Acumen Research and Consulting, a global provider of market research studies, in a recently published report titled “Automotive Switches Market– Global Industry Analysis, Market Size, Opportunities and Forecast, 2020-2027”
LOS ANGELES, June 30, 2021 (GLOBE NEWSWIRE) -- The Global Automotive Switch Market is expected to grow at a CAGR of around 22.4% from 2020 to 2027 and reach the market value of over US$ 21.3 Bn by 2027.
Asia Pacific is the market leader in automotive switches. The Asia-Pacific region is the market leader in automotive switches, followed by Europe and North America. The Chinese economy is expanding, as is the disposable income of middle-class consumers. The demand for automotive switches in India is rapidly increasing as manufacturers expand their business by acquiring major players and investing in R&D projects. These are the key factors driving the growth of the automotive switches market in this region.
Market Drivers and Restraints
Increasing integration of electronics in vehicle production globally
Electronic systems are becoming more prevalent in vehicles around the world as a result of the convenience and ease they provide to the driver. As a result, there is a growing preference for vehicles that have more electronic functions that are user friendly and less complex. For example, the traditional ignition switch in vehicles was used to start the vehicle using a key, which is now being replaced by a push-button start/stop ignition. Many of a vehicle's more traditional functions are now being replaced by electronic systems. This is propelling the global market for automotive switches.
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Fluctuation in raw material prices used in the manufacturing of automotive switches impedes the growth of global market
Plastics, metal sheets, and plating material are among the raw materials used to make an electrical switch. The plating materials used are typically noble metals, the prices of which fluctuate in the market, causing variation in the price of the switches produced, stifling market growth.
Rising vehicle sales and production in emerging countries provide lucrative opportunities for the global automotive switches to grow worldwide
Vehicle sales and production are increasing in developing countries as a result of increased consumer disposable income, industrialization, and urbanization. Rapid technological advancements and infrastructure development in developing countries have resulted in an increase in vehicle demand. The growth of the automotive switches market is directly proportional to vehicle production and sales. The average disposable income of people in developing countries has increased as a result of growing economies in developing countries, resulting in higher living standards for people in developing countries. This rapid increase in sales has resulted in an increase in demand for automotive switches.
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The global automotive switches market is segmented as vehicle type, product, and application. By vehicle type, the market is segmented as PCV, LCV, HCV, two wheelers. By product, the market is segmented as push button, rocker switches, rotary switches, toggle switches, multi-function switches, and others. By application, the market is segregated as indicator system switches, HVAC, EMS switches, electronic system switches, and others.
Key companies profiled in this report involve Delphi, Robert Bosch GmbH, Continental , ZF Friedrichshafen AG, Alps Alpine Co., Ltd., Panasonic Corporation, TRW Automotive Holdings Corp., AmerisourceBergen Corporation, and among others.
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Some of the key observations regarding automotive switches industry include:
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