Global Electrical Steering Column Lock Market — Global Industry Analysis and Forecast (2018–2026) — By Vehicle, Distribution Channel, and Region.
Global Electrical Steering Column Lock Market is expected to reach US$ 31.7 Billion by 2026 from US$ 11.47 Billion in 2017 at a CAGR of 11.96%.
Electrical steering column lock market is majorly segmented by the vehicle, distribution channel, and region wise. Based on vehicle segment PCV is expected to dominate the global Electrical steering column lock market in 2017 owing to the substantial production of these vehicles across the globe. Rising deployment of electric power steering (EPS) in these vehicles will further support the segment dominance till 2026.
Electrical steering column lock can be also classified based on the distribution channel, where the OEM segment held the highest market share owing to their process expertise coupled with customer’s trust towards the manufacturer. High-performance vehicles and continuous efforts of industry players for the development of cost-effective solutions are the major factors responsible for the strong preference towards OEMs.
High demand for electric power steering (EPS) vehicles across the globe will primarily boost the adoption of electrical steering column lock market share from 2017 to 2026. Growing demand for EPS can be attributed to its benefits such as considerable fuel savings and quick response. Various government bodies have imposed certain regulations to mandate EPS adoption, instigating immense growth potential in the industry.
Rising security concerns among customers will further escalate the revenue generation for electric steering column lock market over the forecast timeline. Strengthening electrical vehicles penetration coupled with stringent regulations regarding fuel economy will further contribute to the industry growth significantly.
Frequent innovations in column lock mechanism have induced immense potential and these advancements have led to enhanced and simplified vehicle design. For instance, NSK Ltd. introduced an innovative steering wheel column lock mechanism wedge gear system that enhances occupant safety during automotive collisions. It is designed with a wedge in the receiving gear surface and provides over 25% improvement in steering wheel position lock force over traditional design. Moreover, this innovative vehicle uses 70% less components than the conventional design.
Geographically, the Electrical Steering Column Lock Market segmented into North America, Europe, Asia Pacific, Middle East & Africa, and Latin America. Asia-Pacific held the highest market in 2017 which can be attributed to high automobile production, especially passenger cars across the region. China was counted among the largest automobile market in 2017 whereas India showcased a growth of the utility vehicles by almost 30% in the same year. Rising penetration of electric vehicles will further help in supporting the region’s dominance over the next eight years.
Key player across the electrical steering column lock industry are Nexteer Automotive, Robert Bosch, ZF Friedrichshafen AG, NSK Ltd., and Nissan. For instance, in March 2017, Nissan took an initiative to replace the conventional steering lock with an electrical steering column lock for cost-free in Nissan Altima and Maxima models. This strategy helped the company to gain traction among the customers. Manufacturers are also indulged in new vehicle parts development for gaining the competitive edge. For instance, in 2013, NSK Ltd. introduced an innovative column lock mechanism that improves the overall system design and performance.
The Scope of the Global Electrical Steering Column Lock Market:
Global Electrical Steering Column Lock Market, by Vehicle:
• PCV • LCV • HCV • Special Utility • Motorcycles
Global Electrical Steering Column Lock Market, by Distribution Channel:
• OEM • Aftermarket
Global Electrical Steering Column Lock Market, by Geography:
• North America • Europe • Asia-Pacific • Middle East & Africa • Latin America
Key Players, Global Electrical Steering Column Lock Market:
- Nexteer Automotive • Robert Bosch • ZF Friedrichshafen AG • NSK Ltd. • Nissan
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Report Published by MAXIMIZE MARKET RESEARCH
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