Electrical Steering Column Lock Market to hit USD 31 billion by 2024

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Electrical Steering Column Lock Market in APAC
crossing USD 13 billion by 2024
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Key Insights from Electrical Steering Column Lock
Market

• Industry gains are attributed to advancements in
  miniaturization of the units and developments in
  PCBs that are replacing multiple mechanical
  units. Further, product development is
  anticipated to generate higher revenues for the
  industry players.
• European directives intend to establish uniform
  provisions for performance and layout of vehicles
  systems operating on the road. These regulations
  ensure vehicle security and is expected to boost
  the electrical steering column lock market size
  from 2017 to 2024.
• Innovations in the product have led to improved
  flexibility, functionality, reduced space
  consumption, theft security, quality, and
  efficiency for vehicles. Moreover, increasing
  automobile production will support the product
  penetration over the period.
• Electric power steering will enhance the product
  adoption rate owing to its technical
  specifications such as space saving and high
  level of compatibility. With such notable
  features product acceptance is expected to rise
  over the forecast timeline.

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Continued...

• Fully autonomous cars may pose a threat to the
  electrical steering column lock market in the
  forecast period. For instance, in September 2017,
  Audi unveiled a fully autonomous car concept in
  Germany without a steering wheel that uses
  artificial intelligence assistance to deliver
  services. Moreover, in California, vehicles
  without steering wheels will be available to
  customers from 2018.
• Light commercial vehicles will exhibit over 6
  CAGR till 2024 in global electrical steering
  column lock market. Modern vehicles are equipped
  with advanced products for the comfort of driver,
  thus escalating the product penetration. In
  Europe, it is anticipated that half of the trucks
  operating on the road will have the lock
  installed by 2024.
• Transformation of auto industry as the technology
  matures will influence industry trends and
  automaker relationships. Innovative features are
  becoming common in new upmarket automobiles.
  Industry share may shift to new participants
  while conventional OEMs will be pressurized to
  escalate their drive for innovation. Aftermarket
  segment is expected to grow faster than OEMs and
  is likely to reach USD 6 billion by 2024.

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U.S. Electrical Steering Column Lock Market, By
Vehicle, 2016 2024, (USD Million)

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Major Companies in Electrical Steering Column
Lock Market

• Robert Bosch
• Nexteer Automotive
• NSK Ltd.
• ZF Friedrichshafen AG
• Nissan
• Valeo
• U-Shin Ltd.
• Minda VAST Access Systems Pvt. Ltd.
• Huf Hülsbeck Fürst GmbH

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Industry Coverage

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Regional Insights in Electrical Steering Column
Lock Market

• Asia Pacific is estimated to dominate the global
  electrical steering column lock market size till
  2024. The growth can be attributed to increased
  automobile production across the region,
  especially in emerging economies including China,
  India, and Indonesia. China is recognized as the
  substantial contributor in the revenue
  generation. Increasing vehicle manufacturing
  along with rising domestic demand will enhance
  the countrys share over the estimated time.
• North America was valued for over USD 4 billion
  in 2016 and will register gains at over 6.5 by
  2024 owing to the mature automotive industry.
  Moreover, with the presence of established
  manufacturers the regional business will enhance
  over the forecast period.

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