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. The Steering Column Locks market registered a CAGR of 2.3% in the historical period 2018 to 2022. Factors such as advancements in locking technologies, as well as increasing demand for vehicle security are expected to boost the market growth over the analysis period.
As per Future Market Insights - market research and competitive intelligence provider, the global market value for Steering Column Locks has been flourished. One of the major factors that is expected to boost the market growth includes the continually increasing vehicle sales. The global automotive industry is experiencing steady growth due to the increasing demand for automobiles in emerging economies such as China, India, and Brazil. The growth in vehicle sales is expected to drive the demand for steering column locks as they are a mandatory safety feature in all vehicles.
The governments, globally have been implementing strict safety regulations that mandate the installation of safety features in vehicles. In many countries, steering column locks are mandatory safety features, which is expected to accelerate the growth of the steering column locks market during the forecast period.
With the increasing number of vehicles on the road, vehicle theft is becoming a major concern for vehicle owners. Steering column locks are an effective way to prevent vehicle theft, which in turn is likely to fuel the demand for these products.
Besides, advancements in technology have led to the development of advanced steering column locks that offer superior safety features. For instance, electronic steering column locks have become popular due to their added security features and convenience. Thus, this is a major factor that is anticipated to propel the market growth in the forthcoming years.
Growing Awareness of Safety: As people become more aware of safety concerns, they are willing to invest in safety features that can protect them and their vehicles. The increasing awareness of safety is one of the major factors that is projected to augment the growth of the steering column locks market in the near future.
Additionally, with the increasing adoption of electric vehicles, the demand for steering column locks is expected to rise. As the electric vehicle market grows, so will the demand for safety features such as steering column locks. Also, the luxury vehicles are being equipped with advanced safety features, and steering column locks are no exception. As the demand for luxury vehicles increases, the demand for steering column locks is expected to grow.
On the regional end, the Steering Column Locks market in North America is expected to account for the maximum share during the analysis period, owing to the factors such as increasing demand for safety features in vehicles, strict government regulations, rising concerns of vehicle theft, and advancements in technology in the region. The market is highly competitive, and companies are focusing on product innovation and strategic partnerships to gain a competitive edge in the market.
On the other hand, the Steering Column Locks Market in Asia Pacific is witnessing significant growth in recent years, driven by factors such as increasing sales of vehicles, government regulations mandating the installation of safety features, rising concerns of vehicle theft, and advancements in technology in the region.
Recent developments in the technology, mergers and acquisitions, and partnerships within the companies involved in the designing of Steering Column Locks are expected to create lucrative opportunities for the market growth over the analysis period.
For instance, Valeo, in February 2022, announced the launch of its new range of locking systems for electric and hybrid vehicles. The product range includes a variety of steering column locks designed to enhance the security of electric and hybrid vehicles.
Subsequently, in January 2022, TRW Automotive announced the launch of its new steering column lock system for commercial vehicles. The product is designed to provide enhanced security and is available for a wide range of commercial vehicle models.
| Data Points | Key Statistics |
|---|---|
| Expected Market Value in 2023 | US$ 7.8 Billion |
| Projected Market Value in 2033 | US$ 11.7 Billion |
| Growth Rate (2023 to 2033) | 4.2% CAGR |
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A steering column lock is a conspicuous theft-deterrent system/anti-theft device that immobilizes a car's steering wheel, as the name implies. This system works on the security of the vehicle against burglary by locking the steering wheel with the start lock.
The steering column lock of the vehicle is easy to use, by unlocking and locking the start key. The vehicle industry is assessed to observe an expansion in adoption of the steering column lock because of its technical developments in enhancing in its anti-theft mechanisms. Increasing competition in the market has guaranteed innovative products and change in the adoption from mechanical to electrical products are projected to help the market during the forecast time period.
The electrical steering column lock gives rewarding opportunities due to its numerous advantages like simplicity of installation, reliability, efficiency, and performance. This is expected to fuel the demand for steering column locks.
Popularity for electric power steering (EPS) vehicles across the globe will principally support the reception of electrical steering column lock from 2021 to 2031. Developing interest for EPS can be credited to its advantages like huge fuel savings and fast response. Different government bodies have imposed certain guidelines to mandate EPS utilization, creating significant growth potential to the market. This is expected to lead into increased growth of the market.
Few other factors that are driving the development of the market incorporate the developing interest for passenger vehicles and SUVs and the enhanced advantages of electric power assisted steering (EPAS) System. Considering the improved advantages of EPAS System, EPS has gradually advanced toward the front line of car designing, with some of the best performance cars directly integrating their steering wheels into the electronic age, giving boost to the growth of the market.
North America is expected to hold a large chunk of the steering column locks demand during the forecast period. This can be attributed to the increased car thefts that have been reported in the USA. Vehicle robbery spiked in 2020, based on a large range of explanations behind the spike, including the pandemic making Americans leave their vehicles unattended for more than expected. Burglars took 880,595 vehicles in the United States in 2020, an increase by 10.9% from 2019, as per the National Insurance Crime Bureau, which represents insurance agencies.
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Europe is projected to be one of the dominating region in the market owing to high automobile production, especially passenger cars in the region and Germany and United Kingdom being the key countries with attractive 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. Europe is expected to offer substantial growth opportunities during the forecast time period.
Europe too has fallen prey to the rapidly increasing numbers of car theft inciting the need for steering column locks to keep the car secure.
Some of the leading manufacturers and suppliers include
The market players are focusing on catering the customer requests attributable to rising security concerns. Makers are likewise indulged in new vehicular parts development for acquiring upper hand in the market. Key players have partnered with vehicle manufacturers in order to directly integrate their products into the vehicles as stock.
The report is a compilation of first-hand information, qualitative and quantitative assessment by industry analysts, inputs from industry experts and industry participants across the value chain. The report provides in-depth analysis of parent market trends, macro-economic indicators and governing factors along with market attractiveness as per segments. The report also maps the qualitative impact of various market factors on market segments and geographies.
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Steering Column Locks Market
