According to research, the market for steering column locks is expected to surge ahead between 6%-8% CAGR from 2021 to 2031. Increase in security worries among customers, and frequent developments in steering column lock mechanisms are a few of the key variables driving the development of the market during the forecast period of 2021-31.
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What is Driving Demand for Steering Column Locks?
A steering column lock is a conspicuous theft-deterrent system/anti-theft device that immobilizes a car’s steering wheel, as the name implies. This system works on the security of the vehicle against burglary by locking the steering wheel with the start lock.
The steering column lock of the vehicle is easy to use, by unlocking and locking the start key. The vehicle industry is assessed to observe an expansion in adoption of the steering column lock because of its technical developments in enhancing in its anti-theft mechanisms. Increasing competition in the market has guaranteed innovative products and change in the adoption from mechanical to electrical products are projected to help the market during the forecast time period.
The electrical steering column lock gives rewarding opportunities due to its numerous advantages like simplicity of installation, reliability, efficiency, and performance. This is expected to fuel the demand for steering column locks.
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Popularity for electric power steering (EPS) vehicles across the globe will principally support the reception of electrical steering column lock from 2021 to 2031. Developing interest for EPS can be credited to its advantages like huge fuel savings and fast response. Different government bodies have imposed certain guidelines to mandate EPS utilization, creating significant growth potential to the market. This is expected to lead into increased growth of the market.
Few other factors that are driving the development of the market incorporate the developing interest for passenger vehicles and SUVs and the enhanced advantages of electric power assisted steering (EPAS) System. Considering the improved advantages of EPAS System, EPS has gradually advanced toward the front line of car designing, with some of the best performance cars directly integrating their steering wheels into the electronic age, giving boost to the growth of the market.
Who are the Key Manufacturers and Suppliers of Steering Column Locks?
Some of the leading manufacturers and suppliers include
- Valeo
- Robert Bosch GmbH
- ZF Friedrichshafen AG
- Johnson Electric Holdings Limited
- Minda VAST Access Systems Pvt. Ltd
- NSK Ltd.
- U-Shin Ltd
- Huf Hülsbeck & Fürst GmbH & Co. KG
- STRATTEC
- Fuji Autotech A
- ALPHA Corporation and others.
By Product Type:
- Electronic
- Mechanical
By Vehicle Type:
- Passenger Cars
- Light Commercial Vehicles
- Heavy Commercial Vehicles
By Sales Channel:
- OEM
- Aftermarket
By Region:
- North America (U.S., Canada)
- Latin America (Mexico, Brazil, Rest of Latin America)
- Europe (Germany, Italy, France, U.K, Spain, BENELUX, Russia, Rest of Europe)
- South Asia & Pacific (India, ASEAN, Oceania, Rest of South Asia)
- East Asia (China , Japan, South Korea)
- Middle East and Africa (GCC Countries, South Africa, Northern Africa, Rest of MEA)
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Report Highlights:
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- Changing market dynamics in the industry
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- Historical, current and projected market size in terms of volume and value
- Recent industry trends and developments
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- Potential and niche segments, geographical regions exhibiting promising growth
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