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Global Automotive Steering Lock System Market 2019-2023 | Development of Advanced Automotive Steering System Designs to Boost Growth | Technavio

Technavio has announced its latest market research report titled global automotive steering lock system market 2019-2023. (Graphic: Business Wire)

LONDON--(BUSINESS WIRE)--

The global automotive steering lock system market is expected to post a CAGR of almost 7% during the period 2019-2023, according to the latest market research report by Technavio. Request a free sample report

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The increasing penetration of electric power steering systems will be one of the major drivers in the global automotive steering lock system market. Advanced steering systems have seen a surge in their incorporation due to the rising demand for safety and convenience. 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 accelerate the automotive steering lock system market during the forecast period.

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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.

Global Automotive Steering Lock System Market: Development of Advanced Automotive Steering System Designs

The development of advanced automotive steering system designs will be one of the critical trends in the global automotive steering lock system market. Steering system vendors are investing to integrate electronics and safety systems within automotive steering systems. These advanced steering systems are designed to offer superior performance that also helps enhance the vehicle dynamics. The automotive industry has also been witnessing increased activities for the development of steering system for autonomous vehicles, which will also drive the global automotive steering lock system market growth during the forecast period.

“The emergence of all-electric power steering for commercial vehicles and government regulations on installation of anti-theft systems in automobiles are some other major factors that will boost market growth during the forecast period,” says a senior analyst at Technavio.

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Global Automotive Steering Lock System Market: Segmentation Analysis

This market research report segments the global automotive steering lock system market by application (passenger vehicles and commercial vehicles) and geographical regions (Americas, APAC, and EMEA).

The APAC region led the market share in 2018, followed by EMEA and Americas respectively. During the forecast period, the APAC region is expected to maintain its dominance over the global market. This is due to the growing implementation of advanced steering and ignition lock systems in passenger vehicles in the region.

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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

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 17,000 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.

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View source version on businesswire.com: https://www.businesswire.com/news/home/20191128005387/en/