The COVID-19 pandemic has caused supply and manufacturing disruptions in the automotive sector creating uncertainties in every aspect. The change in customer behavior in terms of mobility preferences during this crisis is changing the automotive landscape.
This pandemic situation has shut down many production lines owing to the trade restrictions and closed borders, creating a shortage in required parts and limiting the distribution of supplies. Different enforced measures including the closing of workspaces and dismissal of short-time workers have created a depression in the growth rate of the automotive industry.
The growing fear of recession is estimated to decrease overall sales and revenue. A limited supply of parts coupled with a reduced workforce has forced the leading OEMs to shut down their production. A significant drop in demand has restricted the cash inflow which is highly important in payment of salaries to the workforce. With growing uncertainties around the COVID-19 pandemic, the industry leaders are taking measures to adapt to the situation.
Global Automotive Steering Wheel Lock Market: Introduction
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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Global Automotive Steering Wheel Lock Market: Segmentation
Globally, the automotive steering wheel lock market can be segmented on the basis of product type, size, sales channel, and vehicle type
Based on the Product Type, the global automotive steering wheel lock market can be segmented into,
- Traditional Lock
- Wheel to Pedal Lock
- Enclosed Lock
Based on the Size, the global automotive steering wheel lock market can be segmented into,
- 7 to 18.8 inches
- 9 to 24.2 inches
- 3 to 30.0 inches
Based on the Vehicle Type, the global automotive steering wheel lock market can be segmented into,
- Passenger Vehicle
- Compact Cars
- Mid-Sized Cars
- SUVs
- Luxury Cars
- Light Commercial Vehicles (LCVs)
- Heavy Commercial Vehicles (HCVs)
Based on the Sales Channel, the global automotive steering wheel lock market can be segmented into,
- OEM
- Aftermarket
Global Automotive Steering Wheel Lock Market: Dynamics
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.
Global Automotive Steering Wheel Lock Market: Regional Outlook
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.
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Global Automotive Steering Wheel Lock Market: Market Participants
Some of the key players involved in the automotive steering wheel lock market include
- Disklok
- U-Shin Ltd.
- Cardinal Locksmith Co. LLC
- AUTOLOVER Car Lock
- Shenzhen GD Techway Electronic Co., Ltd.
- Huf Hülsbeck & Fürst GmbH
- Winner International Inc.
- Monojoy
- ABS Locks International Co., Ltd.
- Nissan Motor Co., Ltd.,
- Valeo
- Minda VAST Access Systems Pvt. Ltd.
- Saxon
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.
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