Electrical Steering Column Lock Market: APAC Region Is Expected To Cross USD 13 Bn By 2024

APAC electrical steering column lock market is expected to witness a substantial growth rate over 2017-2024. China alone, in 2016, accounted for 48% of the global SUV shares. In fact, estimates claim Asia Pacific to dominate the overall electrical steering column lock industry by 2024, with a revenue projection of USD 13 billion.

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Government directives for better vehicle security has been the driving force for the growth of North America electrical steering column lock market. The National Highway Traffic Safety Administration (NHTSA), for instance, a traffic regulatory body of U.S. has mandated the use of electrical steering column locks in all vehicles. Uniform provision for performance and layout of all vehicle systems as authorized by the European directives will also ensure the implementation of these security products in all vehicles, giving Europe electrical steering column lock industry a commendable boost over 2017-2024.

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. By 2024 ESCL market size is predicted to surpass a valuation of USD 31 billion, driven by innovations in the automotive sector and the existence of a favorable regulatory landscape that mandates the adoption of EPS in new automobiles.

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.

A shift of conveyance preference has also been noted with the rise of connectivity and online shopping alternatives. Many consumers nowadays prefer to have goods and services delivered at home – a trend that has provided an impetus to the commercial vehicle industry. In order to make these vehicles more fuel-efficient, the deployment of electric power steering has been made mandatory, which inevitably indicates the implementation of electrical steering column locks in these vehicles to ensure security. In consequence, the commercial vehicle sector would prove to be a lucrative avenue for ESCL market.

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Some Point from Table of Contents:

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

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