Remote Vehicle Shutdown Market 2020: Global Projection, Solutions, Services Fore

Posted by Market Research Future on March 23rd, 2020

Market Synopsis:                                                

Remote vehicle shutdown allows remotely disabling the ignition of a car and is very helpful in case of theft. Some high-end cars are already equipped with this feature; however, remote vehicle shutdown has gained massive consumer attention and is likely to become a standard feature in cars in the years to come. Remote vehicle shutdown is still in its development stage and is designed for use by police and military. Market Research Future (MRFR) has recently published a new report on the global remote vehicles shutdown market and has outlined key factors which can impact the market growth over the forecast period of 2017-2023. MRFR has indicated a CAGR of 8% in the remote vehicle shutdown market.

The remote vehicle shutdown market is on an upward growth trajectory and is mainly spurred due to the growing incidence of car theft. Despite the use of advanced electronics and alarm systems, the transportation industry is faced with the challenge of vehicle and cargo theft from fleet vehicles. In such cases, remote immobilization of vehicles acts as a feasible solution to prevent vehicle theft. It helps in prevention of hijacking and burglary. The transportation industry is progressively adopting remote vehicle shutdown systems as a part of their security systems.

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The use of remote vehicle shutdown systems is prevalent in the U.S. where it is used extensively by lenders for recovering subprime auto loans. In the act of failure of the loan amount, lenders use this technology to disable the ignition of car.Increase in a number of subprime auto loans has increased the demand for remote vehicle shutdown technology.  Remote vehicle shutdown systems can be of paramount importance to banks and finance companies as well. Additionally, police in the US widely use remote vehicle shutdown systems to stop high-speed hunts and detect stolen cars. They are integrated with comprehensive security devices, GPS tracking, and anti-theft security alarm to provide complete security to cars. Moreover, it helps in preventing criminals from using vehicles as getaway cars.

Major automakers have demonstrated a keen interest in technology and are eyeing on capitalizing on the technology. This has attracted huge investments in the market from leading automakers such as General Motors and Scania AB for development and research purposes which further boosts the growth of the market. Automotive OEMs are incorporating remote vehicle shutdown features in high-end cars as safety and convenience feature are the selling points of modern cars. It increases the appeal of vehicles and helps manufacturers command higher prices. However, the growth of the market might be hindered by concerns relating to privacy and incidences of vehicle damage due to engine lockdown.

Segmentation

The remote vehicle shutdown market has been segmented based on system and vehicle type.

By system, the remote vehicle shutdown market has been segmented into manual and automatic.

By vehicle type, the remote vehicle shutdown market has been segmented based on passenger and commercial.

Regional Analysis

By region, the remote vehicle shutdown market covers North America, Rest-of-the-World (RoW), Europe, and Asia Pacific (APAC).

North America is leading for remote vehicle shutdown market. Enhanced focus on vehicle safety is likely to propel the growth of the market over the forecast period. Europe is the second largest market and is spurred by the growing usage of vehicle shutdown systems in the automotive industry.

Competitive Landscape

TracknStop (Ireland), Frotcom International (Portugal), Fleetsmart (U.K), OnStar Corporation (U.S), Cobra Car Tech Ltd (U.K), The Tracker (South Africa), PassTime GPS (U.S), LoJack Corporation (U.S), and EMCO Software (Iceland), and Sonic Electronix,Inc (U.S) are key players in the remote vehicle shutdown market.