Press release
What's Driving the Electrical Steering Column Lock Market Growth? Key players Nexteer Automotive, Robert Bosch, ZF Friedrichshafen AG, NSK Ltd., Nissan, U-Shin Ltd, Johnson Electric., Valeo
Electrical Steering Column Lock Market
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 market analysis, the latest technology of Bosch is a crucial feature in realizing a safe automated driving experience.
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With the emergence of new economies and the rising affordability of vehicles, global automobile manufacturing and sales are expected to soar higher in the years to come. This in consequence, would lead to a robust rise in the sales of automobile integrated with security features, which in turn would impel ESCL market. With security being one of the consumers' principal concerns, cars incorporated with anti-theft features will make them highly viable choice, which will boost the overall electrical steering column lock market size.
Due to the robust progress of the automotive sector in countries such as China, India and Indonesia, APAC electrical steering column lock market is expected to witness a substantial growth rate over 2017-2024. China alone, in 2016, accounted for 48% of the global SUV shares. In fact, estimates claim Asia Pacific to dominate the overall electrical steering column lock industry by 2024, with a revenue projection of USD 13 billion.
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One of the key threats that electrical steering column lock market will face in the ensuing years is the introduction of fully autonomous vehicles which come essentially without a steering wheel, a fact that will make the electrical steering column locks redundant. However, security risks, lack of consumer understanding and slow rate of market penetration of autonomous vehicles will not make them commercially viable before 2030.
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