January 08, 2020
According to the research report titled ‘Steering Wheel Switches Market Size By Product (Push, Seesaw), By Vehicle (PCV, LCV, HCV), By Distribution channel (OEM, Aftermarket) Industry Analysis Report, Regional Outlook (U.S., Canada, France, Germany, UK, France, Italy, Spain, Russia, Poland, Netherlands, China, India, Japan, South Korea, Australia, Thailand, Brazil, Mexico, Argentina, Saudi Arabia, South Africa), Growth Potential, Price Trends, Competitive Market Share & Forecast, 2019 – 2025’, available at MarketStudyReport.com, the global steering wheel switches market is expected to cross USD 2.5 billion by the year 2025.
Rising production and consumption of PCVs (passenger carrying vehicles) across the globe is a major factor driving the steering wheel switches market growth. Key industry players are focusing on optimizing the ergonomic design of switches in order to reduce the size. This factor in tandem with integration of telematics, infotainment, and cruise control features in steering wheel switches is aiding the expansion of the market. Growing demand for premium class vehicles is further stimulating the industry outlook.
Technological advancements such as sensors, haptic feedback, and illumination in steering wheel are contributing towards the popularity of the product across the globe. However, rising adoption of automotive displays may hinder the growth of the steering wheel switches market. Automotive display panels allow users to access various applications easily and efficiently. Moreover, introduction of AMOLED, OLED, and LED touch screens is further impeding the market growth.
As per product type, push switches segment is expected to grow moderately during the estimated timeframe. Push switches offer enhanced functionality and easy operability across varied applications. Meanwhile, seesaw type switches segment is witnessing substantial growth in the market. These types of switches aid in controlling audio and cruise functions of the vehicle.
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Considering the geographical landscape, Asia-Pacific steering wheel market is expected to grow at a consistent pace owing to rising per capita income in the region. On the other hand, growing demand for sports & luxury vehicles in Germany, UK, and US will contribute towards the popularity of the product across the Western markets.
The prominent companies operating in the steering wheel switches market are ZF Friedrichshafen AG, Wenzhou Changjiang Automobile Electronic Co. Ltd., Vimercati S.p.A., Valeo, Toyodenso, Tokai Rika Co. Ltd., Standard Motor Products, Panasonic Corp., Marquardt GmBH, Leopold Kostal, GSK InTek Co. Ltd., Delphi Technologies, COBO S.p.A., C&K Components Inc., and ALPS Alpine Co. Ltd.
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