Steering Wheel Switches Market to Exceed USD 2.5 Billion By 2025

November 18, 2021

According to a 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 with MarketStudyReport, steering wheel switches market is projected to amass USD 2.5 billion by the year 2025.

Report findings suggest that steering wheel switches market growth is attributed to rising sales of passenger vehicles, focus on reducing button size for ergonomic reasons, and integration of cruise control, entertainment, and telematics features into steering wheel switches.

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For the unversed, innovative automotive technologies are designed to improve passenger safety by automatically adjusting the vehicle's acceleration speed. The cruise control mode switch is usually integrated with the steering wheels of automobiles to assist drivers in changing driving modes fast and easily.

Moreover, advancements in automotive electronics as well as adaptive cruise control technology is further driving the market growth. However, growing use of car displays as well as development of large touchscreen displays are posing as threat to the growth of the industry.

By product, the push switches segment is predicted to develop modestly during the forecast timeline, as they offer easy operability and enhanced functionalities to perform several applications in vehicles.

In terms of vehicle, surging production and consumption of PCVs (passenger carrying vehicles) worldwide is creating demand in steering wheel switches market. On the basis of distribution channel, OEM segment is estimated to grow modestly through 2025.

Considering the geographical aspect, the rising demand for luxury and sports automobiles in the United States, the United Kingdom, and Germany is poised to increase the usage of steering wheel switches. Meanwhile, increased disposable income in Asia Pacific is projected to fuel a surge in aftermarket demand in steering wheel switches market.

The key players in the marketplace are ZF Friedrichshafen AG, C&K Components Inc., ALPS Alpine Co. Ltd., COBO S.p.A., Marquardt Group, Delphi Technologies, GSK InTek Co. Ltd., Leopold Kostal GmbH & Co. KG, Panasonic Corporation, Tokai Rika Co. Ltd., Standard Motor Products Inc., Toyodenso Co. Ltd., Vimercati S.p.A., Valeo, and Wenzhou Changjiang Automobile Electronic System Co. Ltd.

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