New York, USA, Nov. 16, 2021 (GLOBE NEWSWIRE) -- According to Research Dive, the global automotive switch market is estimated to generate a revenue of $13,602.4 million by 2028, and grow at CAGR of 7.8% over the forecast period (2021 to 2028). The comprehensive report provides a brief summary of the present market scenario comprising key aspects of the market such as growth factors, lucrative growth opportunities, and restraining factors. Besides, the report provides all the automotive switch market trends, COVID-19 impact on the market, and market estimations making it easier, helpful, and useful for the new participants to understand the market.
Market Dynamics
As per our analysts, the rapid growth in the utilization of electronic components in the automobiles and the rising demand for more convenient & smart operability of different functions in an automobile are the significant factors estimated to foster the growth of the global automotive switch market over the forecast period. In addition, the increasing number of vehicle production across the globe, especially in the developing countries is another factor predicted to drive the market growth by 2028.
Furthermore, the rapid infrastructure growth and technological advancements in developing countries have led to an increase in the demand for vehicles, which is projected to create huge growth opportunities for the automotive switch market over the forecast period. However, the introduction of voice recognition, virtual assistant, and other advanced technologies that can replace automotive switches are estimated to restrict the market growth in the projected timeframe.
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COVID-19 Impact on the Automotive Switch market
The COVID-19 pandemic has had a moderate impact on the global automotive switch market growth. The drastic impact on the automotive switch market share and size is majorly due to the global reduction in automotive sales after the outbreak of COVID-19 across the globe, which resulted in lockdowns and restrictions in many countries. Besides, the disruption in supply chains for transportation of essential components such as negatively impacted the market. However, the progressive impact on the automotive switch market size and share is majorly due to the growing need for digital management of operations for businesses and the implementation of advanced technologies for enabling real-time monitoring of manufacturing process of automotive switches, and other electronic devices.
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Push Switches Sub-segment to be Most Profitable
By switch type, the push switches sub-segment garnered a revenue of $2,997.1 million in 2020 and is predicted to have a dominating share and fastest growth in the global market during the forecast period. Push switches are oil-proof, waterproof, as well as anti-static as it uses a unique sealing technology. Thus, plus switches cannot be easily contaminated and interfered and are high in demand in the automotive industry.
Heavy Commercial Vehicles Sub-segment to Witness Fastest Growth
By vehicle type, the heavy commercial vehicles sub-segment is expected to garner a revenue of $955.7 million by 2028 and grow at a healthy CAGR during the forecast period. This is majorly owing to the increasing rising production and various advanced features of heavy commercial vehicles, such as electronic system and infotainment switches.
Original Equipment Manufacturers Sub-segment to Hold Dominating Market Share
By distribution channel, the original equipment manufacturers sub-segment generated a revenue of $4,510.0 million in 2020 and is anticipated to account for the majority of market share over the forecast period. This is mainly due to the rapid growth in all the major modes of road transportation, such as light commercial vehicles, passenger cars, and heavy commercial vehicles.
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Asia-Pacific Region to Subjugate in the Global Industry
By region, the Asia-Pacific automotive switch market is projected to garner a revenue of $4,750.0 million by 2028 and dominate in the global industry during the forecast period. The rapid growth of the region can be attributed to the rapid urbanization and the growing demand for mobility in the developing countries such as India and China. Besides, the population in the region are upgrading from two wheelers to four wheelers due to their increased per capita income, which is expected to aid the growth of the Asia-Pacific market by 2028.
Prominent Market Players
Some of the Key players of the global automotive switches industry are:
- Robert Bosch GmbH
- Alps Electric Co. Ltd
- Tokai Rika Co. Ltd
- Continental AG
- HELLA GmbH & Co
- KGaA
- Omron Corp.
- ZF Friedrichshafen AG.
- Leopold Kostal GmbH & Co. Kg
- Eaton Corporation PLC
- Johnson Electric Holdings Limited.
These players are applying various strategies to gain a competitive edge and strong hold in the global industry.
For instance, in February 2020, NXP, the largest suppliers of automotive semiconductors worldwide, announced the launch of a ‘multi-gigabit Ethernet switch’ that is designed to help automakers deliver the high-speed networks essential for evolving connected vehicles.
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Related Article Links:
- Company Acquisitions and Technological Advancements by Market Players such as Alps Alpine Co. Ltd. and STMicroelectronics to Foster the Growth of the Global Automotive Switch market
- How Automotive Switches Offer a Seamless Experience to Automotive Vehicle Passengers?
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