Electrical Steering Column Lock Market By Vehicle, By Distribution Channel, By Geographic Scope And Forecast To 2026

Electrical Steering Column Lock Market Overview

High demand for electric power steering (EPS) vehicles across the globe will primarily boost the adoption of electrical steering column lock market share from 2017 to 2024. Growing demand for EPS can be attributed to its benefits such as considerable fuel savings and quick response. Various government bodies have imposed certain regulations to mandate EPS adoption, instigating immense growth potential to the industry.

For instance, the U.S. government has enforced CAFÉ regulations for EPS implementation in vehicles for fuel economy enhancement. Rising security concerns among customers will further escalate the revenue generation for the electric steering column lock market over the forecast timeline. Strengthening electrical vehicles penetration coupled with stringent regulations regarding fuel economy will further contribute to the industry growth significantly.

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Factors influencing the Electrical Steering Column Lock Market

Factors that are driving the growth of the market include the growing demand for passenger vehicles and SUVs and the Improved benefits of EPAS System.

SUVs contributed significantly to the automotive industry’s strong performance, accounting for the largest market share in China, North America and Europe (the three largest regions), yet were not as popular in the three smallest regions – Asia-Pacific, Japan, and South Korea and Latin America. The subcompact was the most popular segment in Asia-Pacific and Latin America, whilst city-cars secured the largest market share in Japan, demonstrating that there is still scope for the SUV to grow as its popularity spreads.

While Brazil contributed significantly to the industry’s growth, posting a 9.4 percent volume increase in sales, the country that plays a large part is India. The Indian PV market posted the world’s second highest volume increase in 2017.

In regards to the Improved benefits of EPAS System, electric power steering has slowly made its way to the forefront of automotive engineering, with some of the greatest performance cars on sale (Porsche especially) transitioning their steering systems into the electronic age. As EPAS (electric power assisted steering) systems have been developed and refined, however, manufacturers like Porsche have managed to create electronic systems that all but match the feel of a hydraulic system and then go on to surpass the mechanical method in many fields.

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A factor that is expected to hinder the growth of the market is the lack of steering feel. The most common complaints about the lack of steering feel come from new high-performance cars. Cars built with traditional hydraulic power steering provided ample feedback about the car’s behavior through the steering wheel during aggressive driving. Because EPS has become so popular in new cars, drivers have had to re-learn how to feel what the car is doing through the seat.

Global Electrical Steering Column Lock Market Analysis

According to Verified Market Research, The Global Electrical Steering Column Lock Market was valued at USD 19.87 Billion in 2018 and is projected to reach USD 35.75 Billion by 2026, growing at a CAGR of 7.9% from 2016 to 2026. The Asia Pacific Market is expected to participate heavily in the consumption of Electrical Steering Column Lock. This position can be attributed to the growing demand from the automotive industry, which has resulted in an increase in overall demand for Electrical Steering Column Lock. Europe is considered as the second largest player in the market.

Global Electrical Steering Column Lock Market Segment Analysis

The Global Electrical Steering Column Lock market can be segmented into the vehicle, distribution channel, and Geography. On the basis of vehicle, the market can be segmented into PCV, LCV, HCV, Special utility Vehicles, Motorcycles. The Electrical Steering Lock market by distribution channel is divided into OEM and Aftermarket.

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Some of the major players involved in the Global Electrical Steering Column Lock Market are Continental, Nexteer Automotive, Robert Bosch GmbH, ZF Friedrichshafen AG, NSK Ltd., Nissan, U-Shin Ltd, Johnson Electric, Valeo SA, Huf Hülsbeck & Fürst GmbH & Co. KG and Minda Vast Access Systems Private Limited. These companies will be profiled on the basis of their financials, their geographic and business segment breakdown, as well as product benchmarking. The competitive landscape section includes key development strategies and market ranking analysis of the above-mentioned players globally.

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