Why Steering Wheel Switches Market is growing rapidly? ALPS Alpine Co. Ltd., C&K Components, Inc., COBO S.p.A., Delphi Technologies, GSK InTek Co. Ltd., Leopold Kostal, Marquardt GmbH, Panasonic Corporation, Standard Motor Products, Tokai Rika Co. Ltd., T

As per estimates, steering wheel switches market size from OEMs is anticipated to register a remuneration of more than USD 3 billion by 2024.
OEM segment, as a matter of fact, accounts for the largest steering wheel switches market share. The growth can also be attributed to the increasing disposable incomes that have enabled users to choose the best customization possible for their vehicles.

The high costs associated with steering wheels designed by OEMs will also drive the aftermarket steering wheel switches industry share. Aftermarket steering wheel switches are easier to afford and incorporate into the existing design of the vehicle. The consumer also gets a wider choice of what to incorporate and what to avoid when steering wheel switches are purchased and installed through the aftermarket. Widespread presence of the e-commerce industry and easy availability of the product in online auto stores will further drive the aftermarket steering wheel switches industry.

Get sample copy of this research report @ https://www.decresearch.com/request-sample/detail/2374

Original equipment manufacturers are able to offer unique and customized designs for steering wheel switches that are amply suited to the customer's specific desires. Also, OEMs have greater capacity for investing heavily in innovation that would lead to better steering wheel designs.

In recent times, statistics claim that there has been a global upsurge in road crashes, plausibly on account of the drivers' distraction while operating the various functionalities of the vehicle. Given the grim scenario, analysts have come down to a conclusion that controlling the steering wheel with automated switches could ensure driver as well as passenger's safety, a factor that has favored steering wheel switches market trends.

As per an estimation put forth by ASIRT (Association for Safe International Road Travel)- approximately 1.3 million folks die with road accidents every year, with an average of 3,287 casualties per day. The astoundingly mammoth prevalence is prompting automakers to integrate advanced automated switches in their car designing, which in consequence, is propelling steering wheel switches industry size.

With the automotive industry adhering increased importance to the driver's comfort and convenience, steering wheel switches market size is projected to witness massive growth in the years ahead, in terms of sales and volume. Traditionally, these wheels were designed only with one button for honking. However, with consumers demanding increased functionality in the car such as controls for playing music and handsfree talking on the phone, steering wheels have come to include more switches.

For most part, additional switches help the driver operate different functions without having to get distracted from driving, thus helping to prevent accidents. Steering wheel switches are more prevalent in passenger vehicles and light commercial vehicles, though they are also gaining prominence in heavy commercial vehicles. Owing to the comfort and functionality that these switches provide, automotive industry players are looking forward to incorporating more such switches in the steering wheel with varied styles, which would eventually boost steering wheel switches market trends.

Asia Pacific has been one of the major hubs for automotive business since the last few years, a factor that parallelly makes the belt lucrative for market growth as well. In fact, as per estimates, APAC is likely to account for 40% of the overall steering wheel switches industry share by 2024. The extensive growth of the regional market is primarily hinged on China where automobile production has witnessed a marked rise over the recent years.

As per figures by OICA, in 2018, China had a total automobile production of nearly 2,78,09,196 units. The country manufactured 2,35,29,423 cars and 42,79,773 commercial vehicles in the year and is currently pegged as one of the largest producers of passenger cars. It leaves no doubt therefore that China would prove remunerative for the expansion of APAC market.

Make an inquiry for purchasing this report @ https://www.decresearch.com/inquiry-before-buying/2374

However, it is prudent to mention that in recent times the prevalence of high-grade technological advancements in vehicle including the likes of optical sensors has increased exponentially, a factor that has acted as a stumbling block in steering wheel switches market growth path. Deployment of these sensors in automobiles allow drivers to operate various functionalities with motions and gestures, thereby shrinking the need of switches in steering wheel.

In addition, increasing inclination of renowned automakers toward launching automated cars is further narrowing the application scope of steering wheel switches market. In a bid to cope with the crunch, steering wheel switches industry participants have been working on strategic alliances with automakers to enhance the product portfolio and ensure an extended customer base, which would overtly create a slew of opportunities for this fraternity over the ensuing years.

Contact Us: -
DecResearch.com
Website: - https://www.decresearch.com/
Email: info@decresearch.com

About Us: -
DecResearch.com, powered by GMI, is an online aggregator of information on market research reports. The website provides comprehensive information as well as a detailed 'Table of Contents' for reports being regularly published by GMI. Via this platform, users not only get to answers to their questions about these reports, they also have an additional avenue to talk to the sales and research teams of GMI to learn more about the topics of their interest.

This release was published on openPR.