses a risk of vehicle hacks and unauthorized access to vehicle data. These few factors are leading to higher vehicle burglaries across various metro cities. Thus, major auto OEMs are highly focused on introducing various anti-theft systems in their vehicle to reduce theft and improve the overall vehicle recovery process.

COVID-19 IMPACT

Government Enforced Lockdowns Amid COVID-19 Pandemic Stifled Market Expansion

Governments of various nations placed strict regulations and introduced lockdowns to limit public interaction outside to contain the spread. This resulted in the momentary shutdown of manufacturing sites, companies, and corporations, creating a total stoppage in development, production, and distribution activities across various markets. This created fluctuations in consumers' spending power, directly affecting vehicle sales. Furthermore, the lower sales of vehicles resulted in a lower adoption rate of stolen vehicle recovery systems.

The post-pandemic situation resulted in positive accelerated growth for the market as governments from various regions allowed various industries to partially or fully function depending on the containment of the virus. This resulted in a market recovery by the end of 2021, with increased demand for vehicle sales and greater adoption in various major automotive markets. It is expected to grow at a steady rate with increasing implementation of this technology by law enforcement agencies.

Stolen Vehicle Recovery Market Trends

Integration of Vehicle Immobilization Systems is Expected to Fuel Market Growth

 The major OEMs in the automotive industry are highly focused on introducing various anti-theft technologies in their vehicle models to prevent overall theft, safeguard the brand image, and ultimately impact vehicle sales. Thus, auto companies such as Kia, Ford, Verizon, and other truck fleet management companies are actively introducing immobilization systems in the vehicles to stop the theft entirely. These devices are equipped within the vehicle and can be remotely activated.

In the event of theft, the vehicle can be immobilized remotely using the remote immobilization option, disengaging the engine and preventing the vehicle from starting. Additionally, the introduction of vehicle immobilization improves the vehicle recovery rate as the immobilized vehicle cannot be driven and can be located easily. However, these systems are often expensive and limit their widespread availability; thus, the deployment rate is still low and is expected to grow significantly and shape the market trend during the forecast period.

Stolen Vehicle Recovery Market Growth Opportunities

Rising Demand for Anti-Theft and Stolen Vehicle Recovery System to Propel Market Growth

The leading players in the auto manufacturing industries are highly focused on improving vehicle system architecture to create more robust, sound, and secure vehicles for drivers. The increasing integration of electronics and wireless technology in vehicles has led to easy vehicle hacks and a greater amount of vehicle thefts. For instance, in November 2023, the National Insurance Crime Bureau (NICB) released its stats, which stated that U.S. drivers were subjected to 1,001,967 vehicle thefts in 2022, which was 17% higher compared to 2020 and 2021. Thus, automakers are increasingly focused on strengthening vehicle security.

Major players are introducing vehicle recovery systems in their models to lower the risk of further theft. Additionally, increasing cargo theft has led to the integration of vehicle recovery and tracking systems in commercial vehicles as well. Thus, increasing cases of vehicle burglary have created a high demand for anti-theft and vehicle recovery system solutions.

Higher Focus from Fleet Managers to Invest in Stolen Vehicle Recovery Systems to Augment Market Share

The increasing demand from fleet owners and managers to integrate vehicle tracking and recovery devices in their vehicles due to increasing vehicle theft is one of the major aspects contributing toward the market growth. Equipping a vehicle recovery system allows fleet managers to successfully track vehicle routes, activities, and movements within a set perimeter, thus making it highly easy to locate the vehicle based on its last active location. Furthermore, the immobilization device allows the fleet managers to disengage the vehicle, restraining it from moving.

The increasing number of cargo robberies and shipment thefts has led to uncertainty in cargo deliveries. Thus, major commercial fleet managers are focusing on introducing various alarming, geofencing, and immobilization systems in their vehicle fleets to track shipments and securely avoid any chances of theft. Increased demand in freight delivery and cargo shipment has further aided the stolen vehicle recovery market growth.

RESTRAINING FACTORS

High Investment Cost and Installation Cost of Stolen Vehicle Recovery System Might Impede Market

Vehicle tracking and recovery systems are expensive owing to high-precision positioning sensors, ultrasonic sensors, software subscription costs, and other key components. Implementing this system in every vehicle adds to the overall vehicle costs for manufacturers, thus hindering widespread adoption across major regions.

The increasing focus from fleet solution providers, auto insurance companies, and telematics management companies to integrate this system is expected to drive market growth. Initially, the market is expected to grow at a slower rate owing to higher costs. Moreover, the increasing presence of suppliers and the need for a robust vehicle recovery system is expected to overtake the cost concerns. Furthermore, in the transportation and logistics industry, the technology is expected to grow significantly during the forecast period owing to higher awareness of vehicle activity and easier recovery of stolen vehicles.

Stolen Vehicle Recovery Market Segmentation Analysis  

By Vehicle Type Analysis

Passenger Cars Segment Dominated the Market due to Higher Theft of Passenger Vehicles

Based on vehicle type, the market is segmented into passenger car and commercial vehicle.

The passenger car segment dominated the stolen vehicle recovery market share in 2022. The segment's leading share accounted for the higher vehicle theft of passenger vehicles owing to various luxurious vehicles falling under this segment. Additionally, higher demand for passenger vehicles is one of the factors that contribute toward the higher installation of vehicle recovery systems in passenger cars. The growing consumer preferences toward the improving safety of luxury passenger cars is supporting market growth.

The commercial vehicle type segment accounted for a significant share and is expected to grow at the highest growth rate owing to higher penetration of equipping cargo carriers and heavy haulage trucks with recovery and tracking systems in order to mitigate cargo theft. Additionally, introducing anti-theft systems in the vehicles further provides enhanced insights into vehicle activity. These few factors are expected to drive the market. 

By Technology Analysis

Greater Demand for Accurate Vehicle Positioning Contributed to GPS Tracking Segment

Based on technology, the market is segmented into GPS tracking, ultrasonic, RFID chips, and others.

The GPS tracking segment held the highest market share in 2022 and is expected to continue its dominance during the forecast period. The demand is attributed to the higher demand for an accurate vehicle locating system transmitting accurate data feed to the servers to law enforcement agencies in order to track the vehicle in a precise manner. Additionally, GPS systems play an essential role in the vehicle recovery process, further contributing to the share of the segment.

The ultrasonic segment is expected to grow at the highest rate owing to the growing focus from automakers on introducing advanced vehicle theft features in vehicles. Major OEMs are deploying ultrasonic intrusion alert systems in the cabin area to detect unauthorized entry into the vehicle when the vehicle is locked and accessed remotely. Thus, the segment is expected to drive great demand owing to the enhanced security benefits it offers. Similarly, radio frequency identification (RFID) chips and other technologies are also expected to grow at a decent growth rate owing to increasing consumer awareness toward a variety of identity theft systems available in the market for stolen vehicle recovery.

By System Analysis

Hardware Segment Captured the Highest Market Share Owing to Higher Demand for Vehicle Tracking Systems across Fleet Managers

Based on system, the market is segmented into hardware and software.

The hardware segment held the highest market share in 2022 and is expected to continue its dominance during the forecast period. The demand is attributed to the increasing focus of various OEMs and fleet managers on integrating vehicle recovery systems in their fleets to prevent vehicle burglary. Additionally, the high cost of hardware systems, integrated with vehicle components such as immobilization devices, contributes to the overall system costs, enhancing the share of this segment.

The software segment is expected to grow at a significant rate owing to the increasing presence of market players operating in regional and domestic markets to provide low-cost vehicle tracking subscription offers for local fleet owners. Additionally, increasing features and insights offered in the subscription models are expected to drive the growth of this segment during the forecast period.

By Solution Analysis

Increasing in-Vehicle Security Systems for Vehicles Drive the Demand for Central Locking Systems.

Based on solution, the market is segmented into ultrasonic intrusion protection systems, battery backed alarm, immobilization, and central lock systems.

The central lock systems segment held the highest market share in 2022 and is anticipated to continue its dominance during the forecast period. Central lock systems are prevalent because they are one of the oldest vehicle locking solutions on the market.  The growing demand for improving in-vehicle security systems is also fueling the market growth. Additionally, it offers various system locks such as window locks, steering column locking, and other component locks essential for vehicle security systems.

The immobilization segment is expected to grow at a high growth rate owing to the increasing development and deployment of vehicle immobilization devices equipped with next-generation vehicles. These devices are crucial for preventing vehicle theft and ensuring quick vehicle recovery if stolen. Similarly, battery-backed alarm and ultrasonic intrusion protection systems are also projected to grow significantly owing to the increasing presence of these systems in various vehicles.

REGIONAL INSIGHTS

Europe Held the Largest Market Share Owing to Significant Consumer Awareness Regarding Vehicle Safety across the Region

Based on geography, the market is fragmented into Europe, North America, Asia Pacific, and the rest of the world.

Europe held the largest market share, and stood at USD 3.27 billion in 2022. The highest market share of the region contributed to higher penetration of these systems in vehicles and heightened consumer awareness of available systems, contributing to the overall growth in this region for market growth.

Asia Pacific is expected to become one of the most upcoming automotive markets in the world and is expected to grow at the highest CAGR during the forecast period. A surging demand for vehicle safety systems in the region fuels the region’s expected growth. Additionally, increasing consumer awareness of stolen vehicle systems is also expected to drive market growth.

North America and the rest of the world are also expected to grow at a steady rate owing to increasing demand for these systems in the U.S. and increasing vehicle theft cases.

List of Key Companies in Stolen Vehicle Recovery Market

Major Players in the Market are Focusing on Launching New Innovative Products and Solutions to Increase Their Presence

Companies operating in the market are rolling out new innovative products and solutions to attract a wider customer base and provide high customer satisfaction. They are strategically partnering with major auto OEMs to introduce advanced positioning and detection systems, increasing awareness of the services they offer to vehicle buyers.

The companies are also expanding their network in the commercial vehicle sector with increasing demand for telematics services and rising cases of cargo stealing. The logistics and transportation sector is witnessing higher demand for stolen vehicle recovery systems coupled with other similar telematics services. Furthermore, consumer awareness and initiatives from the law enforcement department are increasing toward the widespread adoption of this system in various vehicles.

LIST OF KEY COMPANIES PROFILED:

• Vodafone Limited (U.K.)


• Robert Bosch (Germany)


• Ford Motor Company (Germany)


• BMW (Germany)


• Verizon Communications Inc. (U.S.)


• Mercedes-Benz (Germany)


• Kia Motors Corporation (South Korea)


• LoJack Corporation (U.S.)


• TRACKMATIC UK (U.K.)


• Aguza (Japan)

KEY TECHNOLOGY DEVELOPMENTS:

• September 2023: The Stolen Vehicle Intelligence Unit of the U.K. successfully recovered high-value vehicles. The two containers containing stolen vehicles were able to be intercepted using the stolen vehicle intelligence unit. The team was able to recover 60 containers of stolen cars and stolen vehicle parts.


• March 2023: The Denver Police Department (DPD) announced it has integrated a new program, Dubbed DenverTrack, which is designed to help officials recover stolen vehicles, make auto theft arrests, and prevent auto theft.


• March 2023: Auto Insurance providers in Ontario announced that they started providing anti-theft technology to address the increasing number of stolen vehicles in Canada. Aviva Insurance announced a partnership program with Tag, a North American-based vehicle tracking and recovery system.


• July 2022: Shenzhen Jimi IoT Co., Ltd. announced a new device in the stolen vehicle recovery industry that is highly suitable for fleet management companies. The VL103M series launched by the company is a 4G multifunctional vehicle tracker with added advantages such as compact size, accurate positioning data, health monitoring, and other similar features, which are highly preferable by fleet owners.


• May 2019:  CalAmp and TransUnion announced a strategic partnership to launch stolen vehicle recovery services for insurance carriers, aiming to reduce stolen vehicle losses, improve risk management and increase vehicle recovery rates for consumers.

REPORT COVERAGE

The market research report provides a detailed market analysis and focuses on key aspects such as leading stolen vehicle recovery market companies, product types, and leading product Technology. Besides this, the market report offers insights into the market trends and highlights key industry developments. In addition to the factors above, the report encompasses several factors that have contributed to the market's growth over recent years.

Report Scope & Segmentation

ATTRIBUTE	DETAILS
Study Period	2019-2030
Base Year	2022
Estimated Year	2023
Forecast Period	2023-2030
Historical Period	2019-2021
Growth Rate	CAGR of 5.3% from 2023 to 2030
Unit	Value (USD Billion)
Segmentation	By Vehicle Type Passenger Car Commercial Vehicle By Technology GPS Tracking Ultrasonic RFID Chips Others By System Hardware Software By Solution Ultrasonic Intrusion Protection Battery Backed Alarm Immobilization Central Lock System By Region North America (By Vehicle Type, Technology, System, Solution, and Country) U.S. (By Vehicle Type) Canada (By Vehicle Type) Mexico (By Vehicle Type) Europe (By Vehicle Type, Technology, System, Solution, and Country) U.K. (By Vehicle Type) Germany (By  Vehicle Type) France (By Vehicle Type) Rest of Europe (By Vehicle Type) Asia Pacific (By Vehicle Type, Technology, System, Solution, and Country) China (By Vehicle Type) Japan (By Vehicle Type) India (By Vehicle Type) South Korea (By Vehicle Type) Rest of APAC (By Vehicle Type) Rest of the World (By Vehicle Type, Technology, System, and Solution)