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
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