Automotive Electrical Steering Column Lock Market - Global Industry Analysis, Size, Share, Growth, Trends, and Forecast 2018 - 2026
- Transparency Market Research
The electrical steering column lock for automotive is a vehicle anti-theft device, which is fitted with the steering column, usually below the steering wheel. The electrical steering column lock is integrated with the ignition switch and engages and disengages electronically by the electronic control unit of the vehicle. The electrical steering column lock locks the steering in a position slightly off the straight position so that the car cannot roll off a hill. Most modern vehicles that are deployed with electrical steering column lock include Audi A6, BMW 5-series, Mercedes E-class, Volvo V70, Toyota Etios, Nissan Altima, Mitsubishi Mirage, and Volkswagen Passat.
Rise in demand for electric power steering in modern vehicles is expected to be a prime factor that is estimated to drive the demand for electrical steering column lock for automotive during the forecast period. An electrical steering column lock system improves the security of the vehicle against theft by locking the steering with the ignition lock. The steering column of the vehicle is simple to unlock, by inserting and turning the ignition key. The automotive industry is estimated to witness an increase in adoption of the electrical steering column lock system due to its technological advancements in enhancing anti-theft mechanisms. Rising competition in the market to ensure innovative components and alteration in the deployment of automotive components from mechanical to electrical are projected to boost the electrical steering column lock market during the forecast period. The electrical steering column lock market provides lucrative opportunities owing to its numerous benefits such as ease of installation, reliability, performance, and efficiency. However, arrival of the autonomous vehicle is likely to pose a threat to electrical steering column lock, as it uses artificial intelligence assistance to perform the same function. This is anticipated be a key factor that is likely to hamper the electrical steering column lock for automotive market during the forecast period.
The electrical steering column lock for automotive market can be segmented based on components, vehicle type, sales channel, and region. Based on components, the electrical steering column lock market can be bifurcated into four segments, which include connector, DC motor, and other segments. The connector segment holds a major share of the market, as compared to the other segments. The primary function of the connector is to attach the steering column into the vehicle.
Based on vehicle type, the electrical steering column lock for automotive market can be classified into passenger vehicles and commercial vehicles. The passenger vehicles segment accounts for a major share of the market, as compared to the commercial vehicle segment. The passenger vehicles segment can be further sub-segmented into sedans, multi-purpose vehicles, and sport utility vehicles. Rise in the number of passenger vehicles employed with electrical steering column lock is boosting owing to demand for safety awareness and anti-theft appliances.
Based on sales channel, the electrical steering column lock for automotive market can be divided into original equipment manufacturers (OEMs) and another segment. The OEMs segment holds a major share of the market owing to the higher demand for anti-theft devices and mechanisms. Most modern vehicles are equipped with electronic power steering, which in turn is boosting the electrical steering column lock market. The segment is expected to dominate during the forecast period.
In terms of geography, the electrical steering column lock for automotive market can be segmented into five regions. Among the regions, North America and Europe account for a major share of the global electrical steering column lock market due to the booming automotive sector in these regions, government regulations on safety systems, and increasing consumer demand for anti-theft appliances. This in turn is leading to an increased number of vehicles installed with electrical steering column lock. High adoption rate of electrical steering column lock in these regions is due to the presence of global automotive components manufacturers in the region, stability in economy, and increasing vehicle theft.
Major players operating in the global electrical steering column lock for automotive market include ZF Friedrichshafen AG, Valeo, Delphi, Robert Bosch GmbH, Nissan, Nexteer Automotive, NSK Ltd., and Huf Hülsbeck & Fürst GmbH & Co. KG., and others.
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