The complex merge of intelligent electronic systems and integrated mechanical structure have become beneficial thing for the automotive industry. Initially started with substantial transformation from traditional vehicles to growing adoption in electric vehicles as well as autonomous vehicles. The further advancements in automotive industry is now leveraging the power of automation. An automotive switch is a crucial component of any vehicle’s electronic system as it is used for an extensive range of functions in an automobile. Automotive switches are one of the fundamental components of any vehicle. Besides, automotive switches also assist in controlling the overall electrical equipment installed in an automobile, are quite simple to operate, and are highly responsive.
The global automotive switches market size is predicted to reach over USD 16.094 Billion by 2028. This can be ascribed to the rising demand for automatic automotive switches, and accelerating demand for automotive switches in commercial vehicles and locomotives. Besides, consumer’s safety and comfort demand is also the key factor driving the market growth for automotive switches.
However, the fluctuating price of raw materials and rising use of haptics (the use of technology that stimulates the senses of touch and motion) used in making automotive switches are hampering the market growth. Furthermore, growing implementation of electronic systems in vehicles and innovations in automotive switches is likely to provide lucrative development opportunities for the automotive switches market in the forthcoming years.
Key Segments of the Global Automotive Switches Market
Vehicle Type Overview, 2019-2028 (USD Million)
- Two Wheelers
Application Overview, 2019-2028 (USD Million)
- Indicator System Switches
- EMS Switches
- Electronic System Switches
Product Overview, 2019-2028 (USD Million)
- Push Button
- Rocker Switches
- Rotary Switches
- Toggle Switches
- Multi-function Switches
Regional Overview, 2019-2028 (USD Million)
- Rest of Europe
- Rest of Asia-Pacific
Middle East and Africa
- South Africa
- Rest of Middle East and Africa
- Rest of South America
Reasons for the study
- The purpose of the study is to give an exhaustive outlook of the global automotive switches market. Benchmark yourself against the rest of the market.
- Ensure you remain competitive as innovations by existing key players to boost the market.
What does the report include?
- The study on the global automotive switches market includes qualitative factors such as drivers, restraints, and opportunities
- The study covers the competitive landscape of existing/prospective players in the automotive switches industry and their strategic initiatives for product development.
- The study covers a qualitative and quantitative analysis of the market segmented based on Vehicle Type, application, and industry vertical. Moreover, the study provides similar information for the key geographies.
- Actual market sizes and forecasts have been provided for all the above-mentioned segments.
Who should buy this report?
- This study is suitable for industry participants and stakeholders in the global automotive switches market. The report will benefit every stakeholder involved in the automotive switches market.
- Managers within the automotive switches industry looking to publish recent and forecasted statistics about the global automotive switches market.
- Government organizations, regulatory authorities, policymakers, and organizations looking for investments in trends of the global automotive switches market.
- Analysts, researchers, educators, strategy managers, and government institutions looking for insights into the market to determine future strategies.
Over the past few decades, automotive industry has evolved from launch of traditional vehicles to growing trend in adoption of electric vehicles as well as consumer’s safety and comfort demand. With the growing adoption of numerous technologies, automotive switches are no more limited to a particular vehicle type and being adopted across a wide range of automotive industries and their functional processes.
Advanced technologies such as Internet of Things (IoT), and artificial intelligence enable automotive switches to radically change with automation techniques in its operations process, which further allows industries to make better decisions. Moreover, the use of Ethernet switches in many automotive applications and the growing demand of integrated central panel and steering wheel switches will further fuel the market growth. With all these capabilities automotive switches allows manufacturers to save costs as well as time spent on risk management.
Furthermore, as the adoption of IoT is increasing, vehicles can receive feature updates, software upgrades, safety improvements, bug fixes, and traffic updates. Additionally, government is taking many initiatives introducing schemes for increasing use of electric vehicles due to low fuel consumption and energy efficient. Hence, automotive switches are expected to help manufacturers in implementing new and innovative components in their designs to make the vehicle system more use-friendly.
The market is consolidated as several major market players currently hold the major market share. However, the market is expected to become fragmented in the forthcoming years as several new market players are emerging from developing countries such as India, Japan, China, and other countries.
Vehicle Type Segment
Based on the Vehicle Type segment, the market is bifurcated into Two Wheelers, LCV, HCV and PCV. In 2020, the PCV segment accumulated the maximum market share and automotive Switches is likely to continue its dominance throughout the forecast years. However, the Two Wheelers segment is projected to attain major growth throughout the forecast years owing to the rising demand for comfort, and convenience.
Based on the application, the market is segmented into Indicator System Switches, EMS Switches, HVAC, finance, and others. The finance sector seized the maximum market share in 2020 and EMS Switches is likely to maintain its place throughout the forecast years. The growth of this segment is largely ascribed to the growing adoption of advanced technologies in the Rotary Switches industry and an increase in the need to provide better Two Wheelers to the customers.
Based on the product, the market is segmented into Push buttons, Rocker Switches, Rotary Switches, Toggle switches, Multi-function Switches, and others. The Push buttons segment gathered the major market share in 2020 and it is likely to continue its dominance throughout the forecast years owing to the immense popularity gained by pushbuttons in recent years as a start-stop button in automotive. However, in 2020, rotary switches are becoming immensely popular as they offer superior throw and pole abilities, making them perfect for automatic climate control, entertainment systems, radio frequency selection, and other applications.
The Asia-Pacific region is likely to account for the maximum market contribution during the forecast years. The domination of this region is largely ascribed to the increasing demand of passenger vehicles as well as commercial vehicles in this region, presence of rapid developing economy such as India and China, adoption of latest technology and increasing focus on electric vehicles. For instance, in 2018, 1.161 million EVs were sold with annual growth rate of 4.2%, showing the huge opportunity that is present for the automotive switch market. However, the North American automotive switch market is likely to gather noteworthy growth through the forecast years 2021-2028. The growth of the automotive switches market in this region is mostly ascribed to the economic meltdown in Europe, huge demand for luxury automotive and easy availability of credit facilities to automotive buyers.
The major players of the global automotive switches market are Delphi Technologies, Leopold Kostal GmbH & Co. KG, Panasonic Automotive Systems Co., Valeo, ZF Friedrichshafen AG, Marquardt GmbH, Preh GmbH. Moreover, the additional prospective market players in the automotive switches market are the additional prospective market players in the automotive switches market are Ark-Les Connectors, D&R Technology, LLC, Diamond Electric Manufacturing Corporation, E-Switch Inc, Honeywell Inc, TRW Automotive U.S. LLC, Micro Technologies. Renowned companies are offering new and modern automotive switches. Besides, the previously recognized as well as new market players are approaching the market with advanced and new applications & technologies to remain competitive in the global market.