The global automotive switches market is set to rise at a valuation of US$ 19 Bn between 2019 and 2028, according to the projections of a new study by Fact.MR. Leading manufacturers of automotive switches are investing resources in research and development efforts to bolster opportunities in connectivity and electro-mobility.
“Increasing importance being given to improving human-machine interface technologies in addition to comfort and accuracy in product offerings is expected to generate growth opportunities for automotive switches manufacturers,” says the Fact.MR report.
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Automotive Switches Market Study: Key Findings
- Interior control automotive switches are projected to gain substantial growth during the forecast period.
- Access management and power train switches are expected to account for a third of the global value share by the end of 2028.
- The passenger cars segment are poised for a major lead, while the light commercial vehicle segment is likely to display higher growth.
- The automotive switches market in the Asia Pacific is anticipated to witness sizeable growth owing to high vehicle production in South Korea, China, Japan, and India.
- China, Europe and North America, will collectively account for 60% of absolute dollar opportunity.
Automotive Switches Market: Key Driving Factors
- Growing demand for passenger comfort and safety in vehicles has resulted in a substantial increase in the adoption of automotive switches.
- The crucial shift from mechanical to electronic automotive components is a major factor driving the growth of the automotive switches market.
- Rising electrification of the automotive industry supported by growing consumer spending power will promote the use of automotive switches.
Key Automotive Switches Market: Key Restraints
- The rising popularity of digital cockpit displays is restricting the use of automotive switches, hampering market growth.
- Issues of service deterioration following prolonged use of automotive switches restricts adoption.
Explore 256 figures, 108 tables in the study. Request TOC of the report at- https://www.factmr.com/connectus/sample?flag=RM&rep_id=1911
The global automotive switches market is moderately fragmented. Industry leaders are focusing their efforts on research and development efforts towards electro-mobility and connectivity. Companies are also focusing on product development and innovation to launch premium quality offerings to meet the needs of automotive OEMs. The report provides a detailed analysis of the profiles and strategic developments of key players in the global automotive switches market, which include but are not limited to, Robert Bosch GmbH, Tokai Rika Co., Ltd., and Hella KGaA Hueck & Co.
About the Report
This 170-page study provides in-depth forecast data on the automotive switches market. The key categories covered by the report include vehicle type (passenger cars, light commercial vehicles, heavy commercial vehicles, electric vehicles, tractors, forklifts, and two wheelers), switch type (interior control switches, access management switches, powertrain & others), sales channel (OEM and aftermarket) and 25+ countries in key regions (North America, Latin America, Europe, SEA & Pacific, China, Japan, and Middle East & Africa).