Electrical steering column lock industry share is expected to cross 180 million units by 2024. Rising adoption of electronic units in the vehicles has led the demand for electrically operated locking devices. High demand for advanced products is fueling the industry over the projected time span.
High revenue gains can be credited to development in printed circuit boards and advancements in miniaturization of units that are replacing various mechanically operated auto parts. Further, product improvements are anticipated to generate substantial earnings for the industry participants.
Government has imposed certain laws supporting safety and security of the vehicles. For instance, in the U.S. government bodies such as National Highway Traffic Safety Administration (NHTSA) addresses the automotive safety challenges. This will mandate the auto producers to implement the product in commercial and passenger vehicles.
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European directives aim to build uniform provisions for layout and performance of automobile units. These regulations ensure automobile security and is anticipated to expand the electrical steering column lock market over the forecast timeframe.
Product innovations offer enhanced features such as functionality, flexibility, theft security, efficiency, reduced space consumption, and quality of vehicles. In addition, rising vehicle production world-wide will promote the product penetration from 2017 to 2024.
High demand for electric power steering will improve the product adoption rate due to its technical features such as high level of compatibility and space saving. With these notable specifications product penetration is anticipated to increase over the projected time line.
Fully autonomous vehicles may pose a challenge to the electrical steering column lock market over the next eight years. For instance, in September 2017, Audi revealed a fully autonomous passenger vehicle in Germany which will be using artificial intelligence assistance to deliver services and lack a steering wheel. Further, in California cars without steering wheels will be commercialized from 2018.
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In global electrical steering column lock market, light commercial vehicles will pose a CAGR of over 6% in the forecast time frame. Newly developed vehicles are equipped with advanced units for the driver's comfort, thus accelerating product adoption rate. In Europe, it is predicted that half of the trucks functioning on the road will be equipped with advanced locks by 2024.
Revolution of the auto industry owing to technological changes will influence industry trends and auto producer relationships. Advanced features are becoming common in newly developed vehicle models. Industry share may shift to new players while conventional manufacturers will be pressurized to intensify their innovation drive. Aftermarket sector is estimated to develop faster than OEMs and is expected to reach USD 6 billion by 2024.
Asia Pacific electrical steering column lock is projected to be dominant till 2024 which can be credited to increased vehicle manufacturing across the region. China witnesses increasing SUV sector and is likely to be one out of every two cars sold over the predicted time span thereby contributing in regional revenue generation. Rising automobile production coupled with high domestic demand will improve the country's share over the study period.
North America was worth USD 4 billion in 2016 and will register gains approximately at 6.5% by 2024 due to its matured automobile industry. Further, presence of well-established industry participants in the region will influence the regional business demand over the projected period.
Nexteer Automotive, Nissan, ZF Friedrichshafen AG, and Valeo are the significant manufacturers in the electrical steering column lock market. Other notable OEMs are Minda VAST Access Systems Pvt. Ltd., U-Shin Ltd., and Huf Hulsbeck & Furst GmbH.
Industry participants may observe intense competition owing to strong distribution channels, design expertise, and innovations. Players will focus on product advancements leading to efficient automobile functioning and enhanced security for catering customer demands. For instance, in March 2017, Nissan started with an initiative to replace the conventional locking units with advanced products for cost free in few of its models. This strategy supported the company to attract more customers.