Global Automotive Steering Lock System Market 2019-2023 | Development of Advanced Automotive Steering System Designs to Boost Growth | Technavio
LONDON--(BUSINESS WIRE)--Nov 28, 2019--
The global automotive steering lock system market is expected to post a CAGR of almost 7% during the period 2019-2023, according to the latest market research report by Technavio. Request a free sample report
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Technavio has announced its latest market research report titled global automotive steering lock system market 2019-2023. (Graphic: Business Wire)
The increasing penetration of electric power steering systems will be one of the major drivers in the global automotive steering lock system market. Advanced steering systems have seen a surge in their incorporation due to the rising demand for safety and convenience. Moreover, there is also a growing consumer preference for automobiles with electric power steering systems since they are highly fuel-efficient and eliminate the need for a mechanical key to unlock the steering column. This inclination towards electric power steering systems will accelerate the automotive steering lock system market during the forecast period.
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As per Technavio, the development of advanced automotive steering system designs, will have a positive impact on the market and contribute to its growth significantly over the forecast period. This research report also analyzes other important trends and market drivers that will affect market growth over 2019-2023.
Global Automotive Steering Lock System Market: Development of Advanced Automotive Steering System Designs
The development of advanced automotive steering system designs will be one of the critical trends in the global automotive steering lock system market. Steering system vendors are investing to integrate electronics and safety systems within automotive steering systems. These advanced steering systems are designed to offer superior performance that also helps enhance the vehicle dynamics. The automotive industry has also been witnessing increased activities for the development of steering system for autonomous vehicles, which will also drive the global automotive steering lock system market growth during the forecast period.
“The emergence of all-electric power steering for commercial vehicles and government regulations on installation of anti-theft systems in automobiles are some other major factors that will boost market growth during the forecast period,” says a senior analyst at Technavio.
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Global Automotive Steering Lock System Market: Segmentation Analysis
This market research report segments the global automotive steering lock system market by application (passenger vehicles and commercial vehicles) and geographical regions (Americas, APAC, and EMEA).
The APAC region led the market share in 2018, followed by EMEA and Americas respectively. During the forecast period, the APAC region is expected to maintain its dominance over the global market. This is due to the growing implementation of advanced steering and ignition lock systems in passenger vehicles in the region.
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Five Forces Analysis
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