Remote Vehicle Shutdown System Market: Introduction
- Remote vehicle shutdown systems are electronic devices mounted on vehicles to cut-down the fuel supply and ignition power of vehicles from a distant location. These systems are equipped with GPS trackers that are connected to the power supply, ignition, and starter motor circuit of vehicles, which enables these systems to shutdown vehicles and prevent them from restarting. These systems alert the user through a remote device or mobile app by using short or long range networks. Pressing a switch on the remote device or mobile app delivers a coded command to the receiver of the system, which cuts the engine power and immobilizes the vehicle.
- Remote vehicle shutdown systems are being used by businesses, law enforcement agencies, and individuals to prevent misuse of vehicles by rogue elements. Parents are also using these systems to deter their underage children from using vehicles.
Key Drivers of Remote Vehicle Shutdown System Market
- Granting of vehicle loans to subprime borrowers with have poor credit ratings has been increasing for the last few years. This has led to delayed payments of installments. The Federal Reserve Bank of New York stated that 7 million loan payments were delayed in 2018. Consequently, banks and other financial institutions are using remote vehicle shutdown technology to compel the borrower for repaying the loan. Thus, growing use of remote vehicle immobilizers by loan lenders is driving the global remote vehicle shutdown system market.
- Vehicle theft incidents are increasing worldwide. For instance, data released by Metropolitan Police of London stated that vehicle theft rose by 46% in 2018. These thefts further increased in the recent COVID-19 pandemic. Police officials and other law enforcement agencies are using remote vehicle shutdown system to track and halt the vehicle in order to counter this rising number of vehicle thefts. Multiple government agencies including the European Union are introducing regulatory policies to mandate the installation of remote vehicle shutdown system on new vehicles being sold in the market. These systems enable law enforcement agencies to avoid the long vehicle chases, as they lead to injury or even death in several instances. Thus, a rise in vehicle thefts coupled with favorable government policies is fuelling the remote vehicle shutdown system market across the globe.
- Growing globalization and industrialization has increased transportation activities. Cargo transportation is highly vulnerable to thefts. A research study from the British Standards Institute (BSI) indicate that cargo theft accounted for US$ 22.6 billion in 2015, and countries such as India, China, and those in Latin America are highly prone to car theft. Governments of these countries have mandated the use of remote immobilizers on transport vehicles in order to counter this threat. For instance, the Government of Brazil mandated the installation of electronic trackers on all new vehicles manufactured and imported in the country in order to track and immobilize the vehicle in the event of cargo theft. Thus, the need to counter a rise in cargo theft is fuelling the global remote vehicle shutdown system market.
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Challenges in Remote Vehicle Shutdown System Market
- Use of remote vehicle shutdown systems by businesses or law enforcement agencies endangers the life of drivers. Several incidences have been reported where the use of remote immobilizer resulted in accidents and traffic congestions, as vehicles stopped in the middle of the road endangering the life of drivers. Furthermore, these devices are prone to cyber-attacks, thereby causing concerns regarding its applications and hampering the market.
North America to hold Significant Share of Global Remote Vehicle Shutdown System Market
- North America holds a significant share of the global remote vehicle shutdown system market, as regional automotive OEMs are incorporating these remote immobilizers in their vehicles. For instance, General Motors equipped these systems in 1.7 million new cars. Moreover, expansion of the shared mobility industry in the region is further boosting the demand for remote vehicle shutdown systems to avoid instances of vehicle theft. This rise in demand from automotive OEMs and car rental companies is driving the share held by North America in the global remote vehicle shutdown system market.
Key Players Operating in Remote Vehicle Shutdown System Market
The remote vehicle shutdown system market is highly concentrated due to the presence of top manufacturers. A few of the key players operating in the remote vehicle shutdown system market are:
- 3Built LLC.
- Connect2Car Inc.
- Dragon Bridge (SZ)Tech Co., Ltd
- GPS and Track, LLC
- MINE SAFETY APPLIANCES COMPANY
- OnStar, LLC.
- Shenzhen Eelink Communication Technology Co., Ltd
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Global Remote Vehicle Shutdown System Market: Research Scope
Global Remote Vehicle Shutdown System Market, by Type
Global Remote Vehicle Shutdown System Market, by Technology
Global Remote Vehicle Shutdown System Market, by Vehicle
- Two wheeler vehicle
- Passenger Vehicle
- Commercial Vehicle
- Light Commercial Vehicle
- Heavy Commercial Vehicle
Global Remote Vehicle Shutdown System Market, by Electric Vehicle
- Battery Electric Vehicle (BEV)
- Hybrid Electric Vehicle (HEV)
Global Remote Vehicle Shutdown System Market, by Sales Channel
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Our key underpinning is the 4-Quadrant Framework EIRS that offers detailed visualization of four elements:
- Customer Experience Maps
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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
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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?
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10. What will be the barrier to entry for new players in the market?
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