Speak directly to the analyst to clarify any post sales queries you may have.
FEATURED COMPANIES
- Huf Hülsbeck & Fürst
- Johnson Electric
- Spark Minda
- STRATTEC SECURITY
- TOKAIRIKA
- Valeo
Speak directly to the analyst to clarify any post sales queries you may have.
Emergence of all-electric power steering for commercial vehicles to drive growth in the market. Commercial vehicles have always followed passenger vehicles, as far of penetration or adoption of advanced/latest automotive technology is concerned. However, things have changed in the past five years or so. The prominent commercial vehicle OEMs have increased the penetration rate of the latest available technologies in trucks and buses. The same can be seen in steering systems used for commercial vehicles. The analysts have predicted that the automotive steering lock system market will register a CAGR of almost 7% by 2023.
Market Overview
Growing penetration rate of electric power steering systems
The global automotive steering system market is witnessing the growing use of electrically assisted steering systems and electric power steering. Factors such as intensifying competition in the global automotive industry and growing demand for safety, comfort, and convenience are pushing automakers to include advanced steering systems in their product offerings.
Faulty steering column lock can lead to safety concerns
The global automotive steering lock system market is growing in sync with the accelerating sales volume of automobiles. However, some factors are expected to hinder the growth of the concerned market. Any fault or malfunction of steering column lock can lead to safety issues, which can result in accident and collisions.
For the detailed list of factors that will drive and challenge the growth of the automotive steering lock system market during the 2019-2023, view this report.
Competitive Landscape
The market appears to be fragmented and with the presence of several companies including TOKAIRIKA and Valeo, the competitive environment is quite intense. Factors such as the rising penetration rate of electric power steering systems and the emergence of all-electric power steering for commercial vehicles, will provide considerable growth opportunities to automotive steering lock system manufactures. Huf Hülsbeck & Fürst, Johnson Electric, Spark Minda and STRATTEC SECURITY are some of the major companies covered in this report.
FEATURED COMPANIES
- Huf Hülsbeck & Fürst
- Johnson Electric
- Spark Minda
- STRATTEC SECURITY
- TOKAIRIKA
- Valeo
FEATURED COMPANIES
- Huf Hülsbeck & Fürst
- Johnson Electric
- Spark Minda
- STRATTEC SECURITY
- TOKAIRIKA
- Valeo
The author recognizes the following companies as the key players in the global automotive steering lock system market: Huf Hülsbeck & Fürst, Johnson Electric, Spark Minda, STRATTEC SECURITY, TOKAIRIKA, and Valeo.
Commenting on the report, an analyst from the research team said: “The latest trend gaining momentum in the market is the emergence of all-electric power steering for commercial vehicles.”
According to the report, one of the major drivers for this market is the rising penetration rate of electric power steering systems.
Further, the report states that one of the major factors hindering the growth of this market is the faulty steering column lock can lead to safety concerns.
The study was conducted using an objective combination of primary and secondary information including inputs from key participants in the industry. The report contains a comprehensive market and vendor landscape in addition to a SWOT analysis of the key vendors.
A selection of companies mentioned in this report includes:
- Huf Hülsbeck & Fürst
- Johnson Electric
- Spark Minda
- STRATTEC SECURITY
- TOKAIRIKA
- Valeo
