The Electrical Steering Column Lock Market is Segmented by Vehicle Type (PCV, LCV, HCV, Special Utility Vehicles, and Motorcycles), by Distribution Channel Type (OEM, Aftermarket), and by Region (North America, Europe, Asia-Pacific, and Rest of the World)
Electrical Steering Column Lock Market is likely to witness a CAGR of 7.5% during the forecast period. Growing demand for electric power steering vehicle globally, increase in security concerns among customers, and frequent innovations in column lock mechanism are some of the key factors driving the growth of the market during the forecast period.
By Vehicle Type
The market is segmented as PCV, LCV, HCV, special utility vehicles, and motorcycles. PCV is expected to account for the major share of the market owing to substantial production of these vehicles globally during the forecast period. Further, increasing installation of electric power steering in these vehicles is expected to fuel the segment’s growth over the forecast period.
By Distribution Channel Type
The distribution channel type, the market is segmented as OEM and aftermarket. OEM is estimated to hold the major share of the market on account of its process expertise along with customers’ trust towards the manufacturer during the forecast period. Factors such as continuous efforts of industry players to develop cost-effective solutions and increasing automobile production are further expected to fuel the growth of the segment during the forecast period. On the other hand, aftermarket is expected to witness significant growth rate in the market owing to the growing demand for aftermarket spare parts of vehicles from both of the local and international markets during the forecast period.
In terms of regions, Asia-Pacific is estimated to be the dominating region in the market owing to high automobile production, especially passenger cars in the region and India and China being the major countries with lucrative growth opportunities during the forecast period. Further, increasing penetration of electric vehicles is expected to fuel the product demand in the regional market over the forecast period. North America and Europe are also expected to offer substantial growth opportunities during the forecast period.
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