Press release
Automotive Multifunction Switches Market to Exhibit Increased Demand in the Coming Years
In addition, the automotive multifunction switches market report highlights the factors that are expected to drive the automotive multifunction switches market, as well as those that are expected to restrain market growth in the coming years. The automotive multifunction switches market report also analyzes the ongoing trends in the market, and provides information about the opportunities for established global players, as well as those for regional manufacturers trying to enter the automotive multifunction switches market.
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The global automotive multifunction switches market was valued at ~US$ 3 Bn in 2014, and is estimated to be expanding at a steady CAGR of 4% between 2019 and 2029, and is estimated to reach a global value of US$ 4,732 Mn by the end of 2029. In addition, the global automotive multifunction switches market is estimated to create an incremental $ opportunity of US$ 1,440 Mn over the forecast period.
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Shifting Focus on ‘In-vehicle’ Aesthetics Accelerating Sales of Automotive Multifunction Switches
Recent developments and an increase in the production capacity of OE manufacturers is likely to accelerate the growth of the automotive multifunction switch market. The ease offered by multifunction switches while driving is an important aspect that is likely to support the growth prospects of the multifunction switches market. Moreover, increase in safety concerns, which can be fulfilled by the use of new and improved multifunction switches, is likely to gain traction in the global automotive multifunction switches market. In addition to innovations and the development of new and compact multifunction switches, the ability of multifunction switches to improve the aesthetics of automobile vehicles is also likely to contribute to market growth.
The increasing demand for automobile vehicles is expected to be among the most important aspects that are contributing to the development of the automotive multifunction switches market. The increasing usage of automobiles across the globe is also estimated to provide a customer base for the aftermarket as the frequent and extensive use of automotive multifunction switches is likely to result in the need for their replacement.
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China and Japan Continue to Uplift East Asia’s Market Attractiveness
East Asia is expected to remain a prominent region for the automotive multifunction switches market in terms of value as well as volume throughout the forecast period due to developments in the automobile market of China and Japan. China is estimated to be valued at US$ 931 Mn by the end of 2019, with a CAGR of 4%. Increase in manufacturing activities in the automobile sector of India is also expected to provide a boost to the South Asia and Oceania markets, where the total market is estimated to reach US$ 371 Mn and create a noteworthy incremental dollar opportunity of US$ 238 Mn.
On the other hand, North America is expected to maintain steady growth over the forecast period with a CAGR of 3%. The Europe market is expected to sustain its lead over the global market due to the extensive use of on-road vehicles in the region as well as the presence of the automotive manufacturing market in Germany. In terms of volume, Europe is expected to register a market of 23,151.5’000 units by the end of 2019. While the market of MEA is expected to have a negligible share in the global market, it is projected to witness significant growth with a substantial CAGR of 6%, and is estimated to create an incremental dollar opportunity of 49 Mn over the forecast years.
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Some of the prominent market participants involved in the manufacturing of automotive multifunction switches are TOKAIRIKA CO., LTD., BCS Automotive Interface Solutions, Toyodenso Co., Ltd., Merit Automotive Electronics Systems S.L.U., Leopold Kostal GmbH & Co. KG, Valeo, UNO Minda N K Minda Group, Fiat Chrysler Automobiles, LS Automotive Wells Vehicle Electronics, Danlaw Technologies India Ltd., COBO SPA, and Nexteer Automotive.
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