Automotive Steering Wheel Switch Market Predicted to Grow at a CAGR of 2.3% from 2023 to 2032

Allied Market Research published a report, titled, "Automotive Steering Wheel Switch Market by Type (Split and Modular) and Vehicle Type (Passenger Vehicles and Commercial Vehicles): Global Opportunity Analysis and Industry Forecast, 2023-2032". According to the report, the automotive steering wheel switch market was valued at $1.8 billion in 2022, and is estimated to reach $2.2 billion by 2032, growing at a CAGR of 2.3% from 2023 to 2032.

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Key Market Players

Valeo SA
Preh GmbH
ZF Friedrichshafen
ALPS Alpine Co Ltd
Tokai Rika
Standard Motor Products, Inc.
Panasonic Corporation
Delphi Technologies
C&K Components, Inc.
KOSTAL Automobil Elektrik GmbH & Co. KG

Recent Development:

On November 12, 2023, Preh GmbH introduced a new Preh control lever, a customized motorized drive lever system. The new MDL system is designed to replace the conventional steering wheel in the cockpit system, especially in agricultural machinery. The new Preh control lever facilitates the implementation of a wide range of functions, including acceleration, deceleration, and steering, as well as supports autonomous driving. The function can be adjusted by pressing a button on the armrest; this modular system can be integrated into any vehicle type, thus making it more versatile and providing a completely new user experience.

Prime determinants of growth

The global automotive steering wheel switch market is experiencing growth due to several factors such as surge in demand for driver assistance and other safety features, rise in vehicle sales and production, and technological advancements in the automotive industry. Moreover, increase in aftermarket demand and advancements in the electric vehicle technology are expected to offer remunerative opportunities for the expansion of the global automotive steering wheel switch market.

Segment Highlights

On the basis of type the push type button dominated the market share in 2022 due to implementation of various vehicle controls system on steering wheels such as cruise control, driver assistance, and infotainment features. Push type buttons enable easy integration and space savings for these controls thus optimizing steering wheel layout. Moreover, they are cheaper to install and easier to operate while driving, hence, modern automobiles manufactures are increasingly using push type buttons.

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On the basis of vehicle type the passenger vehicle segment dominated the market share in 2022, owing to the growing urbanization and rising population in cities, thus driving the need for personal mobility solutions. Additionally, changing consumer preferences and growing disposable income contribute to the growing demand for passenger cars. Furthermore, rising environmental concerns toward reducing emissions from vehicles are resulting in increasing demand for electric and other alternative fuel vehicles, further contributing to the growth of the market.

Based on sales channel the aftermarket segment dominated the market share in 2022, owing to increasing demand for repair and maintenance of old steering wheel switches. Moreover, the ageing vehicle fleet on roads requires continuous upgrades and replacement of older switches. Furthermore, the replacement of steering wheel switches from the aftermarket is more cost-effective as compared to OEM, thus contributing to the growth in market demand.

Regional Outlook

The growing population and increasing disposable income in the developing countries such as India, Mexico, Indonesia, and China have resulted in increase in sales and production of passenger vehicles segment. Similarly, these countries are witnessing strong urbanization. Thus, the growing population in metro cities is creating more demand for personal mobility solutions, resulting in increased adoption of passenger vehicles. Furthermore, modern vehicles are often equipped with technologies such as infotainment, ADAS, and cruise control for improved safety and convenience; thus, the rising integration of advanced technologies is resulting in driving the demand for automotive steering wheels in these countries.

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