Electrical Steering Column Lock Market Analysis

Electrical Steering Column Lock Market Analysis

PCVs are anticipated to capture nearly 40% volume share in electrical steering column lock market over the forecast timeframe owing to 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 2024.
 

China’s share in SUVs increased to 48% in 2016 from 27% in 2012. One out of every two cars sold till 2022 is expected to be an SUV. High deployment from local and international brands will further escalate the revenue generation.
 

Special utility vehicles will depict a CAGR of over 4.5% in the next eight years. Significant growth of the segment is credited to the accelerating production of all-terrain vehicles around the world.
 

OEMs are expected to capture maximum revenue share over the forecast timeframe owing to their process expertise coupled with customer’s trust towards the manufacturer. High performance vehicles and continuous efforts of industry players for development of cost-effective solutions are the factors responsible for the strong preference towards OEMs. Substantial automobile production will further accelerate OEM demand for electrical steering column lock market size till 2024.
 

Aftermarket will showcase a significant growth over the coming years. It can be attributed to the rising demand of aftermarket spare parts of vehicles from local and international market due to price competitiveness in these vehicles. Rising vehicle ageing in developed countries will further push the production rate of these automobile spare parts, thereby supporting the industry growth till 2024.
 

Asia Pacific is anticipated to dominate the electrical steering column lock market crossing USD 13 billion till 2024. The high revenue generation can be attributed to high automobile production, especially passenger cars across the region. China was counted among the largest automobile market in 2016. In India, the utility vehicles showcased a growth of almost 30% in the same year. Rising penetration of electric vehicles will further support the region’s dominance over the next eight years.
 

North America is poised to grow at over 6.0% from 2017 to 2024. Rising vehicle ageing along has led to the growth in aftermarket in developed countries such as U.S. Stringent regulations regarding EPS adoption will further enhance the regional growth over the coming years.