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The automotive switches market size has the potential to grow by 318.60 million units during 2020-2024. However, the market's growth momentum will decelerate during the forecast period.
This report provides a detailed analysis of the market by application (body control, infotainment, safety, and HVAC systems), type (passenger car and commercial vehicles), and geography (APAC, North America, Europe, South America, and MEA). Also, the report analyzes the market's competitive landscape and offers information on several market vendors, including Alps Alpine Co. Ltd., Continental AG, Eaton Corporation Plc, Hella GmbH & Co. KGaA, Honeywell International Inc., Nexteer Automotive Corp., OMRON Corp., Panasonic Corp., Robert Bosch GmbH, and ZF Friedrichshafen AG.
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The market is fragmented. The global automotive switches market consists of global and regional players. The need for automotive switches is rising with the growing sales of commercial and passenger vehicles. The automotive electrical switch market has manufacturers involved in sales through better distributor networks to raise the market penetration and set up a better sales network. Alps Alpine Co. Ltd., Continental AG, and Eaton Corporation Plc are some of the major market participants. Although the high demand for switches from automakers will offer immense growth opportunities, the increasing introduction of gesture recognition system will challenge the growth of the market participants. To make the most of the opportunities, market vendors should focus more on the growth prospects in the fast-growing segments, while maintaining their positions in the slow-growing segments.
To help clients improve their market position, this automotive switches market forecast report provides a detailed analysis of the market leaders and offers information on the competencies and capacities of these companies. The report also covers details on the market's competitive landscape and offers information on the products offered by various companies. Moreover, this automotive switches market analysis report also provides information on the upcoming trends and challenges that will influence market growth. This will help companies create strategies to make the most of future growth opportunities.
This report provides information on the production, sustainability, and prospects of several leading companies, including:
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APAC was the largest automotive switches market in 2019, and the region will offer several growth opportunities to market vendors during the forecast period. The rising demand for light and heavy commercial vehicles will significantly drive automotive switches market growth in this region over the forecast period.
51% of the market's growth will originate from APAC during the forecast period. China and India are the key markets for automotive switches in APAC. Market growth in this region will be faster than the growth of the market in other regions.
Factors such as the increasing use of automotive switches in body control applications such as power window switches, door lock switches, and indicator switches will contribute to the growth of this industry segment in the coming years.
According to Technavio's market research analysis, the increasing demand for switches from automotive manufacturers will be one of the major factors that will have a positive impact on the global automotive switches market during the forecast period. The increasing demand for safety systems in the automotive industry has led to the high adoption of safety sensors and switches. The rising safety concerns and the shift of the automotive industry toward improved technologies is one of the main drivers for the automotive switches market growth. Moreover, the dynamic business environment and varying consumer preferences have driven the automotive manufacturers to offer advanced safety features in their vehicles. The rising demand for passenger cars and commercial vehicles will drive the growth of the global automotive switches market in the coming few years. However, our market research analysts predict that in terms of units, this market will decelerate at a CAGR of almost 3% by 2024.
The increasing electrification in automotive vehicles is one of the key automotive switches market trends, which will influence the market growth during 2020-2024. The increasing consumer needs and OEM offerings have widened to include safety, performance, stability, and comfort to gain competitive sustainability. It has resulted in the evolution of the electrification of conventional mechanical components. The electrification of vehicles has increased the installation of automotive switches. Upgrading of electronics and developments in electric motors have been enabled with the addition of modern technologies in vehicles. Electric power windows and steering, actuators, ECS, and infotainment systems are the most common features available in most vehicles today. Automotive switches are used in several applications, such as infotainment systems, HVAC systems, and several other electronic system applications. Infotainment systems are one of the mega trends fueling the development of microelectronics in cars. Users want to be connected and be able to access their personal content conveniently from anywhere and at any time on all their devices. Thus, the connected car technology is driving the adoption of automotive switches.
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Five Forces Analysis
Market Segmentation by Application by Volume
Market Segmentation by Vehicle Type by Volume
Technavio presents a detailed picture of the market by way of study, synthesis, and summation of data from multiple sources. The analysts have presented the various facets of the market with a particular focus on identifying the key industry influencers. The data thus presented is comprehensive, reliable, and the result of extensive research, both primary and secondary.
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