Electrical Steering Column Lock Market 2024 | Industry Analysis By Key Manufacturers – Nissan, Valeo, Robert Bosch, Nexteer Automotive, NSK Ltd., ZF Friedrichshafen AG

The global electrical steering column lock market has undeniably received momentum on account of the adoption of electric power steering (EPS) in modern vehicles, which is a result of the increasing demand for safer and more economical vehicles. EPS provides a faster response while driving and has even been promoted by governments to be implemented for achieving lesser fuel consumption. Steering wheel column locks help to improve driver and passenger safety during collisions while also protecting against unwanted use. The growing number of key-less sedans and SUVs being produced and the expected rise in the demand for electric vehicles will significantly bolster the installation of EPS and electronically operated locking mechanisms by OEMs.

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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.

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.

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.

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.

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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.

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.

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.

Table of Content:

Chapter 1. Electrical Steering Column Lock Market Methodology & Scope

Chapter 2. Electrical Steering Column Lock Market Executive Summary

Chapter 3. Electrical Steering Column Lock Industry Insights

Chapter 4. Electrical Steering Column Lock Market, By Vehicle

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

Chapter 6. Electrical Steering Column Lock Market, By Region

Chapter 7. Electrical Steering Column Lock Market Company Profiles

Outer scope of this report essentially, the Asia-Pacific (APAC) region is considered as a key market for automobiles owing to rising disposable incomes in emerging economies and large capacity expansions being undertaken by automakers. For instance, the Chinese automobile company Geely’s new plant in Ningbo city is aimed at producing up to 2 million vehicles by 2020, where mostly bigger sized cars will be assembled. Also, to comply with China’s tightening quotas for producing greener cars, GAC Group and Honda are teaming up to build a $469 million facility in the country to manufacture new energy vehicles, displaying a vast scope for the consumption of electronic units like steering column locks. In addition, with companies like Suzuki and Honda planning to expand production in countries like India as well, the APAC electrical steering column lock market will witness an accelerated growth over the coming years.

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Related Report:

Asia-Pacific Electrical Steering Column Lock Market Report 2018

In this report, the Asia-Pacific Electrical Steering Column Lock market is valued at USD XX million in 2016 and is expected to reach USD XX million by the end of 2022, growing at a CAGR of XX% between 2016 and 2022.

Geographically, this report split Asia-Pacific into several key Regions, with sales (Units), revenue (Million USD), market share and growth rate of Electrical Steering Column Lock for these regions, from 2012 to 2022 (forecast), including China, Japan, South Korea, Taiwan, India, Southeast Asia and Australia.

https://www.marketstudyreport.com/reports/asia-pacific-electrical-steering-column-lock-market-report-2018?utm_source=RR-SP

Read more at: https://www.marketwatch.com/press-release/at-33-cagr-automotive-brake-system-components-market-to-reach-usd-7060-million-by-2023-2019-01-15

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This release was published on openPR.