With security being one of the consumers’ principal concerns, cars incorporated with anti-theft features will make them highly viable choice, which will boost the overall electrical steering column lock market size.
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In global electrical steering column lock market, light commercial vehicles will pose a CAGR of over 6% in the forecast time frame. Newly developed vehicles are equipped with advanced units for the driver's comfort, thus accelerating product adoption rate. In Europe, it is predicted that half of the trucks functioning on the road will be equipped with advanced locks by 2024.
Revolution of the auto industry owing to technological changes will influence industry trends and auto producer relationships. Advanced features are becoming common in newly developed vehicle models. Industry share may shift to new players while conventional manufacturers will be pressurized to intensify their innovation drive. Aftermarket sector is estimated to develop faster than OEMs and is expected to reach USD 6 billion by 2024.
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Electrical steering column lock market has been witnessing a profitable growth rate since the last few years, pertaining to the growing popularity of the electric power steering (EPS). The EPS technology is lately being preferred in automobiles for its ease of use and the fuel efficiency. Also, there has been a paradigm shift in the deployment of automotive components from mechanical to electronic solutions, which has led to electrical steering column lock (ESCL) market carving out a positive growth trajectory.
With the emergence of new economies and the rising affordability of vehicles, global automobile manufacturing and sales are expected to soar higher in the years to come. This in consequence, would lead to a robust rise in the sales of automobile integrated with security features, which in turn would impel ESCL market. With security being one of the consumers’ principal concerns, cars incorporated with anti-theft features will make them highly viable choice, which will boost the overall electrical steering column lock market size.
High revenue gains can be credited to development in printed circuit boards and advancements in miniaturization of units that are replacing various mechanically operated auto parts. Further, product improvements are anticipated to generate substantial earnings for the industry participants.
Government has imposed certain laws supporting safety and security of the vehicles. For instance, in the U.S. government bodies such as National Highway Traffic Safety Administration (NHTSA) addresses the automotive safety challenges. This will mandate the auto producers to implement the product in commercial and passenger vehicles.
European directives aim to build uniform provisions for layout and performance of automobile units. These regulations ensure automobile security and is anticipated to expand the electrical steering column lock market over the forecast timeframe.
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North America was worth USD 4 billion in 2016 and will register gains approximately at 6.5% by 2024 due to its matured automobile industry. Further, presence of well-established industry participants in the region will influence the regional business demand over the projected period.
Nexteer Automotive, Nissan, ZF Friedrichshafen AG, and Valeo are the significant manufacturers in the electrical steering column lock market. Other notable OEMs are Minda VAST Access Systems Pvt. Ltd., U-Shin Ltd., and Huf Hulsbeck & Furst GmbH.
Glimpse of Table of Content (ToC)
Chapter 4. Electrical Steering Column Lock Market, By Vehicle
4.1. Global electrical steering column lock 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 electrical steering column lock 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
5.3.1. Market estimates and forecast, 2013-2024
5.3.2. Market estimates and forecast, by region, 2013-2024
Browse complete Table of Contents (ToC) of this research report @ https://www.gminsights.com/toc/detail/electrical-steering-column-lock-market
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