December 19, 2019
According to the research report titled ‘Automotive Switch Market Size by Vehicle Type (PCV, LCV, HCV), By Product (Push- button, Rocker Switches , Rotary Switches, Toggle Switches, Multi-function Switches), By Application (Indicator System Switches, HVAC, EMS Switches, Electronic System Switches), Industry Analysis Report, Regional Outlook, Growth Potential, Competitive Market Share & Forecast, 2019 – 2025’, available at MarketStudyReport.com, the global automotive switch market is projected to surpass USD 9.5 billion by the year 2025.
Rising adoption of electronic components & systems in automobiles is the major factor driving the automotive switch market. Growing government encouragement in the form of tax incentives & subsidiary schemes is stimulating the adoption of electric vehicles, thereby fueling the demand for automotive switches across the globe. Shifting focus of OEMs and manufacturers towards providing high-quality compact panel is leading to adoption of multifunction switches, augmenting the market outlook.
Advancement in electronic systems which improve user connectivity and enhance vehicle efficiency is also aiding the expansion of the market. However, introduction of touch screen panels for electronic operations in luxury automobiles may hinder the growth of automobile switch market.
In terms of vehicle type, automotive switch market is categorized into HCV, LCV and PCV segments. While based on type of product, the market is classified into multi-function switches, toggle switches, rotary switches, rocker switches, and push-button switches. Speaking of application spectrum, the industry is divided into electronic system switches, EMS switches, HVAC, and indicator system switches.
Considering geographical landscape, the report cites that the Asia-Pacific automotive switch market will register substantial growth over the forecast period, owing to growing automobile sector and surging demand for passenger vehicles across the region, coupled with rising adoption of electric vehicle in China.
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On the other hand, Europe automotive switch market will also expand significantly. Strict government policies to reduce carbon emissions, escalating investments in R&D activities by key industry players for developing driver safety features, as well as consumer inclination towards ADAS systems will fuel the regional growth.
The prominent companies operating in the automotive switch market are Standard Motor Products, Delphi Technologies, Hella KGaA Hueck & Co., Robert Bosch GmbH, Panasonic Corp., Preh GmbH, Valeo, Continental AG, Toyodenso, and Tokai Rika Co. Ltd. among others.
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