The global automotive electrical steering column lock market is anticipated to gain momentum from the high demand for electric power steering from the consumers of vehicles. It is likely to occur as electric power steering provides quick response and high fuel efficiency. This information is given by Fortune Business Insights™ in an upcoming report, titled, “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, 2019-2026.”
Browse Report Summary:
Fortune Business Insights™ presents a list of all the reputed companies operating in the automotive electrical steering column lock market. They are as follows:
- Robert Bosch GmbH
- Nexteer Automotive
- ZF Friedrichshafen AG
- NSK Ltd.
- Other key market players
The report further mentions that the automotive manufacturers are persistently striving to revamp the anti-theft mechanisms, as well as the electric power steering system through technological advancements. Electrical steering column locks offer ease of installation, performance, efficiency, and reliability. These benefits are expected to accelerate the global automotive electrical steering column lock market growth during the forecast period.
Highlights of the Report
- An objective analysis of the trajectory of the market.
- Elaborate details about the market trends, growth drivers, barriers, opportunities, and other related challenges.
- List of the key market players and the strategies adopted by them to help the entrepreneurs in focusing on the niche areas.
- Evaluation of the latest industry developments consisting of contracts, mergers and acquisitions, agreements, novel product launches, and collaborations.
Passenger Cars Segment to Lead Backed by Rising Safety Concerns
On the bases of vehicle type, the market is fragmented into heavy commercial vehicles, light commercial vehicles, and passenger cars. Out of these, the passenger cars segment is forecasted to dominate the market spurred by the rising safety and security concerns amongst the masses. Additionally, the increasing adoption of electric power steering and the upsurging sales of passenger cars would also lead to the growth of this segment. The heavy commercial vehicles segment would also exhibit a steady growth in the coming years.
Rising Sales & Production of Passenger Cars to Bring North America to the Forefront
In terms of region, the market is divided into Asia Pacific, Europe, North America, and the rest of the world. Amongst these regions, Asia Pacific is projected to gain the highest market revenue and lead during the forthcoming years. This growth is attributable to the rising production and sales of passenger cars in the emerging economies, such as India and China. Apart from that, the rising usage of electric vehicles in this region would also contribute to market growth in this region.
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North America, on the other hand, is anticipated to exhibit decent growth in the coming years. The developed countries, such as the U.S., are upgrading the aging vehicles. Also, the governments of various countries in this region are implementing strict rules and regulations to install electric power steering. It would aid in the growth of the market in this region. Lastly, Europe would experience considerable growth over the forthcoming period stoked by the presence of various prominent automotive companies, namely, Volvo, Volkswagen, BMW, and Mercedes Benz. These companies are providing state-of-the-art locks to their vehicle line-up, which, in turn, is predicted to drive growth in this region.
Nexteer Automotive Teams Up with Dongfeng to Produce SPEPS Systems
Companies present in the market are engaging in joint ventures with other renowned organizations to serve their consumer bases and gain more automotive electrical steering column lock market share. Below is one of the most recent industry developments:
- August 2019: Nexteer Automotive, an automotive parts supplier headquartered in Saginaw, declared that it is joining hands with Dongfeng Motor Parts and Components Group Co., Ltd. and would soon begin the mass production of single pinion assist electric power steering (SPEPS) systems. This venture is set to expand Nexteer’s manufacturing footprint up to 28 places. As per the officials, it is a crucial step of the company as it would help in raising the alignment between both companies. They would be faster, focused, and closer to serving their consumers and thereby exhibit profitable growth.
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