Electrical Steering Column Lock Market Size

Electrical Steering Column Lock Market Size

Electrical Steering Column Lock Market size was worth over USD 17 billion in 2016 and its demand is projected to cross 180 million units in 2024. 

High demand for electric power steering (EPS) vehicles across the globe will primarily boost the adoption of electrical steering column lock market share from 2017 to 2024. Growing demand for EPS can be attributed to its benefits such as considerable fuel savings and quick response.

Various government bodies have imposed certain regulations to mandate EPS adoption, instigating immense growth potential to the industry. For instance, U.S. government has enforced CAFÉ regulations for EPS implementation in vehicles for fuel economy enhancement

Rising security concerns among customers will further escalate the revenue generation for electric steering column lock market over the forecast timeline. Strengthening electrical vehicles penetration coupled with stringent regulations regarding fuel economy will further contribute to the industry growth significantly.

Frequent innovations in column lock mechanism have induced immense potential to the industry size over the past years. These advancements have led to enhanced and simplified vehicle design. For instance, NSK Ltd. introduced an innovative steering wheel column lock mechanism wedge gear system that enhances occupant safety during automotive collisions. It is designed with a wedge in the receiving gear surface and provides over 25% improvement in steering wheel position lock force over traditional design. Since there is no contact between the wedge and receiving gear, steering wheel adjustment is much smoother. Moreover, this innovative vehicle uses 70% less components than the conventional design.