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Automotive Steering Wheel Lock Market Segmented By Product Type such as Traditional Lock, Wheel to Pedal Lock, Enclosed Lock with Vehicle Type such as Passenger Vehicle, Light Commercial Vehicles (LCVs) and Heavy Commercial Vehicles (HCVs)
An automotive steering wheel lock is a metal bar with a plastic coating designed to prevent the steering wheel from turning. The automotive steering wheel lock system has security features to keep the car safe and developed to prevent a car from being stolen.
The automotive steering wheel lock is an enclosed lock which encloses the steering wheel in a hardened steel shell, or it could be a wheel to pedal lock. Also, automotive steering wheel lock manufacturers have introduced an advanced security system of vehicle using that can be locked and unlocked with RFID or thumb impression.
Further, couple of manufacturers have introduced automotive steering wheel lock with advanced features such as capturing a photo when anyone enters a vehicle and forwarding it to the vehicle owner.
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Increasing adoption of electronic units, as they are technically advanced when compared to mechanical ones, in vehicles is expected to increase the demand for electrically operated locking devices.
Electronic automotive parts and components offer advanced features, such as flexibility, theft security, efficiency, functionality, and reduced space consumption, thereby fueling the growth of automotive steering wheel lock market.
In addition, rising vehicle production is stipulated to promote the demand for automotive steering wheel lock market over the forecast period.
However, the emergence of fully autonomous vehicle, driverless smart cars where there is no need of steering wheel lock, could restrain the automotive steering wheel lock market to some extent. Another, major drawback for the steering wheel lock is the size that becomes an issue for storing.
Yet, the automotive steering wheel lock market is expected to have an optimistic future, in terms of sales, during the projected period owing to the increasing awareness among consumers regarding vehicle safety.
According to the Federal Bureau of Investigation (FBI) figures of the United States, in 2015, auto theft increased by approximately 3 percent. In 2016, auto theft spiked nearly 7 percent in the first six months of 2016 compared with the first six months of 2015.
Thus, North America is expected to witness high growth for the automotive steering wheel lock market owing to the increasing auto theft. On the country level, in China, manufacturers are inclining towards technological development to align themselves with the ongoing trend of smart vehicles, such as Smlpretty Technology Co., Limited has developed a smart steering wheel lock with Bluetooth connectivity.
Hence, Asia Pacific is estimated to dominate the global automotive steering wheel lock market. Europe is estimated to have healthy growth in the automotive steering wheel lock market, due to the increase in the presence of key manufacturer of steering wheel lock in the region. However, Latin America and Middle East & Africa are forecasted to have an average growth in the automotive steering wheel lock market.
Some of the key players involved in the automotive steering wheel lock market include
The research report presents a comprehensive assessment of the automotive steering wheel lock market and contains thoughtful insights, facts, historical data, and statistically supported and industry-validated market data.
It also contains projections using a suitable set of assumptions and methodologies.
The research report provides analysis and information according to Automotive Steering Wheel Lock market segments such as product type, size, sales channel, and vehicle type.
The market 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 factors on automotive steering wheel lock market segments and geographies.