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Global Automotive Switches Market Is Expected to Reach 9.02 billion by 2026

01-29-2020 11:07 AM CET | Advertising, Media Consulting, Marketing Research

Press release from: Market Research Place

Global Automotive Switches Market Is Expected to Reach 9.02

As per the report published by Market Research Place, the global automotive switches market is expected to grow from USD 6.78 billion in 2018 and expected to reach USD 9.02 billion by 2026, growing at a CAGR of 3.68% over the forecast period 2019-2026.

Automotive switch helps driver to control many application variables in the vehicle from seating angle, temperature to power mirror settings with fingertip precision. With the expectations of increased convenience, the innovations in switch designs are growing from single-function on-off units to sophisticated combination switches that control signals, cruise control, lights, wipers and more. Electric vehicles have high demand from automotive switches such as EMS switches to enhance the vehicle efficiency. Therefore, with the increasing deployment of electric cars, the demand for automotive switches is expected to rise and provides opportunity for the manufacturers in the upcoming years.

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An automotive switch usually serves the function of controlling electronic circuits that are used in the electromechanical switches of automobiles. It can be found in a range of electronic automobile components and are widely categorized access management automotive switches, in interior control automotive switches, and powertrain automotive switches. It offers safety and comfort to the on board drivers and passengers in the vehicle.

Global automotive switches market is growing rapidly, owing to increasing automation in the vehicles to enhance the safety and comfort. In addition to this, enactment of stringent emission and fuel economy norms by various government, further boosting the growth of market. However, growing investments in advanced technologies such as ADAS, face recognition, voice command and automatic emergency braking in the vehicle, the automotive switches industry is likely to face challenges in terms of declining requirement of automotive switches.

Key players operating in the global automotive switches market includeAlps Alpine Co., Ltd., Robert Bosch Gmbh, Continental Ag, Hella Group, Omron Corporation, Panasonic Corporation, Tokairika, Co. Ltd., Minda Corporation Limited, Zf Friedrichshafen Ag, Leopold KostalGmbh& Co. Kg, Ls Automotive India Pvt Ltd., and ToyodensoCo.,Ltd. among others. The companies are adopting different key strategies to gain the major market share and competitive advantage in the market. Strategies such as new product development, merger and acquisition, geographical expansion, and fund raising for the new development have been adopted by key vendors in the market.

o In August 2019, Continental AG announced the plan to launch the new automotive switches for the electric vehicles.
o In May 2019, Tokai Rika Co. Ltd., a leading player for multi-function switch signed a partnership with the Datatec, a multinational information and communications technology solutions and services group, to deliver a new vehicle operation management system.

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The window segment held largest market share of 39.69% in 2018

The type segment is classified into windows, seats, and start-stop. The window segment held largest market share of 39.69% in 2018, owing to higher usage of automotive switches for the windows in the vehicles. Window Switches are used to control the windows of a vehicles by sliding the windows up or down. Manufacturers offers high current rating as well as low current rating versions as per the customer requirement. In addition to this, child lock out and auto down are other features widely available in the window switches. Cut out switch, or a window lock switch are also popular in the market, that allows only the driver door to activate the other windows of vehicle.

Passenger vehicle segment held the largest market share and valued at USD 5.02 billion in 2018

Vehicle type is segmented into HCV, LCV and passenger vehicle. Passenger vehicle segment held the largest market share and valued at USD 5.02 billion in 2018, owing to higher demand for automotive switches for the passenger vehicles. Automotive switches in passenger commercial vehicles are used in various applications such as start button,door locking, air conditioning, power window, etc. Automobile manufacturers are firmly implementing these switches owing to their easy installation, low cost,and ease of use. With the growing demand from consumers for advanced automotive interiors in vehicles, the demand for automotive switches is anticipated to grow, over the forecast period.

EMS switches segment is anticipated to grow at highest CAGR of 4.05% over the forecast period

The application is divided Indicator system switches, HVAC, EMS switches, electronic system switches, and others.EMS Switches segment is anticipated to grow at highest CAGR of 4.05% over the forecast period. This is mainly due to growing demand for EMS switches in the electric vehicles. It improves vehicle efficiency and enhances the control of electronics equipment.

RegionalSegment Analysis of the Automotive switches Market
o North America (U.S. , Canada, Mexico)
o Europe (Germany, France, U.K., Italy, Spain, Rest of the Europe)
o Asia-Pacific (China, Japan India, Rest of APAC)
o South America (Brazil and Rest of South America)
o Middle East and Africa (UAE, South Africa, Rest of MEA)

The market has been divided into North America, Europe, South America, Asia Pacific, and Middle East and Africa. Asia Pacific region holds the largest market share in the global automotive switches market and valued at USD 3.7 billion in the year 2018, owing to strong automotive component manufacturing sector in the countries such as India, China, and Japan. High government support, cheap manufacturing resources, and labour, and customer awareness, further fuelling the growth of market in this region. In addition to this, Europe is likely to hold the significant market share in the global automotive switches market, owing to EUs' stringent emission regulations and presence of large automotive companies in the countries such as Germany and Italy.

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About the report:
The global automotive switches market is analysed on the basis of value (USD Billion), volume (Units), consumption (Units), imports (Units) and exports (Units).All the segments have been analyzed on global, regional and country basis. The study includes the analysis of more than 30 countries for each segment. The report offers in-depth analysis of driving factors, opportunities, restraints, and challenges for gaining the key insight of the market. The study includes porter's five forces model, attractiveness analysis, raw material analysis, supply, demand analysis, competitor position grid analysis, distribution and marketing channels analysis.

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