Electrical Steering Column Lock Market Opportunity Assessment to Reveal profitable Avenues for Players 2024
Category: #business  By Rahul Varpe  Date: 2021-03-31
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Electrical Steering Column Lock Market Opportunity Assessment to Reveal profitable Avenues for Players 2024

The burgeoning penetration of electric power steering systems is a key factor anticipated to accelerate the electrical steering column lock market over the forecast period. An electrical steering lock system prohibits theft by locking the steering with an ignition lock. In recent years, customers worldwide have been opting for vehicles with electric power steering systems as they provide more safety and remove the need for a mechanical key to open of the lock the steering column. This inclination towards all-electric power steering systems due to safety-related concerns is expected to accelerate the market growth over the forecast period.

A study conducted at Global Market Insights Inc. suggests that the electrical steering column lock market size is expected to exceed USD 31 billion by 2024.

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Notably, companies such as Huf Hülsbeck & Fürst GmbH, Minda VAST Access Systems Pvt. Ltd., U-Shin Ltd., Valeo, Nissan, ZF Friedrichshafen AG, NSK Ltd., Nexteer Automotive, and Robert Bosch are major players operating in the market.

These companies are anticipated to witness high competition due to innovation, design expertise, and strong distribution channels. They are exclusively focusing on product development to improve the functioning and security of vehicles.

Top three trends influencing electrical steering column lock market outlook

Increasing emphasis on vehicle safety 

In a bid to increase safety, government agencies worldwide have been imposing numerous regulations to mandate EPS adoption, predominantly accelerating electrical steering column lock business outlook. Citing an instance to highlight the same, U. S’s NHTSA (National Highway Traffic Safety Administration) recently introduced several regulations to address automobile safety issues mandating the OEMs to install the product in all vehicles. Aided by initiatives like the, the electrical steering column lock market is expected to record lucrative growth over the forecast period.

Increasing adoption across light commercial vehicles

In recent years, automakers across the world have been rolling advanced vehicles to attract customers. These companies are equipping their vehicles, particularly light commercial models with advanced systems to improve the safety and comfort of drivers, predominantly accelerating the demand for electrical steering column lock. On this note, studies suggest that the light commercial vehicle segment is expected to record more than 6% CAGR over the forecast period.

Besides, the electrical steering column lock market is essentially gaining traction across the HCV segment. Reliable reports suggest that, in Europe, it is expected that half of the trucks operating on road will be equipped with electrical steering column lock.

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Burgeoning demand from APAC

Asia Pacific is expected to emerge as a pivotal revenue pock for the electrical steering column lock market over the forecast period owing to increasing automobile production across the region. Nations such as India, China, and Indonesia have been recording significant automobile production due to increasing domestic demand. For instance, India has become the fourth-largest auto market in the last year, surpassing Germany with around 3.99 million units sold in the commercial and passenger vehicles categories. Such significant growth in the automobile industry may accelerate the electrical steering column lock market over the forecast period.

Table of Contents (ToC) of the report:

Chapter 1. Methodology and Scope

1.1. Methodology

1.1.1. Initial data exploration

1.1.2. Statistical model and forecast

1.1.3. Industry insights and validation

1.1.4. Scope, definition and forecast parameters

1.2. Data Sources

1.2.1. Primary

1.2.2. Secondary

Chapter 2. Executive Summary

2.1. Electrical steering column lock industry 3600 synopsis, 2013 - 2024

2.1.1. Business trends

2.1.2. Vehicle trends

2.1.3. Distribution channel trends

2.1.4. Regional trends

Chapter 3. Electrical Steering Column Lock Industry Insights

3.1. Industry segmentation

3.2. Industry landscape, 2013 - 2024

3.3. Industry ecosystem analysis

3.3.1. Suppliers

3.3.2. Manufacturers

3.3.3. Profit margin analysis

3.3.4. Customers

Browse complete Table of Contents (ToC) of this research report @ https://www.decresearch.com/toc/detail/electrical-steering-column-lock-market

About Author

Rahul Varpe    

Rahul Varpe

Rahul Varpe currently writes for Technology Magazine. A communication Engineering graduate by education, Rahul started his journey in as a freelancer writer along with regular jobs. Rahul has a prior experience in writing as well as marketing of services and products ...

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