New York, USA, Sept. 05, 2022 (GLOBE NEWSWIRE) -- According to the report published by Research Dive, the global automotive switch market is expected to generate a revenue of $13,602.4 million and grow at 7.8% CAGR over the forecast period from 2021-2028. The extensive report provides a concise layout of the market’s current framework including prime aspects of the market such as growth elements, challenges, restraints and various opportunities during the predicted timeframe of 2021-2028. The report also provides all the market figures to help new participants analyze the market easily.
Dynamics of the Market
Drivers: The rising utilization of electronic components in the automotive industry for monitoring vehicle performance, security features, ignition, etc. along with several benefits offered by automotive switches like fast in operation, responsiveness, more economical etc. are some factors predicted to drive the growth of the global automotive switch market during the forecast period.
Opportunities: The growing number of vehicle production and sales in the developing nations like India, Vietnam, China, etc. along with increased disposable income and rapid industrialization are some major factors to create abundant growth opportunities for the global automotive switch market during the analysis years.
Restraints: Replacement of automotive switches with new technologies is the major factors to hamper the market growth.
Access to the Complete PDF Sample of the Automotive Switch Market
Covid-19 Impact on the Market
The outbreak of the covid-19 pandemic has moderately affected the global automotive switch market mainly strict lockdowns and travel restrictions that has led to reduced sales of automotive switches across the world. Moreover, disruptions in supply chains and lack of availability of raw materials has forced several automotive switches manufacturing companies to halt or postpone their operations. Moreover, due to the rising number of covid-19 patients worldwide, people fear of stepping outside that has also led to decreased labor force in the automobile switch manufacturing industries. However, the increasing utilization of technologies like industrial internet of things (IIOT) to allow real-time monitoring of manufacturing process of electronic devices is projected to help the market revive its growth post the pandemic stress.
Segments of the Market
The report has divided the automotive switch market into multiple segments based on switch type, vehicle type, distribution channel, and regional analysis.
Switch Type: Push Switches Sub-segment to be Highly Dominant
The push switches sub-segment is estimated to hold a dominant market share and gather a revenue of $5,579.5 million during the analysis years due to their excellent properties like waterproof, oil-proof, anti-static, good electrical conductivity, etc. Moreover, the conductive layer of such push switches can be easily folded without much problems, can withstand higher voltage, and can also be printed with silver paste, carbon paste, etc. These factors are anticipated to bolster the sub-segment’s growth by 2028.
Vehicle Type: Passenger Cars Sub-segment to be Highly Lucrative
The passenger cars sub-segment of the global automotive switch market is expected to have the highest growth rate of 7.6% CAGR during the analysis years due to the large-scale utilization of passenger cars for mobility and its increased sales worldwide. Moreover, the wide array of applications of automotive switches in passenger cars like security, infotainment, vehicle performance, etc. is yet another factor to propel the sub-segment’s growth by 2028.
Distribution Channel: Original Equipment Manufacturers Sub-segment to be Highly Progressive
The original equipment manufacturers (OEM) sub-segment of the automotive switch market is predicted to have the highest growth rate and gather a revenue of $7,851.9 million by 2028 due to continuous advancements in light commercial cars, passenger cars, heavy vehicles, etc. Furthermore, the rising number of vehicle registration for electric vehicles, passenger cars, heavy commercial vehicles, etc. across the globe is also projected to uplift the sub-segment’s growth by 2028.
Region: Market in the Asia-Pacific Region to Witness Better Growth Opportunities
The automotive switch market in the Asia-Pacific region is estimated to have the fastest growth rate of 8.2% CAGR during the analysis timeframe mainly due to rapid urbanization and the growing need for transportation or mobility. In addition, significant economic growth, high per capita income, and growing manufacturing and sales of vehicles is also anticipated to augment the market growth during the forecast period.
Granular Research on Specific Regions or Segments of Automotive Switch Market & Avail 10%OFF
Significant Market Players
Some key automotive switch market players include
- Eaton Corporation PLC
- Tokai Rika Co. Ltd
- Continental AG
- HELLA GmbH & Co. KGaA
- Leopold Kostal GmbH & Co. Kg
- Robert Bosch GmbH
- Omron Corp.
- Johnson Electric Holdings Limited
- Alps Electric Co. Ltd
- ZF Friedrichshafen AG.
These key players are undertaking various strategies such as product development and enhancement, merger and acquisition, partnerships and collaborations to sustain the market growth.
For example, in July 2021, Dana Incorporated, a US-based supplier of driveshafts, axles, digital, sealing equipment, etc., announced its partnership with Switch Mobility Ltd., a leading electric vehicle manufacturer, to boost the utilization of switch mobility and increase its product portfolio to become a highly-preferred supplier.
The report also summarizes many important facets including financial performance of the key market players, SWOT analysis, product portfolio, and the latest strategic developments.
More about Automotive Switch Market:
- How Can an Automotive Switch Optimize Infotainment System in a Vehicle?
- How Automotive Switches Offer a Seamless Experience to Automotive Vehicle Passengers?
- 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
