Remote Vehicle Shutdown Market was valued at USD xx million in 2018 and is projected to reach around USD xx million by 2025, at a CAGR of 8.0% during the forecast period.
The base year considered for the study is 2018 and the forecast period is 2022-2028. Banks and finance companies are using such devices to lock down vehicles for loan nonpayers on time as an outcome the market is enjoying constant demand.
Remote Vehicle Shutdown is a system used in car. This is a device helps the user to disable the car through the remote within a 50m radius using radio pulses. 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.
Global remote vehicle shutdown market report is segmented on the basis of system, end-user, vehicle type and regional & country level. Based upon system, global remote vehicle shutdown market is segmented into manual and automatic. Based upon end-user, market is segmented as personal use and commercial use. By end-user, market is divided into passenger vehicle, transport vehicle and others.
The regions covered in this remote vehicle shutdown market report are North America, Europe, Asia-Pacific and Rest of the World. On the basis of country level, the market of Remote Vehicle Shutdown is sub divided into U.S., Mexico, Canada, U.K., France, Germany, Italy, China, Japan, India, South East Asia, Middle East Asia (UAE, Saudi Arabia, Egypt) GCC, Africa, etc.
Remote Vehicle Shutdown market is in its emerging stage; therefore, the competition is increasing. Technological development and the product development may provide the growth to the market.
Increasing cases of theft of vehicles and cargos provides the need for automated systems that helps in securing the vehicle or the cargo. Additionally, the transportation industry is observing huge losses due to the thefts. Thus leads the increase in the demand of remote vehicle shutdown. Moreover, the increase in the number of auto loans has bound lenders to use a new technology such as remote vehicle shutdown, which let them to remotely disable the ignition of a car when a debtor falls overdue on payments. Increasing sales of passenger car is also supplements the remote vehicle shutdown market growth. For instance; globally around 78.6 million passenger cars have sold in 2017 and it is continuously increasing. Auto lenders and police are also using the remote vehicle shutdown technology in the United States which let them to remotely halt high-speed hunt. The factors such as car hacking can be a restrain to the market growth over the forecast period. In spite of that, technological development in this field may provide an opportunity to market.
Remote Vehicle shutdown technology market is dominated by North America, followed by Europe, South America, Asia Pacific and the Middle East and Africa region. In North America, growing concerns about safety of vehicles is one of the key factors driving the growth of this market in this region. For example in 2014, the remote vehicle shutdown is installed in around 2 million vehicles in the U.S.
Europe is expected to show the strong growth in this market due to increasing demand for the safety of the vehicle. Asia Pacific is anticipated to witness a lucrative growth in the remote vehicle shutdown market within the forecast period. China and India are markets that hold massive potential for this technology and demand is expected to grow significantly in these markets. Middle East and Africa market, especially UAE helps as a hub for global trade and many companies involved in logistics and fleet services are possible to incorporate this technology in their vehicles.
North America, US, Mexico, Chily, Canada, Europe, UK, France, Germany, Italy, Asia Pacific, China, South Korea, Japan, India, Southeast Asia, Latin America, Brazil, The Middle East and Africa, GCC, Africa, Rest of Middle East and Africa
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