Automotive Electrical Steering Column Lock Market Size, Share & Industry Analysis, By Vehicle Type (Passenger cars, Light Commercial Vehicle, High Commercial Vehicle), By Sales Channel (OEMs, Aftermarket) and Regional Forecast, 2024-2032

The growing demand for electric power steering in the vehicles is anticipated to be a key factor for the growth of the electrical steering column lock market. The high fuel efficiency and quick response by the electric power steering would be the driving factors for the growth of the electric power steering. An electrical steering column lock prohibits the theft by locking the steering with the ignition lock. The technological development in improving anti-theft mechanisms along with the electric power steering system by the automotive manufacturers is driving the electrical steering column lock market. The electrical steering column lock provides reliability, efficiency, performance, and ease of installation; this offers numerous opportunities for growth of the market.

Key Market Driver -

The increasing demand for the electric power steering in the vehicles will drive the market over the forecast period.

Key Market Restraint -

The autonomous vehicle operating on artificial intelligence assistants will be threat to the electrical steering column lock, and this will hamper the growth of the market.

The stringent government rule for the implantation for the electric power steering for the vehicle for the safety concern will also help to expand the electrical steering column lock market’s size. CAFÉ regulations in the U.S. region for the implementation of the electric power steering in the vehicles for safety and regarding fuel efficiency. The penetration of the electric vehicles in the market owing to stringent government regulations for the fuel savings will also help this market to experience growth over the forecast period. The growing awareness regarding safety and security of the vehicle and extensive research & development in the electrical steering column lock would fuel the growth of the market.

Key Players Covered in the Automotive Electrical Steering Column Lock Market:

Some of the major companies that are present in the automotive electrical steering column lock market include Robert Bosch GmbH, NSK Ltd., ZF Friedrichshafen AG, Nexteer Automotive, and Nissan, among others.

The automotive electrical steering column lock market is segmented into vehicle type, sales channel, and region. By vehicle type, the market has been segmented into passenger cars, light commercial vehicles, and heavy commercial vehicles. The passenger car segment is expected to dominate the market over the forecast period owing to increased penetration of the electric power steering in the passenger cars and the increased safety and security concerns among the passenger car consumers. The escalating sales of passenger cars will also help this segment to grow in this market over the forecast period. The heavy commercial vehicles will also experience growth over the forecast period.

By sales channel, further, the market has been segmented into OEMs and aftermarket. The OEM segment holds the lion share’s of the market and is expected to dominate the market and is also expected to collect maximum revenue over the forecast period. Significant automotive production will also accelerate the growth of the OEM for the electrical steering column lock market.

Regional Analysis:

Geographically, the market has been segmented into the four major regions of North America, Europe, Asia Pacific, and Rest of the world. Asia-Pacific is anticipated to show growth and dominate the market over the forecast period. The increase in sales and production of passenger cars in developing countries such as China and India will help to grow the market in this region. The increasing penetration of the electric vehicle in this region will also accelerate the market’s growth over the forecast period. North America is anticipated to show decent growth over the forecast period and holds a significant share.

Key Market Driver -

The increasing demand for the electric power steering in the vehicles will drive the market over the forecast period.

Key Market Restraint -

The autonomous vehicle operating on artificial intelligence assistants will be threat to the electrical steering column lock, and this will hamper the growth of the market.

The developed countries like the U.S. had led to the growth of the aftermarket owing to the vehicle aging. The stringent regulation for the adoption of the electric power steering in this region has led to an increase in the regional market growth. Europe is also expected to show growth over the forecast owing to the presence of automotive companies like Mercedes Benz, BMW, Volkswagen, Volvo, offering innovative electric steering column lock to their vehicle line-up will boost the market growth in this region.

Segmentation

Key Industry Developments:

• August 2019:  Nexteer Automotive Group Limited has formed a joint venture with Dongfeng Motor Parts and Components Group Co., Ltd. to produce Single Pinion Assist Electric Power Steering (SPEPS) systems on a massive stage and this will also increase the market footprint of the company globally.