June 03, 2020
According to the research report titled ‘Automotive Switch Market Size By Vehicle Type, By Product, By Application, Industry Analysis Report, Regional Outlook, Application Potential, Competitive Market Share & Forecast, 2020 – 2026’, available with Market Study Report LLC, global automotive switch market is expected to grow substantially by the year 2026.
Rapid expansion of automotive sector coupled with consumer preference for premium vehicles equipped with advanced infotainment systems, telematics, Bluetooth and driver assistance systems are major factors driving the growth of automotive switch market.
As per vehicle type, light commercial vehicle (LCV) segment is poised to expand with a CAGR of 1.6% during 2020-2026. Incorporation of advanced features and technologies such as telematics, onboard remote assistance and vehicle tracking systems in order to improve comfort and safety of vehicles is fueling the segmental growth. Automotive switches enables efficient and easy functioning of these on-board systems. Moreover, integration of technologies such as AI (artificial intelligence), IoT (internet of things) and connected technologies in LCVs is favoring the market outlook.
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Based on product landscape, rocker switches segment held 21% revenue share in 2019 and is expected to grow significantly during the forecast period. Rocker switches are employed in LCVs since they can easily handle large currents. They can be illuminated to indicate the off/on status of a vehicle application, hence are widely used in vehicle dashboards.
The report cites that electronic systems switches application is projected to register a y-o-y growth rate of 3.2% during 2020-2026, primarily due to growing inclination towards incorporation of electronic components in vehicles. Increasing automotive production has bolstered the demand for radio, ignition, telematics, infotainment and engine management systems in vehicles. Mounting adoption of electronic systems in hybrid and electric vehicles is stimulating the industry outlook.
Considering the geographical landscape, Middle East & Africa automotive switch industry is reckoned to witness a y-o-y growth rate of 3.5% during 2020-2026. Increasing popularity of premium sports cars and luxury automobiles along with technological advancements in auto spare parts is favoring the market scenario in MEA.
ZF Friedrichshafen AG, Vimercati S.p.A., Valeo, Toyodenso Co. Ltd., Tokai Rika Co. Ltd., Standard Motor Products Inc., Bosch Group, Preh GmbH, Panasonic Corp., Omron Corp., Marquardt GmbH, Leopold Kostal GmbH & Co. KG, Hella KGaA Hueck & Co., GSK InTek Co. Ltd., Delphi Technologies, Continental AG, COBO S.p.A., C&K Components Inc. and Alps Alpine Co. Ltd. are the major contenders in automotive switch market.