Press release
Automotive Switches Market is expected to grow at steady pace over forecast period 2021
The demand of automotive switches are rising globally due to technological upgradation and increasing consumption expenditure. There are two types of automotive switches which includes water resistant switches and non-water resistant switches. Water resistant automotive switches are gaining importance especially in the two wheeler segment due to open nature of two wheeler vehicles which remain exposed to extreme atmospheric conditions.
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Durability of the switches, reliability and easy operation are the key factors on which the quality of the switches depends. Switches can be both manual and automatic. Manual switches required user interference and is used in various kinds of automotives such as passenger cars, light commercial vehicles (LCV) and heavy commercial vehicles (HCV). Automatic switches do not require user intervention and operates automatically according to the response send by the engine sensors. Automatic switches are used in premium segment passenger cars and other high end automotives.
Asia-Pacific is the most attractive region for automotive switches market. There is a significant increase in demand for automotives in the Asia-pacific region which is driving the market for automotive switches. The adoption of latest technology is another driver, driving the automotive switches market in this region. The escalating demand in LCV and HCV vehicles is also driving the growth of automotive switches market due to low cost of production. Presence of developing countries like India and China are also boosting the demand for automotive switches as there is a huge demand for automotives in these countries. The North America and Europe market for automotive switches is expected to grow at a steady pace over the forecast period.
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The North America automotive switches are expected to grow at a higher rate during the forecast period as compared to the Europe market. The reason for this is the recent economic meltdown which significantly affected the economic stability of Europe market. North America automotive market is driven by comfort and luxury. There is a huge demand for luxury automotives which drives the market for automotive switches in North America. Automatic switches are more in demand than manual switches in the North America market.
Easy availability of credit facilities to prospective automotive buyers also acts as a driver which drives the automotive switches market in this region. Presence of premium automotive manufacturers such as Mercedes, Audi, Volkswagen and BMW is driving the automotive switches market in Europe. Europe market faced steep challenge in the recent economic meltdown and is recovering at a steady pace which has also increased the demand for automotive switches significantly.
Global key participants in the industry include Ark-Les Connectors, D&R Technology, LLC, Diamond Electric Manufacturing Corporation, E-Switch, Inc, Honeywell, Inc, TRW Automotive U.S. LLC and Micro Technologies.
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