– The rising cases of theft of vehicles and surging demand for advanced automated technology to secure vehicles are driving the demand for the market.
– Market Size – USD 385.0 Million in 2019, Market Growth – CAGR of 7.9%, Market Trends – The rise in the implementation of IoT and Artificial Intelligence in vehicles.
VANCOUVER, BC, Oct. 15, 2020 /PRNewswire/ — The Global Remote Vehicle Shutdown Market is estimated to be worth USD 679.7 Million by 2027, according to a current analysis by Emergen Research. The rising cases of robbery in commercial vehicles entail the need for advanced technologies to protect the vehicle. Due to the robberies, the logistics industry frequently suffers massive losses, and there is an increased demand for advanced technology to prevent the robberies, which is expected to propel the market growth over the forecast period. Besides, the rapid adoption of IoT and Artificial intelligence in the vehicle to provide improved reliability and security is anticipated to further facilitate market growth over the forecast period.
However, it is anticipated that privacy issues and the risk of automotive damage due to engines’ lockdown will restrain the market growth over the forecast years.
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Key Highlights from The Report
- In January 2019, in partnership with LoJack, Pioneer Electronics Inc. introduced the rDrive, a connected service solution. By allowing improved accessibility, surveillance, location-based services, and in-vehicle Wi-Fi hotspots, rDrive enhances the experience of vehicle ownership and driving. This will enhance the LoJack position in the U.S.
- Due to the growing integration of IoT, artificial intelligence, and other automation processes in the vehicle, the automatic segment is anticipated to dominate the market with a CAGR of 8.0% over the forecasted period.
- Over the forecast period, the petrol segment is expected to dominate the market as petrol is cheaper than diesel, and cars seem to be slightly convenient to purchase and maintain.
- Due to increasing cases of car thievery globally, the passenger car segment is expected to hold the largest market over the forecast period. Due to the increasing robbery cases in logistical vehicles, the commercial vehicle segment is estimated to rise substantially in the forecast timeframe.
- Due to rising concerns for the safety of cars, North America is expected to hold the largest market over the forecast period. The Asia Pacific is expected to witness the fastest market growth as auto theft cases have increased rapidly in this region over the past three years.
- Key participants include Sonic Electronix, Inc., Fleetsmart, Cobra Car Tech. Ltd., OnStar Corporation, Frotcom International, Scania AB, PassTime, EMCO Software, LoJack Corporation, and Tracker Connect (Pty) Ltd., among others.
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Emergen Research has segmented the Global Remote Vehicle Shutdown Market on the basis of type, propulsion, vehicle, and region:
- Type Outlook (Revenue, USD Million; 2017-2027)
- Propulsion Outlook (Revenue, USD Million; 2017-2027)
- Vehicle Outlook (Revenue, USD Million; 2017-2027)
- Regional Outlook (Revenue, USD Million; 2017-2027)
- North America
5. Rest of Europe
- Asia Pacific
3. South Korea
5. Rest of APAC
- Latin America
2. Rest of LATAM
- Middle East & Africa
1. Saudi Arabia
3. Rest of MEA
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