Global Automotive Steering Lock System Market 2019-2023

Below are some of the key findings from this automotive steering lock system market analysis report

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Global automotive steering lock system industry overview

The increasing use of electrically-assisted and electric power steering systems is driving the growth of the automotive steering system market. With the rising demand for safety and convenience, automotive manufacturers are focusing on incorporating advanced steering systems. The growing focus on driver comfort, the need to enhance vehicle security, and high competition in the automotive industry, also drive the need for the adoption of electric steering systems.

Moreover, there is also a growing consumer preference for automobiles with electric power steering systems since they are highly fuel-efficient and eliminate the need for a mechanical key to unlock the steering column. This inclination towards electric power steering systems will subsequently accelerate automotive steering lock system market growth at a CAGR of almost 7% during the forecast period.

Top automotive steering lock system companies covered in this market research report

The automotive steering lock system market is moderately concentrated, and companies are focusing on the development of advanced steering systems. By providing a complete analysis of the market's competitive landscape and with information on the products offered by the companies, this automotive steering lock system industry analysis report will help clients to assess the market potential and design innovative strategies for strengthening their position in the market.

The report offers a complete analysis of several vendors including:

• Huf Hülsbeck & Fürst
• Johnson Electric
• Spark Minda
• STRATTEC SECURITY
• TOKAIRIKA
• Valeo

Automotive steering lock system market segmentation based on geographic regions

• Americas
• APAC
• EMEA

APAC will account for the largest automotive steering lock system market share due to the high production of passenger vehicles. The growing implementation of advanced steering and ignition lock systems in passenger vehicles will also drive automotive steering lock system market growth in this region.

Automotive steering lock system market segmentation based on applications

• Passenger vehicles
• Commercial vehicles

The passenger vehicles segment will account for the highest growth in the global automotive steering lock system market because of the growing penetration of advanced steering systems in passenger cars. This report provides an accurate prediction of the contribution of various segments to the growth of the automotive steering lock system market size.

Key highlights of the global automotive steering lock system market for the forecast years 2019-2023:

• CAGR of the market during the forecast period 2019-2023
• Detailed information on factors that will accelerate the growth of the automotive steering lock system market during the next five years
• Precise estimation of the global automotive steering lock system market size and its contribution to the parent market
• Accurate predictions on upcoming trends and changes in consumer behavior
• The growth of the automotive steering lock system industry across the Americas, APAC, and EMEA
• A thorough analysis of the market's competitive landscape and detailed information on several vendors
• Comprehensive details on factors that will challenge the growth of automotive steering lock system companies