At Verified Market Research, we provide a market study that encompasses both qualitative and quantitative assessments of latest trends for the market segmentations classified by our analysts. According to our research team, the Global Electrical Steering Column Lock Market was valued at USD 18.41 billion in 2017 and is projected to reach USD 33.93 billion by 2025, growing at a CAGR of 7.9% from 2018 to 2025. Our research study mainly includes an in-depth study of the market which includes major drivers, restraints, opportunities and challenges faced in the market along with the latest industrial trends.
With growing automation and digitization in the automobile industry, introduction of column locks has contributed in preventing thefts. Column locks are generally located below the steering wheel and functions as an anti-theft device. Introduction of electrical steering column lock facilitated automatic locking of steering in a position which prevent vehicles from moving downhill and no mechanical key can ignite which eliminates the fear of fraud keys. The electrical steering column lock can only be operated using an electrical power system.
Increased population leads to increased demands for passenger vehicles which is majorly driving the global electrical steering column due to growing awareness regarding the EPAS system and growing preferences towards automated cars. This characteristics is a potential driver for the overall market at a global level. Apart from this, expensive electrical power steering system as compared to traditional steering system might hinder the growth of global electrical steering column market.
The Global Electrical Steering Column Lock Market study report will provide a valuable insight with an emphasis on the global market including some of the major players such as Continental AG, Robert Bosch GmbH, Nissan, Johnson Electric, Valeo SA, U-Shin Ltd., ZF Friedrichshafen AG and many more. Our market analysis also entails a section solely dedicated for such major players wherein our analysts provide an insight to the financial statements of all the major players, along with its product benchmarking and SWOT analysis.
As a part of market estimation, the study also comprises a list of tables and figures for the Global Electrical Steering Column Lock Market which focuses on a constructive knowledge essential for the companies or individuals interested in the market study report. As a part of market segmentation, our study exhibits a market analysis on the basis of vehicle, sales channel and geography. In terms of geography, Asia Pacific accounts for the fastest growing market due to the presence of numerous developing countries in this region along with their emerging markets.