Selbyville, DE -- (SBWIRE) -- 10/16/2018 -- Electrical Steering Column Lock Market Research Report for the period of 2017-2024 that shows the growth of the market is rising at a Steady CAGR to 2024.
North America was valued for over USD 4 billion in 2016 and will register gains at over 6.5% by 2024 owing to the mature automotive industry. Moreover, with the presence of established manufacturers the regional business will enhance over the forecast period.
Global electrical steering column lock market share is anticipated to surpass 180 million units by 2024. Shifting trends towards adoption of automobile features from mechanical solutions to electronic based units has created the need for electronically operated locking systems. Rising demand for advanced products is boosting the industry growth over the forecast timespan. Electrical Steering Column Lock Market is estimated to surpass USD 31 billion by 2024; according to a new research report.
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Industry gains are attributed to advancements in miniaturization of the units and developments in PCBs that are replacing multiple mechanical units. Further, product development is anticipated to generate higher revenues for the industry players.
European directives intend to establish uniform provisions for performance and layout of vehicles systems operating on the road. These regulations ensure vehicle security and is expected to boost the electrical steering column lock market from 2017 to 2024.
Innovations in the product have led to improved flexibility, functionality, reduced space consumption, theft security, quality, and efficiency for vehicles. Moreover, increasing automobile production will support the product penetration over the period.
Electric power steering will enhance the product adoption rate owing to its technical specifications such as space saving and high level of compatibility. With such notable features product acceptance is expected to rise over the forecast timeline.
Fully autonomous cars may pose a threat to the electrical steering column lock market in the forecast period. For instance, in September 2017, Audi unveiled a fully autonomous car concept in Germany without a steering wheel that uses artificial intelligence assistance to deliver services. Moreover, in California, vehicles without steering wheels will be available to customers from 2018.
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Light commercial vehicles will exhibit over 6% CAGR till 2024 in global electrical steering column lock market. Modern vehicles are equipped with advanced products for the comfort of driver, thus escalating the product penetration. In Europe, it is anticipated that half of the trucks operating on the road will have the lock installed by 2024.
Asia Pacific is estimated to dominate the global electrical steering column lock market till 2024. The growth can be attributed to increased automobile production across the region, especially in emerging economies including China, India, and Indonesia. China is recognized as the substantial contributor in the revenue generation. Increasing vehicle manufacturing along with rising domestic demand will enhance the country's share over the estimated time.
Robert Bosch, Nexteer Automotive, NSK Ltd., ZF Friedrichshafen AG, Nissan, and Valeo are among the significant producers in the electrical steering column lock market. Other notable manufacturers include U-Shin Ltd., Minda VAST Access Systems Pvt. Ltd., and Huf Hülsbeck & Fürst GmbH.
Table of Content:
Chapter 1 Electrical Steering Column Lock Market Methodology & Scope
Chapter 2 Electrical Steering Column Lock Market Executive Summary
Chapter 3. Electrical Steering Column Lock Industry Insights
Chapter 4. Electrical Steering Column Lock Market, By Vehicle
Chapter 5. Electrical Steering Column Lock Market, By Distribution channel
Chapter 6. Electrical Steering Column Lock Market, By Region
Chapter 7 Electrical Steering Column Lock Market Company Profiles
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Related Report:
Asia-Pacific Electrical Steering Column Lock Market Report 2018
In this report, the Asia-Pacific Electrical Steering Column Lock market is valued at USD XX million in 2016 and is expected to reach USD XX million by the end of 2022, growing at a CAGR of XX% between 2016 and 2022.
Geographically, this report split Asia-Pacific into several key Regions, with sales (Units), revenue (Million USD), market share and growth rate of Electrical Steering Column Lock for these regions, from 2012 to 2022 (forecast), including China, Japan, South Korea, Taiwan, India, Southeast Asia and Australia.
https://www.marketstudyreport.com/reports/asia-pacific-electrical-steering-column-lock-market-report-2018?utm_source=RR-SP
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