Automotive steering lock is an antitheft device that is installed on the steering wheel of the vehicle to prevent its rotation. Most modern vehicles are equipped with preinstalled steering lock system on the steering column, which is operated through the electronic key of the vehicle or the ignition switch of the vehicle.
Expansion of the automotive steering lock market is directly driven by the production of the automotive industry, as the steering lock is installed in most vehicles. Modern steering locks are installed in the steering column of the vehicle and hence, it is not directly visible. Rising preference for anti-theft features among consumers, due to significantly large number of car theft cases, is likely to propel the automotive steering lock market. Rising production of vehicles coupled with integration of steering lock in vehicles is driving the automotive steering lock market.
The automotive steering lock market can be segmented based on lock type, sales channel, vehicle, and region.
In terms of lock type, the market can be classified into steering wheel lock and steering column lock. The steering column lock segment is anticipated to account for a major share of the market due to installation of the system in most vehicles; however, the steering lock is mounted over the automotive steering wheel, which is not an OEM-fitted component. Consequently, the steering wheel lock segment is estimated to hold a relatively minor share of the automotive steering lock market.
In terms of sales channel, the OEM segment is projected to account for a major share of the market; however, the aftermarket segment is anticipated to hold a significant share of the market, as steering wheel locks can be only procured through aftermarket sales channel. On the other hand, the steering column mounted lock requires replacement if any forced action is carried out on the steering wheel to break the lock, thereby boosting the aftermarket segment.
In terms of vehicle type, the passenger vehicle segment is likely to hold a prominent share of the automotive steering lock market, owing to the higher production of passenger vehicles. Moreover, such anti-theft systems are preferably installed in passenger vehicles in order to avoid the loss of vehicle. On the other hand, commercial vehicles have lower production, as compared to that of passenger vehicles; consequently, the commercial vehicles segment is likely to account for a relatively minor share of the market. Among commercial vehicles, the light commercial vehicles sub-segment is anticipated to hold a major share of the commercial vehicles segment of the automotive steering lock market.
In terms of region, Asia Pacific is expected to hold a major share of the global automotive steering lock market, followed by Europe. Presence of China, India, Japan, and South Korea in Asia Pacific is attributed to the higher market share held by the aforementioned countries that have significantly high production of vehicles. Presence of large consumer base in Asia Pacific is attracting key global manufacturers to enhance their production capacities in the region.
Key manufacturers operating in the global automotive steering lock include STRATTEC SECURITY, Huf Hülsbeck and Fürst, TOKAIRIKA, Johnson Electric, Spark Minda, and Valeo.
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