Electrical Steering Column Lock Market is estimated to surpass USD 31 billion by 2024; according to a new research report by Global Market Insights, Inc.
Global electrical steering column lock market share is anticipated to surpass 180 million units by 2024. Shifting trends towards adoption of automobile features from mechanical solutions to electronic based units has created the need for electronically operated locking systems. Rising demand for advanced products is boosting the industry growth over the forecast timespan.
Industry gains are attributed to advancements in miniaturization of the units and developments in PCBs that are replacing multiple mechanical units. Further, product development is anticipated to generate higher revenues for the industry players.
Government has implemented certain rules and regulations to support security and safety of vehicles. For instance, in the U.S. regulatory body such as National Highway Traffic Safety Administration (NHTSA) addresses automobile safety issues mandating the automakers to install the product in all vehicles.
European directives intend to establish uniform provisions for performance and layout of vehicles systems operating on the road. These regulations ensure vehicle security and is expected to boost the electrical steering column lock market from 2017 to 2024.
Innovations in the product have led to improved flexibility, functionality, reduced space consumption, theft security, quality, and efficiency for vehicles. Moreover, increasing automobile production will support the product penetration over the period.
Electric power steering will enhance the product adoption rate owing to its technical specifications such as space saving and high level of compatibility. With such notable features product acceptance is expected to rise over the forecast timeline.
Fully autonomous cars may pose a threat to the electrical steering column lock market in the forecast period. For instance, in September 2017, Audi unveiled a fully autonomous car concept in Germany without a steering wheel that uses artificial intelligence assistance to deliver services. Moreover, in California, vehicles without steering wheels will be available to customers from 2018.
Light commercial vehicles will exhibit over 6% CAGR till 2024 in global electrical steering column lock market. Modern vehicles are equipped with advanced products for the comfort of driver, thus escalating the product penetration. In Europe, it is anticipated that half of the trucks operating on the road will have the lock installed by 2024.
Transformation of auto industry as the technology matures will influence industry trends and automaker relationships. Innovative features are becoming common in new upmarket automobiles. Industry share may shift to new participants while conventional OEMs will be pressurized to escalate their drive for innovation. Aftermarket segment is expected to grow faster than OEMs and is likely to reach USD 6 billion by 2024.
Asia Pacific is estimated to dominate the global electrical steering column lock market till 2024. The growth can be attributed to increased automobile production across the region, especially in emerging economies including China, India, and Indonesia. China is recognized as the substantial contributor in the revenue generation. Increasing vehicle manufacturing along with rising domestic demand will enhance the country's share over the estimated time.
North America was valued for over USD 4 billion in 2016 and will register gains at over 6.5% by 2024 owing to the mature automotive industry. Moreover, with the presence of established manufacturers the regional business will enhance over the forecast period.
Robert Bosch, Nexteer Automotive, NSK Ltd., ZF Friedrichshafen AG, Nissan, and Valeo are among the significant producers in the electrical steering column lock market. Other notable manufacturers include U-Shin Ltd., Minda VAST Access Systems Pvt. Ltd., and Huf Hülsbeck & Fürst GmbH.
Industry players may witness high competition due to innovation, design expertise, and strong distribution channels. They focus on product development resulting in efficient vehicle functioning and improved security.
Electrical Steering Column Lock market research report includes in-depth coverage of the industry with estimates & forecast in terms of volume in million units and revenue in USD million from 2013 to 2024, for the following segments:
Electrical Steering Column Lock Market by Vehicle
Special utility vehicles
Electrical Steering Column Lock Market by Distribution Channel
The above information is provided on a regional and country basis for the following:
Middle East & Africa