Electrical Steering Column Lock Market To Witnessed An Appreciable Growth By 2024
Category: #business  By Ronak Bora  Date: 2021-08-09
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Electrical Steering Column Lock Market To Witnessed An Appreciable Growth By 2024

The global electrical steering column lock market has been witnessing a phenomenal growth rate over the past few years owing to the shifting trends towards the deployment of electronic based units across the automobiles. Apparently, this paradigm shift has established a need for electronically operated locking systems which is expected to bolster the business dynamics over 2017-2024.

It is prudent to mention that the optimization and miniaturization of the electronic units with an intent to replacing the mechanical units has led the market to carve out a positive growth trajectory over the years. Electrical steering column lock market size would surpass a valuation of USD 31 billion by 2024, driven by the innovations across the automotive sector.

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Moreover, the presence of legislative reforms to support the safety and security of the automobiles has catalyzed the growth of the electrical steering column lock market expansion globally. As a matter of fact, the US regulatory body has addressed the automobile safety issues thereby necessitating the automakers to install these products in all the vehicles.

The global electrical steering column lock market is segmented into different vehicle segments which would include: the PCVs, LCVs, HCV, special utilities, and motorcycle.

Amongst the aforementioned, the market from the Light Commercial Vehicle segment is anticipated to perform exceptionally well in the upcoming years. Estimates claim that the segment would record a CAGR of 6 per cent through 2024.

This growth is attributable to the deployment highly advanced products across the modern vehicles, to deliver the sense of comfort to the driver. In this regard, it has been predicted that the Europe region would acknowledge the presence of over half of the trucks being deployed with the lock by the end of 2024. 

Speaking in terms of the distribution channel, the aftermarket segment is likely to grow at a prodigious pace compared to the OEMs. In line with this, reports have claimed that the segment would record a remuneration of USD 6 billion over the stipulated timeframe.

Considering the regional aspect, North America stands tall in the regional hierarchy of electrical steering column lock market. For the records, the region in 2016 procured a revenue share of USD 4 billion of the overall market share. However, with the maturing automotive industry across the region, North America is set to exhibit CAGR of 6.5 per cent over 2017-2024. Additionally, the presence of prominent automakers across the region would further augment the industry outlook.

The worldwide electrical steering column lock market is highly consolidated and acknowledges the presence of well-known industry players such as Nissan, Robert Bosch, NSK Ltd., ZF Friedrichshafen AG, and multiple others. These market players are highly focused on product development leading in efficient vehicle functioning and high end security.

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Partial Chapter of the Table of Content

Chapter 4.   Electrical Steering Column Lock Market, By Vehicle

4.1. Global 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 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

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

 

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About Author

Ronak Bora

Ronak Bora    

A graduate in Electronics Engineering, Ronak writes for Technology Magazine and carries a rich experience in digital marketing, exploring how the online world works from a technical and marketing perspective. His other areas of interest include reading, music, and spo...

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