Press release
Automotive Switches Market: Revenue to Grow at a CAGR of 4.2% During 2018-2028
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The passenger cars segment in the automotive switches market is estimated to dominate the demand with over there-fifth share and 1.45x growth in sales volume through 2028. While compact passenger car sub-segment dominates the automotive switches demand, SUV sub-segment is estimated to grow at a prominent volume CAGR of 4.8% through 2028. Growing preference for sport utility vehicles and steady introductions of new SUV models can be attributed to this growth of the SUV sub-segment in the automotive switches market. Increasing adoption of electric vehicles is estimated to present the most attractive demand in the electric vehicle type segment at a volume CAGR of 9.2% through 2028.
The report reveals that passenger cars demand in developing regions is likely to contribute to the rapidly expanding market for automotive switches. China is estimated to dominate the sales volume of automotive switches while capturing almost 30% of the global sales volume. India, in the South East Asia & Pacific region and other developing countries such as Mexico, Brazil and Turkey are estimated to grow at a significant rate during the forecast period.
In terms of value, Europe and China are expected to witness a neck and neck competition while capturing over half of the total global revenue collectively. In Europe, increasing sales of electric vehicles against the backdrop of stringent environmental regulations and emission standards are identified as prime fillips driving the European automotive switches market.
Growing focus of automakers in providing premium auto parts with the lower repair and maintenance requirement is projected to propel the growth of the OEM segment. As high-quality auto parts have low replacement frequency and long lifespan, growth of the OEM sales channel is estimated to capture over 90% of the total market share.
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Owing to their indispensability in automobiles, automotive switches, particularly interior control switches are highly sought after. The report shows that the interior control switches segment will continue to capture the largest market share with the rising demand for interior luxury in automobiles. Demand for access management control switches segment is gaining traction with the new introductions of powerlift gate switch. Powertrain & other switches segment is projected to expand rapidly at 4.6% of value CAGR during the review period.
Fact.MR study reveals that although the demand for electronic components in the automobiles is increasing, upcoming age of autonomous vehicles is expected to limit the need for automotive switches during and beyond forecast. In addition, rapid adoption of driver assistance technologies and digital infotainment devices in cars is expected to show negative influence on the growth of the automotive switches market during the review period.
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Stakeholders in the automotive switches market are focusing on improving the human-machine interface technologies and delivering a high degree of comfort and accuracy in their product offerings. Significant investments in R&D can be observed to implement IOT and other advanced technologies. The investments are aimed at accommodating increasing preference for electro-mobility and connectivity in transport solutions. Key players in the automotive switches market are actively engaged in innovation and product development to launch premium-quality automotive switches that are highly sought after by automotive OEMs.
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