Global Mobile Shredding Vehicle Market: Introduction
- Various industrial sectors such as banking and finance, healthcare, automotive, insurance, and law generate new data daily. This data may include employee information, such as address, bank details, security numbers and company financials, which may contain highly sensitive and confidential information such as company strengths, weaknesses, and information about investments. If this information is stolen, it may lead to fraud, identity theft, money embezzlement, and other worse scenarios.
- All documents carrying such information need to be destroyed in order to prevent personal or company data from being misused. A mobile shredding vehicle offers on-site, on-demand document shredding as per consumer requirements.
- Shredding vehicles can destroy documents using an industrial shredder that is capable of destroying 5000 to 10,000 lbs. of paper per hour, thereby saving time. Destruction of documents using the shredding vehicle is irreversible, which means data once shredded cannot be used again by any means.
Key drivers of global mobile shredding vehicle market
- In the automotive industry, when an automaker or aftermarket player sells its products and services, information regarding the transaction is recorded either electronically on hard drives or printed on paper. These documents may contain information about company financials or personal data of the client. Companies try to protect their data by storing documents in a safe environment; however, theft of these documents may lead to incidence of fraud. For instance, according to a survey conducted by PointPredictive, San Diego, California, U.S., in 2016, the total value of fraud loans amounted to US$ 6 billion. Therefore, demand for proper disposal of such sensitive documents using shredding vehicles is rising.
- Companies conduct an audit each year, which comprises tracking of all business transactions, business trading data, client data, and other information. All this information also contains information about company’s private financials. Theft of this data can be used against the company, through blackmails or frauds, and damage the company’s reputation or lead to bankruptcy. Therefore, all such data needs to be destroyed as per government regulations. For instance, The Fair and Accurate Credit Transactions Act (FACTA) of 2003 require all employers to shred, burn, or pulverize any documents that hold personal information of employees.
- Medical history and financial transactions are kept in the physical form in the healthcare sector, as it is easier to go through on site documents rather than going through information on tablets or smart devices. All this data needs to be destroyed as per guidelines mentioned in the Health Insurance Portability and Accountability Act of 1996 (HIPPA), USA in order to prevent misuse of personal information.
- All the factors mentioned above are driving the global mobile shredding vehicle market
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Stringent rules and regulations to prevent data theft are likely to propel global mobile shredding vehicle market
- Legal implications such as HIPPA and FACTA mandate the destruction of company documents in order to prevent any fraud in case of theft of documents
- Mobile shredding vehicles are fitted with precision destruction equipment that has a capacity to destroy 5000 to 10,000 lbs. of paper per hour. Moreover, a certificate of destruction is issued, depending on consumer requirement, indicating adherence to government rules and regulations such as HIPPA and FACTA that ensure safe destruction of documents.
- Therefore, legal compulsion for safe destruction of data is driving the global mobile shredding vehicle market
Europe to account for prominent share of global mobile shredding vehicle market
- Most countries in Europe possess state-of-the-art research facilities and a large number of vehicle manufacturing units. Furthermore, Europe is home to a large number of automakers OEM players. Numerous educational institutions, healthcare units, and major financial firms are present in Europe. All major companies generate larger number of paper documents. This, in turn, fuels the demand for document shredding equipment.
- Technological developments in the region have enabled the production of commercial vehicles that enable mounting of industrial shredder, battery, generator, etc.
- Expansion of the service sector drives the number of service providing companies that offer on-site and off-site wood shredding, metal shredding, paper shredding, plastics shredding services
- All these factors are projected to boost the global mobile shredding vehicle market in Europe
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Key players operating in global mobile shredding vehicle market:
The global mobile shredding vehicle market is highly concentrated owing to the presence of top manufacturers. A few key players operating in the global mobile shredding vehicle market are:
- PACCAR Inc
- Daimler AG
- Tata Motors Limited
- Dongfeng Motor Corporation
- Navistar, Inc.
- Volvo Group
- Hino Motors, Ltd.
- IVECO S.p.A.
- Jaguar Equipamentos
- MOCO Maschinen- und Apparatebau GmbH & Co. KG
- Hydrokraft Technologies
- Fabtex Engineering Works
Global Mobile Shredding Vehicle Market: Research Scope
Global Mobile Shredding Vehicle Market, by Vehicle Type
- Light Commercial Vehicle
- Heavy Commercial Vehicle
Global Mobile Shredding Vehicle Market, by Component
- Shredding Machine
Global Mobile Shredding Vehicle Market, by Shredding Application
- Wood Shredding
- Paper Shredding
- Metal Shredding
- Plastic Shredding
Global Mobile Shredding Vehicle Market, by End-use Industry
- Government Organizations
Global Mobile Shredding Vehicle Market, by Sales Channel
Global Mobile Shredding Vehicle Market, by Region
- North America
- Russia & CIS
- Rest of Europe
- Asia Pacific
- Rest of Asia Pacific
- Latin America
- Rest of Latin America
- Middle East & Africa
- South Africa
- Rest of Middle East & Africa
This study by TMR is all-encompassing framework of the dynamics of the market. It mainly comprises critical assessment of consumers' or customers' journeys, current and emerging avenues, and strategic framework to enable CXOs take effective decisions.
Our key underpinning is the 4-Quadrant Framework EIRS that offers detailed visualization of four elements:
- Customer Experience Maps
- Insights and Tools based on data-driven research
- Actionable Results to meet all the business priorities
- Strategic Frameworks to boost the growth journey
The study strives to evaluate the current and future growth prospects, untapped avenues, factors shaping their revenue potential, and demand and consumption patterns in the global market by breaking it into region-wise assessment.
The following regional segments are covered comprehensively:
- North America
- Asia Pacific
- Latin America
- The Middle East and Africa
The EIRS quadrant framework in the report sums up our wide spectrum of data-driven research and advisory for CXOs to help them make better decisions for their businesses and stay as leaders.
Below is a snapshot of these quadrants.
1. Customer Experience Map
The study offers an in-depth assessment of various customers’ journeys pertinent to the market and its segments. It offers various customer impressions about the products and service use. The analysis takes a closer look at their pain points and fears across various customer touchpoints. The consultation and business intelligence solutions will help interested stakeholders, including CXOs, define customer experience maps tailored to their needs. This will help them aim at boosting customer engagement with their brands.
2. Insights and Tools
The various insights in the study are based on elaborate cycles of primary and secondary research the analysts engage with during the course of research. The analysts and expert advisors at TMR adopt industry-wide, quantitative customer insights tools and market projection methodologies to arrive at results, which makes them reliable. The study not just offers estimations and projections, but also an uncluttered evaluation of these figures on the market dynamics. These insights merge data-driven research framework with qualitative consultations for business owners, CXOs, policy makers, and investors. The insights will also help their customers overcome their fears.
3. Actionable Results
The findings presented in this study by TMR are an indispensable guide for meeting all business priorities, including mission-critical ones. The results when implemented have shown tangible benefits to business stakeholders and industry entities to boost their performance. The results are tailored to fit the individual strategic framework. The study also illustrates some of the recent case studies on solving various problems by companies they faced in their consolidation journey.
4. Strategic Frameworks
The study equips businesses and anyone interested in the market to frame broad strategic frameworks. This has become more important than ever, given the current uncertainty due to COVID-19. The study deliberates on consultations to overcome various such past disruptions and foresees new ones to boost the preparedness. The frameworks help businesses plan their strategic alignments for recovery from such disruptive trends. Further, analysts at TMR helps you break down the complex scenario and bring resiliency in uncertain times.
The report sheds light on various aspects and answers pertinent questions on the market. Some of the important ones are:
1. What can be the best investment choices for venturing into new product and service lines?
2. What value propositions should businesses aim at while making new research and development funding?
3. Which regulations will be most helpful for stakeholders to boost their supply chain network?
4. Which regions might see the demand maturing in certain segments in near future?
5. What are the some of the best cost optimization strategies with vendors that some well-entrenched players have gained success with?
6. Which are the key perspectives that the C-suite are leveraging to move businesses to new growth trajectory?
7. Which government regulations might challenge the status of key regional markets?
8. How will the emerging political and economic scenario affect opportunities in key growth areas?
9. What are some of the value-grab opportunities in various segments?
10. What will be the barrier to entry for new players in the market?
Note: Although care has been taken to maintain the highest levels of accuracy in TMR’s reports, recent market/vendor-specific changes may take time to reflect in the analysis.