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Automotive Switches Market Projections & Future Scenario Analyzed until 2028 | Key Players are LS Automotive Technologies, Hella KGaA Hueck & Co., Panasonic Corporation, Robert Bosch GmbH, etc.
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Traditional handbrakes are gradually being replaced by handbrake automotive switches or electronic parking brakes. Growing demand for comfort and convenience in the automobiles has led consumers to prefer electronic components over mechanical components. The advanced technology of handbrake automotive switches or electronic parking brakes allows the driver to operate the brake without distraction or involvement of physical efforts. Apart from delivering convenience, handbrake automotive switches save space in the hump area which can be used for other functions. In addition, advanced automated technology of the handbrake switch system is claimed to deliver better safety to car occupants, allows low-speed traction control during parking and prevents rolling back of the car at stop signals. Although initially limited to luxury vehicles, owing to the benefits of handbrake automotive switches majority of premium car manufacturers including Audi, Jaguar, Land Rover, Lexus, Mercedes and Porsche have replaced traditional handbrakes with handbrake automotive switches.
Economic growth and per capita income show significant influence on the outlook of automotive industry and growth of the auto parts market. The automotive switches market is prominently influenced by consumer buying power. Following this trend, tier 1 and tier 2 companies in the automotive switches market have a strong presence in the developed economies with their preference for OEMs for supply contracts. Whereas consumer preference for affordable prices has led to the consolidation of tier 3 companies of automotive switches in the developing countries. Particularly, countries with growing automobile manufacturing industry such as China and India have a stronger presence of tier 3 players of automotive switches. In addition, as per the International Energy Agency (IEA), China dominated sales of electric cars in 2017. Along with the stronghold on auto parts manufacturing, ongoing electrification of the automotive industry in developing economies presents lucrative opportunities for automotive switches market players during the assessment period.
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With the growing investments in electric and connected cars, the automotive switches industry is likely to face challenges in terms of declining requirement of automotive switches. The driver assistance technologies are flourishing in the automotive market where technologies such as face recognition, voice command and automatic emergency braking are being highly sought after. In addition, the digital touchpad infotainment system is witnessing a growing demand among digital-savvy consumers. Increasing preference for digitalization and liking for touch-based displays have encouraged automotive technology manufacturers to dip their toes into digital-driven business models. For instance, HARMAN and Samsung have recently revealed the first automotive electronics collaboration by unveiling the digital cockpit platform with 5G and IOT integration. As the automotive aftermarket enters digitalization, upcoming digital cockpit display is likely to decline the profitability of the automotive switches market during the assessment period.
Logistics Industry to Propel the Automotive Switches Market as Number of Vehicle Fleet on the Rise
With its important role in driving the steady economic growth, the logistics industry is witnessing an impressive growth trend with favorable government regulations, increasing preference for sharing fleets, and growing emphasis on effective logistics management. Rapid urbanization, proliferation of e-commerce and improving economic scenario have contributed to the upward growth of the logistics industry. Increasing demand for quick delivery and effective inventory management has resulted into a significant rise in the number of vehicle fleet involved in transportation and warehousing. Growing utilization of electric vehicles in the logistics industry and a significant market share of automotive switches in the electric vehicles segment is set to present lucrative opportunities for stakeholders in the automotive switches market.
Manufacturers in the Automotive Switches Market Leverage Opportunity in Two Wheelers Segment as Motorcycle Sales Rises Steadily
The market for two-wheelers is rising steadily while witnessing a stellar demand for motorcycles. According to the U.S. International Trade Commission (USITC), demographic changes led by baby boomers and millennials are driving the sales of motorcycles in the United States. Increasing demand for motorcycles in developing countries such as India, Brazil and ASEAN is likely to influence the growth of the automotive switches market in the two-wheelers segment. In addition, higher demand for original parts and equipment in the two wheelers is expected to present lucrative opportunities for the automotive switches market players.
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