Press release
Automotive Switch Market Is Booming Worldwide by 2026 Continental | Opportunities by Top Companies, Delphi, Eaton Corporation, Hella, Honeywell, Omron Microscan, Panasonic Automotive & Industrial Systems, Bosch
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The two-wheelers segment will witness a growth rate of over 3% CAGR from 2020 to 2026 due to the increasing uptake of automotive switches in two-wheelers for easy accessibility. The vulnerability of two-wheelers to environmental conditions such as rain and dust has pressurized enterprises in developing rugged and waterproof automotive switches, which offer short-circuit prevention and reduce any heat build-up. With the increasing demand for electric scooters and premium electric bikes, the two-wheelers segment is expected to witness a steady growth over the forecast timespan.
Augmenting sales of electric vehicles support a strong case of increase in automotive switch market demand as vehicle electrification invariably require switches. In this regard, China stores huge potential for market expansion. The country is gradually evolving into a production hub, with major portion of global production being cornered towards China. For instance, in 2018, Great Wall Motors partnered with the BMW group to commence manufacturing of BMW's electric MINI vehicles in China.
In addition, government initiatives towards encouraging adoption of electric vehicles in the form of tax incentives and subsidy schemes is likely to further boost the sale of electric vehicles, which, in turn, would fuel automotive switch market trends. The Ministry of Heavy Industries in India allocated a fund of USD 67 million in December 2018 towards public transport electrification across 11 cities in the country, which appropriately validates the aforementioned fact.
Escalating demand for ADAS systems and car safety components is also influencing automotive switch market growth. OEMs are focusing on strengthening driver safety quotient, prompted by the need to comply with strict norms. Ratification of stringent emission regulations by the European Union is a key impetus behind the growth of the regional automotive switch market.
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APAC is set to witness a growth of nearly 4% CAGR from 2020 to 2026 due to the growing demand for advanced vehicle technologies in the region. Countries including India, Japan, and China are witnessing a widescale adoption of ADAS, infotainment system, and other safety systems. Another factor driving the market growth in the region is the increasing popularity of electric vehicles. These vehicles make heavy use of automotive switches due to the addition of multiple electronic systems. Automotive switch manufacturers are focusing on gaining a competitive edge by strengthening their export activities to automobile OEMs.
Furthermore, brisk competitive environment characterized by M&A and R&D activities is likely to catapult automotive switch market outlook on a path of upward trajectory. The automotive switch industry is marked by the presence of some eminent players including Panasonic Corporation, Robert Bosch GmbH,
Standard Motor Products, Toyodenso, Valeo, Preh GmBH, Continental AG, Hella KGaA Hueck & Co., Delphi Technologies, Tokai Rika Co. Ltd., and others.
Table of Contents (ToC) of the report:
Chapter 6 Automotive Switch Market, By Application
6.1 Key trends, by application
6.2 EMS switches
6.2.1 Market estimates and forecast, 2015-2026
6.3 HVAC
6.3.1 Market estimates and forecast, 2015-2026
6.4 Indicator system switches
6.4.1 Market estimates and forecast, 2015-2026
6.5 Electronic system switches
6.5.1 Market estimates and forecast, 2015-2026
6.6 Others
6.6.1 Market estimates and forecast, 2015-2026
Browse complete Table of Contents (ToC) of this research report @ https://www.gminsights.com/toc/detail/automotive-switch-market
Arun Hegde
Corporate Sales, USA
Global Market Insights, Inc.
Phone: 1-302-846-7766
Toll Free: 1-888-689-0688
Email: sales@gminsights.com
About Global Market Insights
Global Market Insights, Inc., headquartered in Delaware, U.S., is a global market research and consulting service provider, offering syndicated and custom research reports along with growth consulting services. Our business intelligence and industry research reports offer clients with penetrative insights and actionable market data specially designed and presented to aid strategic decision making. These exhaustive reports are designed via a proprietary research methodology and are available for key industries such as chemicals, advanced materials, technology, renewable energy and biotechnology.
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