Electrical Steering Column Lock Market – Industry Analysis and Forecast (2019-2026)

Electrical steering column lock market is majorly segmented by the vehicle, distribution channel, and region wise. Based on vehicle segment PCV is expected to dominate the global Electrical steering column lock market in 2018 owing to the substantial production of these vehicles across the globe. Rising deployment of electric power steering (EPS) in these vehicles will further support the segment dominance till 2026.

Electrical steering column lock can be also classified based on the distribution channel, where the OEM segment held the highest market share owing to their process expertise coupled with customer’s trust towards the manufacturer. High-performance vehicles and continuous efforts of industry players for the development of cost-effective solutions are the major factors responsible for the strong preference towards OEMs.

High demand for electric power steering (EPS) vehicles across the globe will primarily boost the adoption of electrical steering column lock market share from 2018 to 2026. Growing demand for EPS can be attributed to its benefits such as considerable fuel savings and quick response. Various government bodies have imposed certain regulations to mandate EPS adoption, instigating immense growth potential in the industry.

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