With the rapid influx of autonomous vehicles in the transportation industry, the leading automotive giants partaking in electrical steering column lock market, have been compelled to render significant emphasis on product innovations to sustain their presence and thrive in this highly-combative business space. Apparently, these concerted efforts to unveil innovative products have led the industry players to launch vehicles with enhanced functionality, theft prevention, improved quality, upgraded efficiency, and advanced flexibility, which undoubtedly has had an enormous influence on the expansion of electrical steering column lock market.
U.S. Electrical Steering Column Lock Market, By Vehicle, 2016 & 2024, (USD Million)
Moreover, the escalating automobiles production across the globe coupled with the surging consumer demand to own vehicles equipped with electric power steering systems, has significantly necessitated the foremost automotive companies to incorporate these systems in their latest vehicles. Industry experts claim this wide scale electric lock application arena would have a favorable impact on the growth of electrical steering column lock market size, which as per some research reports was valued at USD 17 billion in the year 2016.
In the recent times, the swift technological advancements and product innovations in the electrical steering column lock industry have transformed the automotive and transportation sector which has further ensured unique features in upmarket automobiles. Citing a noteworthy instance, the world’s largest supplier of automotive components, Robert Bosch GmbH has recently announced its foray into electric power steering system with fail-operational function. The system allows the car driver or auto pilot system to make a safe halt in the rare event of a malfunction and retains 50% of the steering functionality in autonomous as well as conventional vehicles. According to electrical steering column lock industry analysis, the latest technology of Bosch is a crucial feature in realizing a safe automated driving experience.
Furthermore, the Federal Automated Vehicles Policy guidelines proposed by the National Traffic Highway Safety Association and the U.S. Department of Transportation mandate OEM’s to comply with fall back strategies. Apparently, the latest fail-operational technology of Bosch would prove to be of immense aid to the OEM’s in adhering to the guidelines prescribed by various regulating bodies and governmental agencies. Such proactive and dynamic initiatives by leading players in the electrical steering column lock market is set to impel this business space in an unprecedented manner.
Speaking of the regional growth potential of the electrical steering column lock market, the Asia Pacific region is poised to hold sway over the global industry, with the regional market anticipated to surpass USD 13 billion by 2024. The region’s dominance can be attributed to the soaring utility vehicles production such as passenger cars, light commercial cars, and special utility cars across the region. The rising economic prowess of developing nations such as India and China is bound to intensify the electrical steering column lock market size augmentation in the ensuing years, with China leading the region as the largest contributor to the overall revenue generation.
Meanwhile, the rising security concerns among consumers has entailed the reputed automotive firms partaking in electrical steering column lock industry, to replace the traditional steering lock with electronic locks. To cite an instance, the Japanese automobile manufacturer, Nissan had recently announced its massive service campaign to replace the existing faulty locks with electrical steering column locks in its 2009-10 manufactured Maxima, Altima, Altima Coupe, and Altima Hybrid models, free of charge. Apparently, such moves by major players operating in the industry would reinforce the consumer trust, which would, in turn, propel the business prospects of electrical steering column lock market. In terms of demand, electrical steering column lock market is forecast to exceed 180 million units across the globe by 2024, as per the latest report collated by Global Market Insights, Inc.