Pune, India, Sept. 08, 2021 (GLOBE NEWSWIRE) -- The global steering wheel switches market size to gain momentum due to the increasing adoption of automation during the forecast period. This information is published by Fortune Business Insights™ in an upcoming report, titled, “Steering Wheel Switches Market, 2021-2028.” The automotive industry is undergoing a fast transition due to advancements in vehicle design and the introduction of electric cars, which will increase demand for electromagnetic parts and equipment, bolstering the development of the steering column switches industry.
As driving safety issues grow, more sophisticated programmable features are being put into steering wheels to prevent driver attention. Manufacturers are incorporating multi-function steering wheel buttons to control different operations from separate buttons and prevent accidents, giving improved safety by implementing a restricted number of buttons.
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COVID-19 Impact-
Detrimental Impact of Covid-19 on Automobile Industry
With the onset of the COVID-19 pandemic, virtually every nation fell into a state of lockdown for an extended length of time, significantly affecting vehicle manufacturing. Because of the pandemic, manufacturing facilities throughout the world were shuttered, affecting global automobile output and, as a result, car sales.
The COVID-19 had a severe impact on steering wheel switches, but several manufacturers are currently developing various automotive switch systems.
To get to know more about the short-term and long-term impact of COVID19 on this market, please visit: https://www.fortunebusinessinsights.com/steering-wheel-switches-market-102244
Segments-
By type, the market is segmented into push and seesaw. On the basis of vehicle type, the market is segregated into passenger cars and commercial vehicles. On the basis of geography, the market is divided into North America, Europe, Asia Pacific, and the Rest of the World.
Drivers & Restraints-
Increasing Demand for Electromechanical Features to Stimulate Growth
During the projected period, the worldwide steering wheel switches market growth is expected to grow due to the growing industry. The reduction in switch size has enabled OEMs to enhance wheel design while spending less money and providing additional functions. The increasing integration of these buttons for different applications, such as onboard computers, autonomous vehicles, and entertainment systems in luxury vehicles, would contribute to the growth of the market. OEMs are adding sophisticated technologies into automobiles such as Wi-Fi, touch screens, and informatics. These sophisticated functions are simple to use and manage from the driving wheel.
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REGIONAL INSIGHTS
Increasing Manufacturing Units to Promote Growth in Asia Pacific
Asia Pacific is expected to hold the largest global steering wheel switches market share during the forecast period. Japan is one of the key markets due to the existence of numerous well-established automakers such as Toyota and Nissan. These brands are among the top manufacturers in the world, which is a major contributor to the country's fast expansion in the automotive sector.
North America is expected to have a sizable share of the market. This is due to rising awareness regarding road safety among the consumers is expected to drive the market in the region.
Competitive Landscape-
Manufacturers Focus on R&D Investments to Offer Advanced Products
These important companies are heavily focused on engagements, agreements, mergers & acquisitions, and other operations to increase their market position. Firms are spending on new production facilities in China and India to increase their footprint in Asia. To improve their supply chain strategy, manufacturing firms are considering stock buybacks with steering wheel switches and automotive OEMs.
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Industry Development-
- November 2019: For the silicon-carbide and silicon power modules, ZF Friedrichshafen formed strategic cooperation with Danfoss Silicon Power GmbH. This will benefit both businesses' commercial and technical inverter competitiveness and the efficiency of electric drivelines with the interface between power modules and inverters.
List of Key Players Profiled in the Global Market for Steering Wheel Switches:
- Preh GmbH
- Valeo
- ZF Friedrichshafen AG
- TOKAI RIKA
- ALPS ALPINE
- Leopold Kostal GmbH
- Panasonic Corporation
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