New York, USA, Dec. 22, 2021 (GLOBE NEWSWIRE) -- A new report on the global automotive switch market has been added by Research Dive to its repository. According to the report, the global market is expected to hit $13,602.4 million by 2028, rising at a CAGR of 7.8% from 2020 to 2028. This report in an in-depth study offering meticulous insights into the present situation and future scope of the global industry. The report is drafted by expert market analysts and assures to be a reliable source of data and comprehensive market insights for new market players, investors, prevalent players, stakeholders, shareholders, etc.
Factors Impacting the Market Growth:
The key factors fueling the growth of the global automotive switch market are the rising applications of electronics components in the vehicles and growing demand for more smart as well as convenient operability of different features in automobiles. Moreover, growing technological developments in the mechanism of vehicles is projected to open doors to rewarding opportunities for the growth of the automotive switch market in the forecast period. However, growing availability of substitutes for automotive switches is expected to hinder the market growth.
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Impact of COVID-19 Pandemic on the Market:
The abrupt rise of COVID-19 pandemic in 2020 has had a moderate impact on the growth of the global automotive switch market. The implementation of lockdown restrictions during the pandemic has ceased the production of automobiles. Moreover, the disruptions in supply chains, dearth in the availability of raw materials, and reduction in sales of automobiles have drastically curbed the demand for automotive switches during the lockdown period. On the other hand, rise in the demand for the application of technologies like industrial internet of things (IIOT) that will allow real-time monitoring of production processes of electronics components like automotive switches is boosting the growth of the market.
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The report segments the global automotive switch market into switch type, vehicle type, distribution channel, and region.
Switch Type: Push Switches Sub-Segment to Hold a Prime Market Position
Based on switch type segment, the global automotive switch market is divided into toggle switches, rotary switches, push switches, rocker switches, and others.
The push switches sub-segment was valued at $2,997.1 million in 2020 and is anticipated to grow significantly and surpass $5,579.5 million during the forecast period. This growth is chiefly owing to the various advantages of push switches such as their exceptional sealing technology which makes them oil-proof, waterproof, and anti-static and also keeps them away from contamination and interference. Moreover, push switches are widely implemented in vehicles including light commercial vehicles, passenger cars, and heavy commercial vehicles owing to their reasonable price, which is fueling the growth of the sub-segment.
Passenger Cars Sub-Segment to Observe Highest Growth
The passenger cars sub-segment of the vehicle type segment is anticipated to hold a leading market share and garner $8,629.7 million during the forecast period. This growth is chiefly owing to the rising use of passenger cars as a means of transportation across the globe.
Aftermarket Sub-Segment to Experience Fast-Paced Growth
The aftermarket sub-segment of the distribution channel segment is anticipated to observe speedy growth and garner $5,750.5 million during the forecast period. This is chiefly owing to the rising necessity for the advancement and maintenance of existing automotive electronics devices such as automotive switches.
Asia-Pacific Market to Observe Rapid Growth
The report analyzes the global automotive switch market across several regions such as North America, Europe, Asia Pacific, and LAMEA. Among these, the Asia-Pacific region market is estimated to observe remarkable growth and hit $4,750.0 million in the forecast period. The growth of the region market is mainly because of the growing urbanization, rising demand for advanced automobiles, and increasing need for transportation in emerging nations, including India and China, in this region.
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Key Market Players
The report lists some of the foremost players operating in the global automotive switch market including
- Tokai Rika Co. Ltd
- Alps Electric Co. Ltd
- Continental AG
- ZF Friedrichshafen AG.
- Omron Corp.
- Johnson Electric Holdings Limited
- HELLA GmbH & Co. KGaA
- Eaton Corporation PLC
- Robert Bosch GmbH
- Leopold Kostal GmbH & Co. Kg, and others.
The report also offers several industry-top tactics and approaches such as top strategic moves & developments, product/service range, business performance, Porter five forces analysis, and SWOT analysis of the foremost players, functioning in the global industry. For instance, in June 2021, C&K, a foremost producer of high-quality electromechanical switches, launched a new navigation switch, the SAMXD (Seat Adjustment Module Dustproof) for automotive seat applications.
In Addition, the report having some numorus point about the leading Business Manufactures, Like, SWOT analysis, Product Portfolio, Finanical Status - Inquire to Get access for Detailed Top Companies Development Strategy Report
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?
