Steering Column-Interlocked Meter Market - Positive long-term growth outlook 2017 - 2025
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The major driving factor of steering column-interlocked meter is robust growth in the automotive industry. The cars, buses trucks, and other heavy commercial vehicles use the wheel locking system. Also, factor boosting the growth of the market is agricultural industry, is increased use of the crop cutting vehicles for adjusting the direction of the steering according to the plant.
Malfunctioning of the locking system of steering is likely to limit potential growth of the steering column-interlocked meter market. The emergence of applications in the solar energy conservation for adjusting the direction of the solar panel is likely to explore the potential growth of the steering column-interlocked meter market. Steering column-interlocked meter is used for the mechanical as well as power assisted steering system and easily adaptable to any vehicle. Additionally, there is no limitation of the steering rotation, so due to this steering can rotate in any direction. There are some latest trends of the steering column-interlocked meter such as, the collapsible steering column is nowadays in trending due to its safety properties, which is enhancing the application of steering column-interlocked meter.
The global steering column-interlocked meter market is divided geographically into seven regions, namely North America, Latin America, Asia Pacific excluding Japan (APEJ), Western Europe, Eastern Europe, Japan and the Middle East and Africa (MEA). Europe is the major region for steering column-interlocked meter market, especially regarding application and revenue sharing due to the presence of major players of the automotive industry in particular in Germany. Followed by Europe, North America is forecasted to grow relatively at a higher CAGR during the forecast period. Japan market is also well developed and predicted to increase at average CAGR during the period 2017-2027. MEA and Latin America are expected to expand at sluggish growth rate due to lack of technology advancement in this region.
Steering Column-Interlocked Meter Market: Regional Segmentation
The growth of steering column-interlocked meter market in Asia-Pacific is very high due to rapid economic growth and improved private investments in this region. The rise in applications of steering locking system is especially in vehicles such as cars, buses, trucks and loading vehicles are fuelling market growth. India and China are likely to witness significant growth in this market during the forecast period.
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