AP NEWS

Global Automotive Steering Lock System Market 2019-2023|Industry Analysis and Forecast| Technavio

January 9, 2019

LONDON--(BUSINESS WIRE)--Jan 9, 2019--The global automotive steering lock system market research report by predicts the market to post a CAGR of close to 7% during the period 2019-2023.

This press release features multimedia. View the full release here: https://www.businesswire.com/news/home/20190109005477/en/

Technavio predicts the global automotive steering lock system market to post a CAGR of close to 7% by 2023 (Graphic: Business Wire)

A key driver for the global automotive steering lock system market is the growing penetration rate of electric power steering systems. The growing use of electrically assisted steering systems and electric power steering is promoting the growth of the global automotive steering system market. With factors such as intensifying competition in the global automotive industry and the growing demand for safety, comfort, and convenience automotive manufacturers are focusing on including advanced steering systems in their product offerings.

As per Technavio, the development of advanced automotive steering system designs will have a positive impact on the market and contribute to its growth significantly over the forecast period. This research report also analyzes other important trends and market drivers that will affect market growth over 2019-2023.

This report is available at a USD 1,000 discount for a limited time only:

Global automotive steering lock system market: Development of advanced automotive steering system designs

The prominent vendors in the global automotive steering system market have been continually working on the development of advanced steering systems. These advanced steering systems are designed to offer superior performance that also helps in enhancing vehicle dynamics and safety. The global automotive industry has witnessed increased activities for the development of a steering system for autonomous vehicles in the last few years.

“Steering system vendors are investing in integrating electronics and safety systems with automotive steering systems because of the rising use of electronics in vehicles. This can be attributed to the numerous advantages and benefits that use of automotive electronics brings into systems. For instance, HYUNDAI MOBIS have recently developed a new concept electric steering system that can maintain normal steering ability with a dual control system for autonomous driving,” says a research analyst at Technavio.

Global automotive steering lock system market: Segmentation analysis

This automotive steering lock system market analysis report segments the market by application (passenger vehicles and commercial vehicles) and geography (the Americas, APAC, and EMEA).

The passenger vehicles segment held the largest automotive steering lock system market share in 2018, accounting for nearly 85% of the market. This application segment is expected to dominate the global market throughout the forecast period.

The APAC region led the market in 2018 with more than 54% of the market share, followed by EMEA and the Americas respectively. The APAC region is expected to dominate the market throughout the period 2019-2023.

Looking for more information on this market?

Technavio’s sample reports are free of charge and contain multiple sections of the report such as the market size and forecast, drivers, challenges, trends, and more.

Some of the key topics covered in the report include:

Market Landscape

Market ecosystem Market characteristics Market segmentation analysis

Market Sizing

Market definition Market size and forecast

Five Forces Analysis

Market Segmentation

Geographical Segmentation

Regional comparison Key leading countries

Market Drivers

Market Challenges

Market Trends

Vendor Landscape

Vendors covered Vendor classification Market positioning of vendors Competitive scenario

About Technavio

is a leading global technology research and advisory company. Their research and analysis focuses on emerging market trends and provides actionable insights to help businesses identify market opportunities and develop effective strategies to optimize their market positions.

With over 500 specialized analysts, Technavio’s report library consists of more than 10,000 reports and counting, covering 800 technologies, spanning across 50 countries. Their client base consists of enterprises of all sizes, including more than 100 Fortune 500 companies. This growing client base relies on Technavio’s comprehensive coverage, extensive research, and actionable market insights to identify opportunities in existing and potential markets and assess their competitive positions within changing market scenarios.

If you are interested in more information, please contact our media team at .

View source version on businesswire.com:https://www.businesswire.com/news/home/20190109005477/en/

CONTACT: Technavio Research

Jesse Maida

Media & Marketing Executive

US: +1 844 364 1100

UK: +44 203 893 3200

www.technavio.com

KEYWORD:

INDUSTRY KEYWORD: MANUFACTURING AUTOMOTIVE MANUFACTURING AUTOMOTIVE OTHER AUTOMOTIVE GENERAL AUTOMOTIVE

SOURCE: Technavio Research

Copyright Business Wire 2019.

PUB: 01/09/2019 08:51 AM/DISC: 01/09/2019 08:50 AM

http://www.businesswire.com/news/home/20190109005477/en

AP RADIO
Update hourly