Electrical Steering Column Lock Market by Emerging Trend and Competitive Insights to 2024

Electrical Steering Column Lock Market by Emerging Trend and Competitive Insights to 2024

Electrical steering column lock market size is expected to exceed USD 31 billion by 2024.The burgeoning penetration of electric power steering systems is a key factor anticipated to accelerate the electrical steering column lock industry over the forecast period. An electrical steering lock system prohibits theft by locking the steering with an ignition lock. In recent years, customers worldwide have been opting for vehicles with electric power steering systems as they provide more safety and remove the need for a mechanical key to open of the lock the steering column. This inclination towards all-electric power steering systems due to safety-related concerns is expected to accelerate the market growth over the forecast period.

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Notably, companies such as Huf Hülsbeck & Fürst GmbH, Minda VAST Access Systems Pvt. Ltd., U-Shin Ltd., Valeo, Nissan, ZF Friedrichshafen AG, NSK Ltd., Nexteer Automotive, and Robert Bosch are major players operating in the electrical steering column lock market.

These companies are anticipated to witness high competition due to innovation, design expertise, and strong distribution channels. They are exclusively focusing on product development to improve the functioning and security of vehicles.

In a bid to increase safety, government agencies worldwide have been imposing numerous regulations to mandate EPS adoption, predominantly accelerating electrical steering column lock business outlook. Citing an instance to highlight the same, U.S’s NHTSA (National Highway Traffic Safety Administration) recently introduced several regulations to address automobile safety issues mandating the OEMs to install the product in all vehicles. Aided by initiatives like the aforementioned, the electrical steering column lock market is expected to record lucrative growth over the forecast period.

In recent years, automakers across the world have been rolling advanced vehicles to attract customers. These companies are equipping their vehicles, particularly light commercial models with advanced systems to improve the safety and comfort of drivers, predominantly accelerating the demand for electrical steering column lock. On this note, studies suggest that the light commercial vehicle segment is expected to record more than 6% CAGR over the forecast period.

Besides, the electrical steering column lock market is essentially gaining traction across the HCV segment. Reliable reports suggest that, in Europe, it is expected that half of the trucks operating on road will be equipped with electrical steering column lock.

Asia Pacific is expected to emerge as a pivotal revenue pock for the electrical steering column lock market over the forecast period owing to increasing automobile production across the region. Nations such as India, China, and Indonesia have been recording significant automobile production due to increasing domestic demand. For instance, India has become the fourth-largest auto market in the last year, surpassing Germany with around 3.99 million units sold in the commercial and passenger vehicles categories. Such significant growth in the automobile industry may accelerate the electrical steering column lock market over the forecast period.

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Partial Chapter of the Table of Content

Chapter 4.   Electrical Steering Column Lock Market, By Vehicle

4.1. Global market share by vehicle, 2016 & 2024

4.2. PCV

4.2.1. Market estimates and forecast, 2013-2024

4.2.2. Market estimates and forecast, by region, 2013-2024

4.3. LCV

4.3.1. Market estimates and forecast, 2013-2024

4.3.2. Market estimates and forecast, by region, 2013-2024

4.4. HCV

4.4.1. Market estimates and forecast, 2013-2024

4.4.2. Market estimates and forecast, by region, 2013-2024

4.5. Special utility vehicles

4.5.1. Market estimates and forecast, 2013-2024

4.5.2. Market estimates and forecast, by region, 2013-2024

4.6. Motorcycles

4.6.1. Market estimates and forecast, 2013-2024

4.6.2. Market estimates and forecast, by region, 2013-2024

Chapter 5.Electrical Steering Column Lock Market, By Distribution channel

5.1. Global market share by distribution channel, 2016 & 2024

5.2. OEM

5.2.1. Market estimates and forecast, 2013-2024

5.2.2. Market estimates and forecast, by region, 2013-2024

5.3. Aftermarket

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