The global automotive switches market size is likely to attain over USD 16.094 Billion by the year 2028. Besides, it is likely to project a CAGR of nearly 3.16% during the forecast years 2021-2028. The automotive switches leverages technological innovations in switch designs and assist driver in controlling dozens of variables from temperature to seating angle to power mirror settings with fingertip precision. It has the capability of improving the vehicles with complex combination of intelligent electronic systems and integrated mechanical structure. However, organizations are looking for designs that can transform from single function on-off units to sophisticated combination switches that can control turn signals, cruise control, lights, wipers etc.
The present and future automotive switches market progress is summarized to conclude the attractiveness of the entire market. Also, prime factors that influence the automotive switches market opportunities during the forecast years. Factors such as the increasing use and demand of electric vehicle as well as consumer’s demand on safety and comfort are the key factors driving the market growth for automotive switches.
Also, the trend of making the vehicle totally automated by shifting from mechanical components to the electronic components is another factor driving market growth. The growing interest on EVs due to low fuel consumption and environment safety policies will positively affect the automotive switch market in the vehicle manufacturing industry. However, rising use of haptics and the fluctuating price of raw materials 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.
The report also emphasizes several distinctiveness of the global automotive switches industry by valuing the market from value chain breakdown. Moreover, the report encompasses numerous qualitative features of the automotive switches industry which comprises market restraints, drivers, as well as key industry opportunities. Furthermore, the report offers an inclusive evaluation of the company profiling along with the market rivalry of local and global vendors.
The automotive switches market has tough competition among the new emerging and pre-established market vendors. Besides, the automotive switches industry vendors are trying to capture the prospective markets to grab a competitive advantage over the remaining industry vendors. To capture the market, market players are forming agreements, acquiring other companies & startups, mergers & acquisitions, partnerships & collaboration, and escalating their business existence.
In terms of the application, the market is categorized into operations, IT, sales & marketing, finance, and others. The sales & marketing segment is predicted to achieve the largest growth during the forecast years 2021-2028. On the other hand, the finance sector seized the maximum market share in 2020 and it is likely to maintain its place throughout the forecast years. The growth of the Operations segment is largely ascribed to the upsurge in demand from small enterprises and homes.
The Asia-Pacific 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 increasing demand of passenger vehicles as well as commercial vehicles, presence of rapid developing economy such as India and China, adoption of latest technology and increasing focus on EVs. 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 region is likely to account for the maximum market contribution during the forecast years. The domination of this region is largely 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 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. In addition, the previously recognized as well as new market players are approaching the market with advanced and new strategic services and solutions and to remain competitive in the global market.
Segment Overview of Global Augmented Analytics 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)
- North America
- Rest of Europe
- Asia Pacific
- Rest of Asia-Pacific
- Middle East and Africa
- South Africa
- Rest of Middle East and Africa
- South America
- Rest of South America