LONDON--(BUSINESS WIRE)--The global automotive steering lock system market research report by Technavio predicts the market to post a CAGR of close to 7% during the period 2019-2023.
A key driver for the global automotive steering lock system market is the growing penetration rate of electric power steering systems. The growing use of electrically assisted steering systems and electric power steering is promoting the growth of the global automotive steering system market. With factors such as intensifying competition in the global automotive industry and the growing demand for safety, comfort, and convenience automotive manufacturers are focusing on including advanced steering systems in their product offerings.
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 global automotive steering lock system market 2019-2023 research report also analyzes other important trends and market drivers that will affect market growth over 2019-2023.
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Global automotive steering lock system market: Development of advanced automotive steering system designs
The prominent vendors in the global automotive steering system market have been continually working on the development of advanced steering systems. These advanced steering systems are designed to offer superior performance that also helps in enhancing vehicle dynamics and safety. The global automotive industry has witnessed increased activities for the development of a steering system for autonomous vehicles in the last few years.
“Steering system vendors are investing in integrating electronics and safety systems with automotive steering systems because of the rising use of electronics in vehicles. This can be attributed to the numerous advantages and benefits that use of automotive electronics brings into systems. For instance, HYUNDAI MOBIS have recently developed a new concept electric steering system that can maintain normal steering ability with a dual control system for autonomous driving,” says a research analyst at Technavio.
Global automotive steering lock system market: Segmentation analysis
This automotive steering lock system market analysis report segments the market by application (passenger vehicles and commercial vehicles) and geography (the Americas, APAC, and EMEA).
The passenger vehicles segment held the largest automotive steering lock system market share in 2018, accounting for nearly 85% of the market. This application segment is expected to dominate the global market throughout the forecast period.
The APAC region led the market in 2018 with more than 54% of the market share, followed by EMEA and the Americas respectively. The APAC region is expected to dominate the market throughout the period 2019-2023.
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Some of the key topics covered in the report include:
Market Landscape
- Market ecosystem
- Market characteristics
- Market segmentation analysis
Market Sizing
- Market definition
- Market size and forecast
Five Forces Analysis
Market Segmentation
Geographical Segmentation
- Regional comparison
- Key leading countries
Market Drivers
Market Challenges
Market Trends
Vendor Landscape
- Vendors covered
- Vendor classification
- Market positioning of vendors
- Competitive scenario
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