Global Automotive Steering Lock System Market 2019-2023
About this market
Emergence of all-electric power steering for commercial vehicles to drive growth in the market. Commercial vehicles have always followed passenger vehicles, as far of penetration or adoption of advanced/latest automotive technology is concerned. However, things have changed in the past five years or so. The prominent commercial vehicle OEMs have increased the penetration rate of the latest available technologies in trucks and buses. The same can be seen in steering systems used for commercial vehicles. Technavio’ s analysts have predicted that the automotive steering lock system market will register a CAGR of almost 7% by 2023.
Growing penetration rate of electric power steering systems
The global automotive steering system market is witnessing the growing use of electrically assisted steering systems and electric power steering. Factors such as intensifying competition in the global automotive industry and growing demand for safety, comfort, and convenience are pushing automakers to include advanced steering systems in their product offerings.
Faulty steering column lock can lead to safety concerns
The global automotive steering lock system market is growing in sync with the accelerating sales volume of automobiles. However, some factors are expected to hinder the growth of the concerned market. Any fault or malfunction of steering column lock can lead to safety issues, which can result in accident and collisions.
For the detailed list of factors that will drive and challenge the growth of the automotive steering lock system market during the 2019-2023, view our report.
The market appears to be fragmented and with the presence of several companies including TOKAIRIKA and Valeo the competitive environment is quite intense. Factors such as the rising penetration rate of electric power steering systems and the emergence of all-electric power steering for commercial vehicles, will provide considerable growth opportunities to automotive steering lock system manufactures. Huf Hülsbeck & Fürst, Johnson Electric, Spark Minda, STRATTEC SECURITY, TOKAIRIKA, and Valeo are some of the major companies covered in this report.
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