Blended fibers market revenue to exceed USD 57 billion by 2024 fueled by major product demand from the apparel and home furnishing sectors
The rising requirement for fabrics that are longer-lasting, need less maintenance, and are comfortable have chiefly propelled blended fibers market. It goes without saying that the apparel and home furnishing sectors are the key arenas driving blended fibers industry growth. As the population of millennials with disposable incomes is on a rise, coupled with consumer interest for luxurious lifestyles, it is estimated that blended fibers market size will exceed 18 million tons by 2024 in terms of volume.
North America Blended Fibers Market, By Application, 2016 & 2024, (Kilo tons)
Blended fibers market had first come to evolve with the idea of ‘blending’ fibers to yield a fabric with unique properties that is much more comfortable than the original and is less taxing to care for. In this regard, a blend of cotton and polyester is one such fabric that has gained mass prominence in this business space. In 2016, cotton/polyester based blended fibers industry size was valued at USD 7 billion. It is noteworthy to mention that cotton is a natural fiber that is comfortable to wear but wrinkles easily. On the other hand, polyester is a synthetic fiber that is not very comfortable to wear but when mixed with cotton keeps the fabric from wrinkling. Blended fibers industry outlook thus depends on the identifying a balanced amalgamation of fibers that complement each other to produce the perfect fabric. A nylon/wool blend is another popular fabric that drives blended fibers market share, as nylon is resilient while wool adds to the warmth and softness of the garment. This blend is deemed perfect for winter wear apparels owing to its enhanced durability and quick-drying quality, thus marking significance in blended fibers market.
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With the evolving fashion industry and the rising proportion of fashion consciousness consumers, it is important for the apparel industry to delve deeper in blended fibers market to brainstorm new mixed fabrics that will lend a certain charm and appeal to an ordinary piece of clothing. For instance, a draped cardigan made of a warm fabric like Merino can give the warmth of a cardigan but will not drape as beautifully as required. If the same cardigan is made of viscose it may be draped beautifully but will miss out on providing warmth. Ultimately, if a blended fabric like Merino Modal is used, i.e., 60% Merino and 40% Modal, the cardigan will have a beautiful drape while being essentially warm. Driven by appealing challenges such as the aforementioned, blended fibers market share from apparel applications is estimated to witness a CAGR of 3% over 2017-2024.
The home furnishing arena is another lucrative end-use domain of this business vertical. In 2016, 20% of the market valuation was attributed to the home furnishing industry. Rising urbanization, expanding real estate and easy access to home décor items made available through online portals like Amazon, Alibaba and eBay have thus provided a lucrative boost to the home furnishing domain, inherently fueling blended fibers market size.
Asia Pacific is one of pivotal regional markets for blended fibers industry. In fact, APAC market is forecast to surpass 9 billion tons by 2024, driven by the fact that several countries like China, India, Indonesia and Taiwan have expanded their apparel and home décor export base with a surge in demand of handcrafted products and government encouragement campaigns to boost indigenous production. Blended fibers industry has also been expanding in North America – estimates claim the continent to have contributed to 20% of the overall industry share in 2016. The introduction of nanotechnology as well as growing demands for new fabrics in the apparel and home furnishing industries has fueled North America industry trends.
The surging demand for better textile products with enhanced durability and a rather appealing visual appearance will drive blended fibers market. Blending expensive fibers with inexpensive ones offsets the production cost of the overall fabric as well, thus making the fabric more affordable and reliable. Growing economies comprising highly an urbanized, millennial population with disposable incomes will lead to a massive growth in the home furnishing and apparel sectors, thus directly stimulating blended fibers market size.
Author Name : Paroma Bhattacharya
APAC autonomous farm equipment market to amass lucrative gains over 2017-2024, India to emerge as a viable revenue contributor
As automation pervades lucrative verticals, the agriculture domain, not to be obliterated, has also joined the list. Autonomous farm equipment market, in this regard, may be considered as one of the many pivotal sub-spheres of the tech-based agriculture sector, that has been gaining mass momentum in recent times. With the influx of highly advanced tech discoveries and the shifting trends toward the deployment of robotics owing to labor shortage, the utilization of self-operating agro-based components is on a rise, thereby impelling autonomous farm equipment market share.One of the most noteworthy trends of autonomous farm equipment industry in recent times is the rapid entry of start-ups in this business vertical, posing quite an interesting competitive scenario for prominent players. With the profound growth in the arena of robotics, entrants in autonomous farm equipment market have been attempting to actively tap every lucrative opportunity to come up with unique product ranges. For instance, a robotic engineer from Harper Adams University, England recently came up with an idea that it may be possible to produce crops without having to actually climb onto a tractor. In this case, through high-end technology, a SimTech drill had been attached to the tractor, that undertook the seeding operations, while an automated Sampo Rosenlew 130 harvested the crop. In the years to come, it has been forecast that farmers may cease performing actual farming tasks, delegating them to automated devices, while they keep themselves free for other tasks. In the event that automated tractors such as the aforementioned prove successful in tests conducted on 100-hectare fields, the concept is likely to brew a revolution in autonomous farm equipment market.
U.S. Autonomous Farm Equipment Market, By Product, 2016 & 2024, (Units)
An outline of India autonomous farm equipment industry
Having documented a long-standing history of being an agro-based economy, India is touted to emerge as one of the pivotal regional autonomous farm equipment markets. Even as on 2017, more than 50% of the Indian populace is inherently dependent on agriculture and related activities for sustenance. However, more than 80% of Indian farmers own farmland lesser than two hectares, and have a rather small, bifurcated sense of ownership in India’s huge agriculture sector. Amidst this massive fragmentation, it goes without saying that the country’s farming activities stay put, owing to the lack of high yielding fertilizers and seeds and the inadequacy of modern production and processing methodologies. This in consequence, has led to India evolving as a rather lucrative ground for the development of autonomous farm equipment market.
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India is thus undergoing a paradigm shift, what has been dubbed as ‘Farming 3.0’ – the third farming revolution. In accordance, the nation seems to be actively drifting toward innovative farming, which would prove to be rather advantageous for the growth of autonomous farm equipment industry in India. The nation has been, since the last few years, welcoming investors and start-ups to establish their base in India and diligently pursue advanced technology to come up with a range of highly innovative products such as partially and fully automated tractors and harvesters. Another popular technology that is being harnessed of late is that of UAVs (unmanned aerial vehicles) or drones. Owing to their superlative benefits ranging from undertaking geological surveys for evaluating fields and reducing response time to improving crop health and water efficiency in the fields, these beauties are being deployed in agriculture on a larger scale than anticipated, which has provided quite a profitable boost to the overall autonomous farm equipment market. This is quite evident from the robust growth of the agricultural drones industry as well – the business size reportedly stood at USD 300 million in 2016. UAVs are also being utilized in India, though the concept is yet to gain mass prominence. However, analysts seem to be positive regarding the popularity of agricultural drones in the nation, the massive deployment of which would eventually stimulate India autonomous farm equipment market share.
With automated devices garnering momentum in India, it has also been projected that the region would be a major revenue contributor toward APAC autonomous farm equipment industry. Given that the continent in itself is a hub of major agro-based emerging economies, it remains quite unarguable that Asia Pacific would be one of the key regional autonomous farm equipment markets in the years to come. Led by India, Japan, China, Australia, and South Korea, APAC autonomous farm equipment industry share has been projected to register a CAGR of 25% over 2017-2024.
While the notion of self-operating equipment seems quite attractive in theory, there remains no shred of doubt that practically implementing the concept on a large scale is enormously expensive. Product development and implementation costs thus, in particular, are likely to emerge as key restraints for autonomous equipment market in the future. In consequence, companies have been attempting to devise newer strategies to brainstorm cost-effective solutions in order to increase product penetration, which would eventually have an impact on the revenue graph of autonomous farm equipment industry. The successful application of GPS systems in agriculture and the deployment of IoT in the farming sector notwithstanding, autonomous farm equipment market trends are expected to escalate in the forthcoming years. As per estimates, autonomous farm equipment industry size is expected to exceed 7.8 million units by 2024, in terms of volume.
Author Name : Saipriya Iyer
U.S. dry type transformer market to witness remarkable proceeds over 2017-2024, smart grid initiatives to drive the industry growth
Dry type transformer industry, over the recent years, has witnessed a paradigm shift in its remuneration portfolio, driven by the growing prevalence of sustainable and smart grid technologies worldwide. The substantial quest for smart and efficient electricity transmission which in extension has provided a remarkable impetus to the demand graph of environmentally-friendly transformer has been pointed out as one of the most pivotal factors to have fueled the dry type transformer market size over the years. It is prudent to mention that the dry type transformer units employ only those high temperature insulation systems that are environmentally safe, and UL & CSA recognized. On grounds of such strong sustainability, efficiency, and reliability parameters, experts claim these transformers to witness a massive deployment rate in industrial plants and building complexes in the coming years. In fact, the soaring demand for these units is quite evident from the yesteryear statistics, which claim the worldwide dry type transformer market to have accounted for a total revenue of USD 4 billion in 2016.
Europe Dry Type Transformer Market Size, By Insulation, 2016 & 2024 (USD Million)
On account of its environmental credibility, the dry type transformer is indeed witnessing a dynamic strategic landscape. The recent deal between ABB and GE Industrial Solutions, which created quite a buzz in the electrification solutions business, is a testament to the aforementioned fact. Elaborating further on the deal, in September 2017, ABB, a global leader operating in power and heavy electrical equipment sector announced its acquisition of GE Industrial Solutions, which included the latter’s electrification solutions and distribution and dry type transformers businesses. The agreement, reportedly, strengthened ABB’s hierarchy in the dry type transformer market landscape, by providing it a remarkable threshold in the lucrative North America electrification market. Undoubtedly, the move was quite well-versed, as reported by the experts, taking into account North America’s strong establishment in the global dry type transformer market landscape. Reportedly, the U.S. is estimated to lead the regional terrain with a recorded valuation of USD 500 million in 2016.
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A slew of factors can be credited for the proliferation of U.S. dry type transformer market – growing refurbishment and upgradation of existing grid networks and favorable regulatory scenario being the topmost. In fact, reports cite that, to date, companies such as General Electric, Itron, Trilliant Networks, and Honeywell have received between around 60 to 300 million U.S. dollars in funding from the U.S. government to modernize electric network. Moreover, governmental initiatives such as the Smart Grid Investment Grant program, which aims to upgrade and revolutionize the country’s electric T&D systems, have further fueled the installations of dry type transformers for efficient and sustainable grid deployment. Looking at the extensive deployment of transformers in the refurbishment projects, it goes without saying that the regional dry type transformer market is certain to witness an unprecedented growth down the line.
Other than the U.S., UK has also emerged as a lucrative avenue with regard to dry type transformer market growth. The stringent norms regarding energy efficiency and renewable power generation accompanied with the rather expedient characteristics of these transformers, have massively driven the deployment of dry type transformers across commercial, utilities, residential, private and government sectors. Speaking along similar lines, the European Union’s proclamation toward the expansion of smart and sustainable electric networks is one such move which has dramatically proliferated the demand for sustainable electrification devices in the continent. Taking into account such rigorous refurbishment & upgradation activities and a stringent yet favorable regulatory framework, estimates claim UK dry type transformer industry to cross annual installation of 14,000 units by 2024.
All in all, with the world on the cusp of smart grid network revolution, it is no surprise that dry type transformer market will herald an era of unprecedented growth in the coming years. Add to it, with the favorable inclination of the regional governments, ongoing electrification reforms, and rapid industrialization trends, it is overt for the dry type transformer industry to witness remarkable proceeds in its product and strategic landscape in the ensuing years. In terms of commercialization and profitability, Global Market Insights, Inc., forecasts dry type transformer market to surpass a valuation of USD 9 billion by 2024.
Author Name : Ojaswita Kutepatil
Muconic Acid Market to witness heavy gains over 2017-2024, driven by massive product demand from the plastic and textile sectors
Muconic acid market, in the forthcoming years, has been projected to generate commendable returns, primarily on account of the rising deployment of derivatives in the plastic, textile and construction industries. As per estimates, muconic acid industry size will apparently cross USD 60 million by 2024. The emerging economies of Asia Pacific and Latin America have been touted as the key growth grounds for the development of this business space. This growth can primarily be attributed to the changing consumer lifestyles pertaining to the high disposable incomes, which would act as a prime catalyst for plastic and textile sectors. This in consequence, would positively influence muconic acid market size over 2017-2024.
U.S. muconic acid market size, by application, 2013 – 2024 (USD Million)
Muconic acid is used as platform chemical for some of the most prevalent bioplastics like nylon 6 & 66, polyurethane and polyethylene terephthalate. These individual bioplastic spheres are likely to depict substantial progress in the ensuing years, which would eventually impact the revenue graph of muconic acid market. It is also prudent to mention that adipic acid is one of the chief derivatives of muconic acid and the precursor of nylon synthesis. Nylon serves as a potent substitute for silk and used in the manufacturing of women’s stockings, parachutes, ropes, carpets and musical instrument strings. Nylon 6 & 66 are also gradually replacing metal parts in automobiles owing to the high resistance to abrasion, tensile strength and high elasticity. Furthermore, nylon parts are also far lighter than metal parts and help decrease the overall weight of the automobile that aid in achieving greater fuel efficiency which also indirectly benefits the environment. In essence, this validates the fact that muconic acid industry share from adipic acid, an essential precursor to nylon synthesis, is indeed appreciable.
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The market size of polyurethane, another essential material deploying muconic acid, was over USD 50 billion for 2015 and is forecast to witness growth at over 5% CAGR from 2016 to 2023. This business space encompasses flexible and rigid polyurethane foams, elastomers, adhesives and sealants. Flexible PU foam also finds extensive application in the manufacturing of beddings, vehicle seating, upholstery and textile. Rigid PU foam is widely used in construction and insulation industries. Polyethylene terephthalate (PET) market size in fact, will see a massive growth of 40% CAGR between 2016 and 2023. The growing global PET market size is chiefly credited to the increasing awareness among consumers and stringent government norms promoting the use of bio degradable and environmental friendly products. In consequence, the expansion of the polyurethanes market and PET industry is likely to have a commendable impact on muconic acid market outlook.
Plastic plays a major role in automotive, construction and the packaging sectors. Rigid plastic, a form of plastic that finds wide applications in packaging numerous products and manufacturing of rigid bottles for personal care and pharmaceutical products as well as bottles for carbonated drinks, water, food products and other household care products, has the largest market as far as plastic products are concerned. Owing to increasing population and a huge consumer base with disposable incomes, the rigid plastic industry is forecast to perceive an impressive growth rate speedily affecting muconic acid market trends, given that this product is an essential component of plastic manufacturing.
The emerging economies of APAC are expected to be the chief contributors of the regional muconic acid market, as this region caters to the large consumer demand across the plastic, construction, automobiles and textile sectors. APAC muconic acid industry in fact, is slated to expand at a 6.5% CAGR over 2017-2024. North America on the other hand, in 2016, led the overall muconic acid market value and volume, driven by the heavy application of the product across the automotive sector.
The presence of a stringent regulatory network and the enforcement of environmental regulations against plastic packaging are likely to slightly hinder muconic acid industry size. However continual R&D activities undertaken by major companies to derive the product through renewable sugar and other biotechnological methods may soon produce more environmental friendly derivatives for plastic production, which may eventually drive muconic acid market share.
Author Name : Paroma Bhattacharya
Flame Resistant Fabrics Market to amass appreciable gains from O&G and transportation applications, global valuation to cross 6 billion by 2024
The surging rate of injuries & deaths pertaining to fire & electric mishaps, have given a profound push to expansion of flame resistant fabrics market. The industrial explosions and fires cost governments and companies thousands & millions of dollars every year, not to mention the loss of lives as well. According to the recent reports by the National Fire Protection Association (NFPA), U.S. fire department estimated an average of 37,000 fires that occurs in the industrial and manufacturing sectors every year, with annual losses estimated to be 279 civilian injuries, 18 civilian deaths, and around USD 1 billion in direct property damage. In consequence, the rising incidence of such fire injuries and fatalities have prompted industry players and regulatory government to induce flame resistant fabrics for workplace safety, as this clothing offers protection and safety to workers from indirect and direct exposure to fire and electric arc. The shifting focus toward workplace safety has, in turn, brought unprecedented growth in flame resistant fabrics market, which as per reports was valued over USD 4 billion in 2016.
Asia Pacific Flame Resistant Fabrics Market Size, 2013 – 2024 (USD Million)
Analysts deem the stringent industry regulations toward safety at workplace to be one of the pivotal factor reinforcing flame resistant fabrics market demand. Fire safety is a growing concern in oil and gas industry and is acknowledged as one of the most dangerous work sectors. As per reports, the Bureau of Labor Statistics confirmed that in 2014, the mean fatal injury rate for all U.S. workers in all the sectors remained 3.3 per 100,000 workers, however, for the oil & gas industry the fatal injuries increased by 27% from 2013 to 2014, resulting in 142 fatal injuries, thus making the rate nearly 16 deaths per 100,000 workers. In consequence, the oil and gas sector is continuously striving to improve its safety standards, which would have a proportional impact on flame resistant fabrics market share. The 2010 power plant explosion in Middletown, Connecticut, United States, which reportedly killed 6 people and injured more than 50, can also be traced to poor safety methods toward flammable gases. On further investigation, reports revealed that the plant violated hundreds of safety standards that OSHA deemed “willful”. In effect, the agency fined the companies involved with no less than USD 16.6 million, one of largest penalties ever released. These instances provide a clear testament to the fact that fire safety measures play an important role across a myriad range of sectors, especially in the oil & gas domain. As fire safety fabrics prove to be important safety products or fire barriers, research reports estimate the oil & gas industry to make lucrative contributions towards the expansion of flame resistant fabrics market in the ensuing years.
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Infrastructure sector, automotive & transportation, and defense & public services are some of the other arenas where flame resistant fabrics market is witnessing increasing product demand. Rapid development of these industry verticals, especially across the Asia Pacific belt, is proliferating the regional landscape of flame resistant fabrics industry. Research reports state that, with China, Japan, and India at its foray, Asia Pacific flame resistant fabrics market is estimated to be the fastest growing region with a revenue estimation of USD 1.5 billion by 2024.
Taking into consideration the competitive scenario, the commitment of companies toward advancing firefighting fabrics have been touted to spur the overall flame resistant fabrics industry growth. The recent agreement between the Yorkshire-based technical textile specialist Arville and DuPont bears testimony to the aforementioned fact. The partnership between the two is set to enhance the production capabilities of the former in terms of soaring demand for high performance fabrics. In consequence, this would help augment flame resistant fabrics industry demand, as these fabrics can be used in the automotive, aerospace, defense/military and industrial sectors. Huntsman International LLC, Evonik Industries AG., and Solvay are some of the other prominent flame resistant fabrics industry players bringing forth unique products and innovations.
As per experts, flame resistant fabrics have improved dramatically and have come a long way since its inception in 1821. Citing recent advancements in the industry, FR denim, FR workwear designed specifically for women, and high-visibility FR apparel have substantially enhanced the product portfolio in terms of convenience, effectiveness, and comfort. Industry analysts predict such noticeable trends along with stringent workplace norms to proliferate flame resistant fabrics industry share in the ensuing years. In terms of commercialization, Global Market Insights, Inc., forecasts the overall flame resistant fabrics market to witness a CAGR of 6.4% over 2017-2024.
Author Name : Ojaswita Kutepatil
Paint rollers market to depict substantial growth potential over 2017-2024, driven by massive product deployment across the expanding construction sector
The robust growth of the construction sector is one of the key drivers propelling paint rollers market expansion. Paint rollers, arguably one of the most handy décor components, are used extensively for both indoor and outdoor painting purposes across the residential, commercial and industrial arenas. It comes as no surprise that rapid urbanization of the Asian countries and the stabilization of the American building and construction sector has amplified the demand for paint rollers, thereby impelling paint rollers industry trends. With the global populace soaring higher by the day, the demand for housing would witness a major hike, on account of which paint rollers market share would increase considerably from the residential housing sector. As per estimates, the overall paint rollers industry size would surpass USD 3 billion by 2024.
U.S. Paint Rollers Market Size, By Pile Depth, 2016 & 2024 (Million Units)
Post the housing market slump in the U.S. after 2009, the region has witnessed a surge in residential investments, as the owner-occupied real estate sector has once again gained prominence. The region has also observed a dramatic rise in the nuclear and single-family trend, substantially increasing the need for housing, which would ultimately impel the regional paint rollers market outlook. The U.S. government, it is observed, has also been offering support to new construction projects in the form of tax deductions and favorable FDI policies. Overall, it would not be incorrect to state that the U.S. housing and construction sector has been traversing along the graph of normalcy. As per estimates, the U.S. construction spending is expected to register a CAGR of 6% over 2016-2020, a fact that will directly influence the growth of the regional paint rollers industry.
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In an era dominated by digitization and online product & service promotions, lifestyle websites like Pinterest that provide thousands of DIY ideas have been the driving force for home decor enthusiasts, many of whom prefer paint rollers over paint brushes, given that these products provide a better finish and facilitate easy usage with minimal wastage of paint. Easy applicability is one of key reasons for the development of paint rollers market popularity, since consumers find it much easier to use a paint roller themselves than spending a ton on hiring professionals to do the job.
Paint rollers are made of a variety of materials and pile depths based on consumer demand. Synthetic fabric paint rollers industry share for instance, will register a CAGR of 5% over 2017-2024, since these products are most compatible with latex paints. Another high-grade product, synthetic woven fabric rollers are also preferred lately, as they are deemed to be fire, water and abrasion resistant – factors which abide by the government regulations of better occupational safety. This in consequence, would lead to synthetic woven fabric market size gaining momentum in the forthcoming years. As end users are becoming more aware of how the material of a paint roller can determine the outcome of a paint job, numerous products across this business verticals have been gaining prominence. Blended cover paint rollers market for instance, has been witnessing substantial growth, since these rollers are compatible with all kinds of paints.
Countries witnessing exponential growth in the industrial and residential sectors across the Asia Pacific, particularly Australia, India and China, have a major role to play in APAC paint rollers market growth. As per estimates, Asia Pacific accounted for 50% of the overall paint rollers market share in 2016. The robust demand for residential buildings will further drive this regional industry, as per analysts.
Keeping in mind the ease of use and growing popularity of paint rollers, industry competitors are coming up with innovative paint rollers like the Paint Runner Pro, that is advertised to be a non-drip paint roller that holds paint. In essence, there is no need to dip the roller innumerable times into the paint, which would lead to zero paint wastage and would eliminate the requirement of drop sheets during painting. Another noteworthy paint rollers market trend is that of 3D paint rollers. These products are being developed by designers to cater to a segment of the populace that has been calling for creative but easy ways to add a flicker of class to walls, and have been taking paint rollers market by storm. The prevalence of research and development activities in paint rollers market, coupled with the ease of application, lack of wastage of product and wide field for usage, have led to these products gaining mainstream approval. With global infrastructure expenditure projected to exceed USD 9 trillion by 2024, the growth rate of the paint rollers market over the forthcoming years is forecast to be rather appreciable, given its projected demand across the construction sector.
Author Name : Paroma Bhattacharya
Electrical steering column lock market revenue to be driven by the adoption of EPS in automobiles, global industry to surpass 180 million units by 2024
Electrical steering column lock market has been witnessing a profitable growth rate since the last few years, pertaining to the growing popularity of the electric power steering (EPS). The EPS technology is lately being preferred in automobiles for its ease of use and the fuel efficiency. Also, there has been a paradigm shift in the deployment of automotive components from mechanical to electronic solutions, which has led to electrical steering column lock (ESCL) market carving out a positive growth trajectory. By 2024 ESCL market size is predicted to surpass a valuation of USD 31 billion, driven by innovations in the automotive sector and the existence of a favorable regulatory landscape that mandates the adoption of EPS in new automobiles. As electrical steering column locks make vehicles much more resistant to thefts, there has been an increase in consumer demand for purchasing cars embedded with these products, thereby augmenting ESCL industry share.
U.S. Electrical Steering Column Lock Market, By Vehicle, 2016 & 2024, (USD Million)
With the emergence of new economies and the rising affordability of vehicles, global automobile manufacturing and sales are expected to soar higher in the years to come. This in consequence, would lead to a robust rise in the sales of automobile integrated with security features, which in turn would impel ESCL market. With security being one of the consumers’ principal concerns, cars incorporated with anti-theft features will make them highly viable choice, which will boost the overall electrical steering column lock market size.
A shift of conveyance preference has also been noted with the rise of connectivity and online shopping alternatives. Many consumers nowadays prefer to have goods and services delivered at home – a trend that has provided an impetus to the commercial vehicle industry. In order to make these vehicles more fuel-efficient, the deployment of electric power steering has been made mandatory, which inevitably indicates the implementation of electrical steering column locks in these vehicles to ensure security. In consequence, the commercial vehicle sector would prove to be a lucrative avenue for ESCL market. As per estimates, LCV-based ESCL industry size alone is expected to register a CAGR of 6% over 2017-2024. Significant growth will also be registered in the special utility vehicle segment as customers are leaning towards tailored solutions for specific purposes. Electrical steering column lock market share, as per statistics, is estimated to record a 4.5% CAGR over the next seven years from the special utility vehicle sector.
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Original equipment manufacturers (OEMs) and traditional automotive players, in recent times, are under continuous pressure to bring about advanced technologies in vehicles that will improve fuel efficiency, reduce emissions and be more capital-efficient. OEMs stand to gain the most advantage with the growth of electrical steering column lock industry, as customers prefer relying on OEMs for their process expertise and reliability. On the other hand, aging vehicles will impact electrical steering column lock market size from the aftermarket domain, as these vehicles are the ones that did not have an installed lock at the time of manufacture, but would now be forced to have one installed or security purposes.
Due to the robust progress of the automotive sector in countries such as China, India and Indonesia, APAC electrical steering column lock market is expected to witness a substantial growth rate over 2017-2024. China alone, in 2016, accounted for 48% of the global SUV shares. In fact, estimates claim Asia Pacific to dominate the overall electrical steering column lock industry by 2024, with a revenue projection of USD 13 billion.
Government directives for better vehicle security has been the driving force for the growth of North America electrical steering column lock market. The National Highway Traffic Safety Administration (NHTSA), for instance, a traffic regulatory body of U.S. has mandated the use of electrical steering column locks in all vehicles. Uniform provision for performance and layout of all vehicle systems as authorized by the European directives will also ensure the implementation of these security products in all vehicles, giving Europe electrical steering column lock market a commendable boost over 2017-2024.
One of the key threats that electrical steering column lock industry will face in the ensuing years is the introduction of fully autonomous vehicles which come essentially without a steering wheel, a fact that will make the electrical steering column locks redundant. However, security risks, lack of consumer understanding and slow rate of market penetration of autonomous vehicles will not make them commercially viable before 2030, which would prove to be an advantage for ESCL industry. For now, OEMs and other major ESCL market players are focusing on making the electrical steering column lock systems in vehicles much better, ensuring not only security but also attracting a wider customer base with better and innovative safety technologies.
Author Name : Paroma Bhattacharya