Sellbyville, DE -- (SBWIRE) -- 01/31/2019 -- Electrical Steering Column Lock Market demand is projected to cross 180 million units USD 31 billion by 2024. Light commercial vehicles will exhibit over 6% CAGR till 2024 in global electrical steering column lock market. Modern vehicles are equipped with advanced products for the comfort of driver, thus escalating the product penetration. In Europe, it is anticipated that half of the trucks operating on the road will have the lock installed by 2024.

Electrical steering column lock market has been witnessing a profitable growth rate since the last few years, pertaining to the growing popularity of the electric power steering (EPS). The EPS technology is lately being preferred in automobiles for its ease of use and the fuel efficiency. Also, there has been a paradigm shift in the deployment of automotive components from mechanical to electronic solutions, which has led to electrical steering column lock (ESCL) market carving out a positive growth trajectory.

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Due to the robust progress of the automotive sector in countries such as China, India and Indonesia, APAC electrical steering column lock market is expected to witness a substantial growth rate over 2017-2024. China alone, in 2016, accounted for 48% of the global SUV shares. In fact, estimates claim Asia Pacific to dominate the overall electrical steering column lock industry by 2024, with a revenue projection of USD 13 billion.

Asia Pacific is estimated to dominate the global electrical steering column lock market size till 2024. The growth can be attributed to increased automobile production across the region, especially in emerging economies including China, India, and Indonesia. China is recognized as the substantial contributor in the revenue generation. Increasing vehicle manufacturing along with rising domestic demand will enhance the country's share over the estimated time.

North America was valued for over USD 4 billion in 2016 and will register gains at over 6.5% by 2024 owing to the mature automotive industry. Moreover, with the presence of established manufacturers the regional business will enhance over the forecast period.

In the recent times, the swift technological advancements and product innovations in the electrical steering column lock industry have transformed the automotive and transportation sector which has further ensured unique features in upmarket automobiles. Citing a noteworthy instance, the world's largest supplier of automotive components, Robert Bosch GmbH has recently announced its foray into electric power steering system with fail-operational function. The system allows the car driver or auto pilot system to make a safe halt in the rare event of a malfunction and retains 50% of the steering functionality in autonomous as well as conventional vehicles. According to electrical steering column lock industry analysis, the latest technology of Bosch is a crucial feature in realizing a safe automated driving experience.

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Moreover, the escalating automobiles production across the globe coupled with the surging consumer demand to own vehicles equipped with electric power steering systems, has significantly necessitated the foremost automotive companies to incorporate these systems in their latest vehicles. Industry experts claim this wide scale electric lock application arena would have a favorable impact on the growth of electrical steering column lock market size, which as per some research reports was valued at USD 17 billion in the year 2016.

Robert Bosch, Nexteer Automotive, NSK Ltd., ZF Friedrichshafen AG, Nissan, and Valeo are among the significant producers in the electrical steering column lock market. Other notable manufacturers include U-Shin Ltd., Minda VAST Access Systems Pvt. Ltd., and Huf Hülsbeck & Fürst GmbH.

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