Asia Pacific electrical steering column lock market is projected to be dominant till 2024 which can be credited to increased vehicle manufacturing across the region. China witnesses increasing SUV sector and is likely to be one out of every two cars sold over the predicted time span thereby contributing in regional revenue generation. Rising automobile production coupled with high domestic demand will improve the country’s share over the study period.
North America electrical steering column lock market was worth USD 4 billion in 2016 and will register gains approximately at 6.5% by 2024 due to its matured automobile industry. Further, presence of well-established industry participants in the region will influence the regional business demand over the projected period.
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One of the key threats that electrical steering column lock market will face in the ensuing years is the introduction of fully autonomous vehicles which come essentially without a steering wheel, a fact that will make the electrical steering column locks redundant. However, security risks, lack of consumer understanding and slow rate of market penetration of autonomous vehicles will not make them commercially viable before 2030, which would prove to be an advantage for ESCL industry.
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.
Industry participants may observe intense competition owing to strong distribution channels, design expertise, and innovations. Players will focus on product advancements leading to efficient automobile functioning and enhanced security for catering customer demands.
Nexteer Automotive, Nissan, ZF Friedrichshafen AG, and Valeo are the significant manufacturers in the electrical steering column lock market. Other notable OEMs are Minda VAST Access Systems Pvt. Ltd., U-Shin Ltd., and Huf Hulsbeck & Furst GmbH.
Browse key industry insights spread across 300 pages with 399 market data tables & 8 figures & charts from the report, “Electrical Steering Column Lock Market” in detail along with the table of contents: https://www.gminsights.com/industry-analysis/electrical-steering-column-lock-market
One of the key threats that electrical steering column lock market will face in the ensuing years is the introduction of fully autonomous vehicles which come essentially without a steering wheel, a fact that will make the electrical steering column locks redundant. However, security risks, lack of consumer understanding and slow rate of market penetration of autonomous vehicles will not make them commercially viable before 2030, which would prove to be an advantage for ESCL industry. For now, OEMs and other major ESCL market players are focusing on making the electrical steering column lock systems in vehicles much better, ensuring not only security but also attracting a wider customer base with better and innovative safety technologies.
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