Steering Column Locks Market Forecast and CAGR
According to research, the market for steering column locks is expected to surge ahead between 6%-8% CAGR from 2021 to 2031. Increase in security worries among customers, and frequent developments in steering column lock mechanisms are a few of the key variables driving the development of the market during the forecast period of 2021-31.
What is Driving Demand for Steering Column Locks?
A steering column lock is a conspicuous theft-deterrent system/anti-theft device that immobilizes a car's steering wheel, as the name implies. This system works on the security of the vehicle against burglary by locking the steering wheel with the start lock.
The steering column lock of the vehicle is easy to use, by unlocking and locking the start key. The vehicle industry is assessed to observe an expansion in adoption of the steering column lock because of its technical developments in enhancing in its anti-theft mechanisms. Increasing competition in the market has guaranteed innovative products and change in the adoption from mechanical to electrical products are projected to help the market during the forecast time period.
The electrical steering column lock gives rewarding opportunities due to its numerous advantages like simplicity of installation, reliability, efficiency, and performance. This is expected to fuel the demand for steering column locks.
Popularity for electric power steering (EPS) vehicles across the globe will principally support the reception of electrical steering column lock from 2021 to 2031. Developing interest for EPS can be credited to its advantages like huge fuel savings and fast response. Different government bodies have imposed certain guidelines to mandate EPS utilization, creating significant growth potential to the market. This is expected to lead into increased growth of the market.
Few other factors that are driving the development of the market incorporate the developing interest for passenger vehicles and SUVs and the enhanced advantages of electric power assisted steering (EPAS) System. Considering the improved advantages of EPAS System, EPS has gradually advanced toward the front line of car designing, with some of the best performance cars directly integrating their steering wheels into the electronic age, giving boost to the growth of the market.
North America Demand Outlook of Steering Column Locks
North America is expected to hold a large chunk of the steering column locks demand during the forecast period. This can be attributed to the increased car thefts that have been reported in the U.S. Vehicle robbery spiked in 2020, based on a large range of explanations behind the spike, including the pandemic making Americans leave their vehicles unattended for more than expected. Burglars took 880,595 vehicles in the United States in 2020, an increase by 10.9% from 2019, as per the National Insurance Crime Bureau, which represents insurance agencies.
Europe Steering Column Locks Sales Outlook
Europe is projected to be one of the dominating region in the market owing to high automobile production, especially passenger cars in the region and Germany and U.K. being the key countries with attractive growth opportunities during the forecast period. Further, increasing penetration of electric vehicles is expected to fuel the product demand in the regional market over the forecast period. Europe is expected to offer substantial growth opportunities during the forecast time period.
Europe too has fallen prey to the rapidly increasing numbers of car theft inciting the need for steering column locks to keep the car secure.
Who are the Key Manufacturers and Suppliers of Steering Column Locks?
Some of the leading manufacturers and suppliers include
- Robert Bosch GmbH
- ZF Friedrichshafen AG
- Johnson Electric Holdings Limited
- Minda VAST Access Systems Pvt. Ltd
- NSK Ltd.
- U-Shin Ltd
- Huf Hülsbeck & Fürst GmbH & Co. KG
- Fuji Autotech A
- ALPHA Corporation and others.
The market players are focusing on catering the customer requests attributable to rising security concerns. Makers are likewise indulged in new vehicular parts development for acquiring upper hand in the market. Key players have partnered with vehicle manufacturers in order to directly integrate their products into the vehicles as stock.
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By Product Type:
By Vehicle Type:
- Passenger Cars
- Light Commercial Vehicles
- Heavy Commercial Vehicles
By Sales Channel:
- North America (U.S., Canada)
- Latin America (Mexico, Brazil, Rest of Latin America)
- Europe (Germany, Italy, France, U.K, Spain, BENELUX, Russia, Rest of Europe)
- South Asia & Pacific (India, ASEAN, Oceania, Rest of South Asia)
- East Asia (China , Japan, South Korea)
- Middle East and Africa (GCC Countries, South Africa, Northern Africa, Rest of MEA)
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