Automotive Switches Market is Estimated to grow at a CAGR of 7.6% from 2020 to 2027 With Top Companies Like C&K Switches, Eaton Corporation PLC, INENSY
The global automotive switches market valued $28,656.1 million in 2019 and is projected to reach $43,269.2 million in 2027, registering a CAGR of 7.6%.
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Asia-Pacific dominates the market in terms of revenue, followed by North America, Europe, and LAMEA. China dominated the global automotive switches market share in 2019, and is expected to grow at a significant rate during the forecast period due to rapid development of its automotive industry and presence of robust supply chains.
An automotive switch is an important component of any vehicle’s electronic system as it is used for a wide range of functions in an automobile. Automotive switches are one of the basic components of a vehicle. They control the overall electrical equipment installed in an automobile. They are commonly installed in all vehicle types, owing to their superior functionalities. They are quite convenient to operate and are highly responsive. They are used for operating different entities in a typical automobile, for instance, they operate HVAC systems, power windows, power seats, and others. There are various types of automotive switches fitted in a vehicle, for example, push switches, toggle switches, rotary switches, rocker switches, and other switches. Each switch is different in function, appearance, and use.
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By type, the market is categorized into ignition switches, HVAC switches, steering wheel switches, window switches, overhead console switches, seat control switches, door switches, hazard switches, multi-purpose switches, and others. The HVAC switches segment accounted for the highest revenue in 2019, owing to the rising demand for climate control systems in automobiles across the globe. The global increase in demand for automatic climate control systems is one of the key drivers propelling the growth of automotive switches services.
Moreover, the seat control switches segment is anticipated to witness a significant CAGR over the forecast timeframe as seat control switches offer the convenience of adjusting various positions to the seats of modern luxury vehicles with little effort.
On the basis of design, the market is segregated into rocker switches, rotary switches, toggle switches, push switches, and other switches. The push switches segment dominated the market in 2019, owing to immense popularity gained by pushbuttons in recent years as a start-stop button in automotive. However, rotary switches are becoming immensely popular as they offer superior throw and pole abilities, making them perfect for automatic climate control, entertainment systems, radio frequency selection, and other applications.
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On the basis of vehicle type, the market is divided into passenger cars, light commercial vehicles, and heavy commercial vehicles. The passenger cars segment dominated the market in 2019, owing to increasing demand for features by car buyers across the world. However, heavy commercial vehicles are expected to witness fastest growth over the forecast period, owing to the rising demand for safety, comfort, and convenience in operating different entities in heavy commercial vehicles across the world.
On the basis of sales channel, the market is bifurcated into original equipment manufacturers and aftermarket. The original equipment manufacturers segment dominated the market in 2019 as they specifically design switches for automobile companies such as Honda Motor Co., Toyota Motor Corporation, Ltd, Hyundai Motor, and other big players. However, the aftermarket segment is expected to witness faster growth over the forecast period as aftermarket automotive switch companies manufacture automotive switches for a wide range of applications for numerous vehicle models.
The growing demand for automotive switches in commercial vehicles and rising demand for automatic automotive switches are expected to drive the automotive switches market growth over the forecast period. However, rising use of haptics and the fluctuating price of raw materials used in making automotive switches are anticipated to hamper the growth of the market during the forecast period. Moreover, growing implementation of electronic systems in vehicles and innovations in automotive switches are expected to offer lucrative opportunities for the market in future.
COVID-19 Impact Analysis
The COVID-19 impact on the automotive switches market is unpredictable and is expected to remain in force till the second quarter of 2021.
The COVID-19 outbreak forced governments across the globe to implement strict lockdowns and made social distancing mandatory to contain the spread of the virus. Consequently, several organizations started work from home programs as safety measures. This led to sudden fall in demand for automobiles across the world.
Moreover, nationwide lockdowns disrupted the supply-chain as several manufacturing facilities across the globe had to partially or fully shut down their operations.
The adverse impacts of the COVID-19 pandemic resulted in huge supply-demand issues globally.
Key Findings Of The Study
By type, the HVAC switches segment is expected to register a significant growth during the forecast period.
By design, the push switches segment is anticipated to exhibit significant growth in the near future.
By vehicle type, the heavy commercial vehicles segment is anticipated to exhibit significant growth in the near future.
By sales channel, the aftermarket segment is expected to register a significant growth during the forecast period.
By region, Asia-Pacific is anticipated to register the highest CAGR during the forecast period.
Key players operating in the global automotive switches market include C&K Switches, Eaton Corporation PLC, INENSY, Johnson Electric Holdings Limited, Leopold Kostal GmbH & Co. Kg, Marquardt GmbH, Preh GmbH, Tokai Rika Co Ltd., Toyodenso Co., Ltd., Valeo, and ZF Friedrichshafen AG.
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