Informative Report: What will be the future of the Global Steering Wheel Switches Market

The report states that the global steering wheel switches market is expected to garner $2250 million by 2027, growing at a CAGR of 1.50% from 2020 to 2027.

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As per the report, the Asia Pacific region is estimated to grab major market share due to rising number of automobile manufacturers in the region.

Key Segment Findings of the Market:

The market is segmented on the basis of product type, vehicle type, and region.

• Among product type segment, the push buttons sub-segment is expected to dominate the market growth during the forecast period, mostly due to its growing demand in various application areas.
• Among application segment, the light commercial vehicles (LCVs) sub-segment is projected to lead the market growth throughout the forecast period. This is mainly due to increasing number of light commercial vehicles that are extensively being utilized for goods and passenger conveyance.
• Based on region, the Asia Pacific market is expected to seize 40% of the total market share throughout the forecast timeframe, mostly because of the rising adoption of steering wheel switches by several automobile manufacturers in the region.

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Market Dynamics

As per the report, a major rise in the accident rates, mainly due to the lack of concentration by drivers while operating various other functions of a vehicle, has pushed automobile manufacturers to implement steering wheel switches in vehicles for facilitating seamless driving experience. The growing awareness about benefits of steering wheel switches, such as easy to operate, low cost, upgraded features, and many more, have propelled its demand, thus leading to rapid growth in the global steering wheel market.

Leading Players of the Industry

The leading players of the global steering wheel switches industry are GSK InTek Co., Ltd., Delphi Technologies, APLS Alpine Co., Ltd., Panasonic Corporation, COBO S.p.A., C&K Components, Inc., Tokai Rika Co., Ltd., Marquadt GmbH, Leopold Kostal, Standard Motor products, and others. Several business strategies such as pioneering product developments, R&D activities, acquisitions and mergers, etc. carried out by these players are helping them achieve a substantial position in the global market. For instance, in June 2017, Honda, one of the leading manufacturer of automobiles, motorcycles, and power equipment, has revealed its product Acura RLX sedan car, equipped with a push button that can directly allow the driver to alter between self-driving mode and manual driving modes. Furthermore, the report delivers yearly performance, financial status, and product portfolio of these players along with Porter Five analysis and SWOT analysis.

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This release was published on openPR.