The global Steering Column Locks market is expected to witness a market value of US$ 7.8 Billion in 2023 and is expected to accumulate a market value of US$ 11.7 Billion by registering a CAGR of 4.2% in the forecast period 2023 to 2033.
As the name suggests, a steering column lock is an obvious theft-deterrent system/anti-theft device that immobilizes a car’s steering wheel. By securing the steering wheel with the starter lock, this device helps to secure the car against theft.
By unlocking and securing the start key, the steering column lock of the car is simple to operate. Because of technological advancements in improving anti-theft mechanisms, the steering column lock is expected to become more widely adopted by the automotive industry. The market is expected to benefit from changes in product adoption from mechanical to electrical products and increased market competition, which have both assured innovative products.
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In an upcoming market research study, Future Market Insights (FMI) lays bare undercurrents and opportunities prevailing in the global Steering Column Locks market. The report provides in-depth insights on the Steering Column Locks market through a detailed analysis of key growth drivers, restraints, trends, challenges, and revenue growth based on historical data. Valuable information and forecast statistics covered in the Steering Column Locks market report will help existing and potential new market players to craft long-term strategies as well as maintain business continuity during a crisis.
COVID-19 Impact Analysis
As with many industries, the recent outbreak of the COVID-19 has adversely affected the global automotive & transportation industry. The Steering Column Locks market is no exception. Following government’s measures, particularly social distancing norms and shelter-in-place orders, companies active in the Steering Column Locks market have put their production on a halt. Additionally, movement restrictions have created a logistical nightmare for market players, while the lack of ‘essential’ status caused a decline in sales.
The FMI’s report covers an exclusive chapter on the initial COVID-19 impact on the Steering Column Locks market. This allows both incumbent companies and new entrants to understand the market scenario during a crisis and helps them make sound decision to gain a distinct competitive edge.
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Steering Column Locks Market: Competition Analysis
The FMI’s study presents an extensive analysis of global, regional, and country-level players operating in the Steering Column Locks market based on their innovative launches, distribution channels, local networks, industrial penetration, production methods, and revenue generation. Furthermore, growth strategies and mergers & acquisitions (M&A) activities associated with the players are enclosed in the Steering Column Locks market report.
Some examples of market players operating across the value chain of the Steering Column Locks market include:
Valeo, Robert Bosch GmbH, ZF Friedrichshafen AG, Johnson Electric Holdings Limited, Minda VAST Access Systems Pvt. Ltd, NSK Ltd., U-Shin Ltd, Huf Hülsbeck & Fürst GmbH & Co. KG, STRATTEC, Fuji Autotech A, ALPHA Corporation and others.
Steering Column Locks Market: Segmentation
To analyze the Steering Column Locks market effectively and efficiently, the information has been segregated into key segments and sub-segments.
By Product Type:
By Vehicle Type:
- Passenger Cars
- Light Commercial Vehicles
- Heavy Commercial Vehicles
By Sales Channel:
- North America (USA and Canada)
- Latin America (Brazil, Mexico)
- Europe (Germany, Italy, France, United Kingdom, Spain, Benelux, Russia, Nordics)
- East Asia (China, Japan, South Korea)
- South Asia and Pacific (India, ASEAN, Australia & New Zealand)
- Middle East and Africa (GCC Countries, Turkey, North Africa, South Africa)
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Crucial Questions Answered in the Report
- Which end-use industry remains the top consumer of Steering Column Locks in different regional markets?
- At what rate has the global Steering Column Locks market been expanding during the forecast period?
- How will the global Steering Column Locks market look like by the end of the forecast period?
- What innovative technologies are the Steering Column Locks market players adopting to stay ahead of the pack?
- What are the restraints affecting the growth of the global Steering Column Locks market?
Key Offerings of the Report
- Growth Drivers and Opportunities: Comprehensive analysis on growth-driving factors and opportunities for market players in different regional markets
- Recent Trends and Forecasts: Detailed assessment on the latest trends, technological developments, and forecasts for a 5-year or 10-year period.
- Segmental Analysis: Extensive analysis on each segment and factors differentiating the role of these segments in market revenue forecasts and growth rate analysis
- Regional Market Forecast: Thorough analysis of each regional market to arm stakeholders with necessary information to take critical decisions
- Competitive Landscape: All-inclusive insights on both leading and emerging players vying for a slice of the Steering Column Locks market
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