Press release
Global Automotive Switch Market Comprehensive Study: Forecasted Market Size And Growth Rate | ZF Friedrichshafen AG, Johnson Electric Holdings Limited, Leopold Kostal GmbH & Co. Kg, Marquardt GmbH
Automotive Switch Market Characteristics
The Business Research Company offers in-depth market insights through Automotive Switch Global Market Report 2024, providing businesses with a competitive advantage by thoroughly analyzing the market structure, including estimates for numerous segments and sub-segments.
Market Size And Growth Forecast:
The automotive switch market size has grown strongly in recent years. It will grow from $21.65 billion in 2023 to $23.75 billion in 2024 at a compound annual growth rate (CAGR) of 9.7%. The growth in the historic period can be attributed to increase in vehicle production, safety regulations, growth in the electric vehicle (ev) market, aging vehicle fleet, rapid urbanization.
The automotive switch market size is expected to see strong growth in the next few years. It will grow to $33.96 billion in 2028 at a compound annual growth rate (CAGR) of 9.4%. The growth in the forecast period can be attributed to rising autonomous vehicles, economic market growth, adoption of automotive electronics, rising disposable income. Major trends in the forecast period include touch and gesture controls, haptic feedback switches, modular and multi-function switches, human-machine interface (hmi) integration, aftermarket customization.
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Market Segmentation:
The main types of automotive switches are ignition switches, HVAC switches, steering wheel switches, window switches, overhead console switches, seat control switches, door switches, hazard switches, and multi-purpose switches. Ignition switches consist of several components working together and controlled by the vehicle's internal computer to get the vehicle started. Automotive switches are of various designs, such as rocket switches, rotary switches, toggle switches, and push switches. Automotive switches are used in vehicles that include PCVs, LCVs, HCVs, and two-wheelers. Automotive switches are used in indicator system switches, HVAC, EMS, and electronic system switch applications.
Major Driver - Rapid Global Adoption Of Electric Vehicles Ignites Expansion In The Automotive Switch Market
The increasing adoption of electric vehicles globally is expected to propel the growth of the automotive switch market. An electric vehicle is a type of vehicle that does not use fuel like petrol, diesel, etc. Electric vehicles make use of electrical current while moving. Electric vehicles have low running costs as they have very few moving parts for maintenance and are also very environmentally friendly. For instance, according to Power Electronics in the United States, in 2021, electric vehicle markets are growing in all three countries: China, the US, and Europe. Sales increased by 160% in the first half of 2021, which means 0.26 billion units of electric vehicles were sold, showing 26% of new sales in the global automotive market. China remained the world's top EV market, accounting for 12% of sales. Automotive switches are used as internal parts in cars. Therefore, the increasing adoption of electric vehicles drives the growth of the automotive switch market.
Competitive Landscape:
Major companies operating in the automotive switch market include ZF Friedrichshafen AG, Johnson Electric Holdings Limited, Leopold Kostal GmbH & Co. Kg, Marquardt GmbH, Preh GmbH, Valeo, Robert Bosch GmbH, Littelfuse Inc., INENSY, Tokai Rika Co Ltd., Toyodenso Co. Ltd., Alps Alpine Co. Ltd., Continental AG, Hella KGaA Hueck & Co., Omron Corporation, Panasonic Corporation, Minda Corporation Limited, Sumitomo Corporation, Lear Corporation, Aptiv PLC, Yazaki Corporation, Leoni AG, Furukawa Electric Co. Ltd., Fujikura Ltd., Coroplast Fritz Müller GmbH & Co., Jiangsu Kyungshin Electronic Co. Ltd., Nexans S.A., THB Group Inc., Hitachi Automotive Systems Americas Inc.
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Top Trend - Automotive Switch Market Embraces Technological Advancements With Fingerprint Automation
Technological advancements in fingerprint automotive start are a key trend gaining popularity in the automotive switch market. Major companies operating in the automotive switch sector are focused on developing new technological solutions to strengthen their position. For instance, in September 2021, Genesses, a US-based company, announced TECH - a fingerprint automation system based on advanced technology and automotive intelligence. These are fingerprint automation-driven automotive switches. It helps the driver completely control the vehicle on the basis of biometric information without a smartphone or a smart key. The driver can drive the car using fingerprint recognition. The fingerprint authentication can also be used for in-vehicle usage and for the release of valet mode. The company is planning to introduce this technology in the new module GV60.
The Table Of Content For The Market Report Include:
1. Executive Summary
2. Automotive Switch Market Characteristics
3. Automotive Switch Market Trends And Strategies
4. Automotive Switch Market - Macro Economic Scenario
5. Automotive Switch Market Size And Growth
…..
27. Automotive Switch Market Competitor Landscape And Company Profiles
28. Key Mergers And Acquisitions
29. Future Outlook and Potential Analysis
30. Appendix
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The Business Research Company (www.thebusinessresearchcompany.com) is a market intelligence firm that pioneers in company, market, and consumer research. Located globally, TBRC's consultants specialize in various industries including manufacturing, healthcare, financial services, chemicals, and technology. The firm has offices located in the UK, the US, and India, along with a network of proficient researchers in 28 countries.
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