Press release
Automotive Switch Market Soaring at 5% CAGR During the Period 2017-2024
Growing product adoption in vehicle operating systems will drive the global Automotive Switch Market growth. Automobile electrification complexity has increased with the implementation of new technologies. For instance, panel mount and capacitive inputs have been introduced to enhance the user experience while driving.
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Automotive Switch Market size is set to surpass USD 40 billion, while the shipments will reach about 850 million units by 2024; according to a new research report.
Increasing automobile production globally has driven the automotive switch market size since the last few years. The global motor vehicle production witnessed about 22% increase from 2010 to 2016. Considerable developments in the autonomous car space, which eliminate the need for human intervention, will be a major growth driver for the automotive switch market due to elevated safety concerns and features in these vehicles.
Introduction of electric and hybrid vehicles have involved more complex electronics to improve the fuel efficiency. They are equipped with high voltage systems ranging from 100 volts to 600 volts. The batteries are enclosed in sealed shells and are required to meet the testing standards as per required conditions such as extreme temperatures, vibration, overcharge, humidity, collision, water emission, and short circuit. Manufacturers focus on designing the electrical system with high voltage insulated lines and safety features that deactivate the system whenever a collision or a short circuit is detected. Moreover, electric vehicles are equipped with cut-off switches to disable the system and isolate the battery during emergency.
The panel mounted automotive switch market scenario is consistently evolving to define an enhanced user experience. It integrates increased functionality and customized human interface to cater to the present needs in machine design and control panel. These have high flexible modularity and enormous range of colors, illumination, and actuators.
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Advanced automobile technologies such as touch panels and gesture recognition systems have replaced the knob and button pattern inputs. OEMs are focusing on providing touch based features for dashboard and rear entertainment systems. Luxury car manufacturers are incorporating touch panels for managing the controls and simplified functionality. These panels are integrated for the operations such as receiving calls, rear view camera, and GPS navigation.
Button switch market demand is on the rise across commercial and passenger vehicles, since the adoption corresponds to electronic system incorporation. Companies have focused on the touch pad implementation to cater to changing consumer preferences and broaden global presence. Quick reach and tactile feedback properties without distracting have fueled the automotive switch market demand for button-based modality.
Engine management applications of the automotive switch market are expected to grow at over 4% CAGR from 2017 to 2024. Electric, autonomous and hybrid vehicles will have higher demand owing to improve the vehicle efficiency and control the electronics inside the vehicles.
Europe automotive switch market share will benefit from the adoption of advanced electronics by OEMs. China ranked as the largest passenger car manufacturer having produced more than 24 million cars in 2016, accounting for about 34% of global passenger vehicle production. Significant domestic automobile sales and growing consumer demand will also drive the China automotive switch market size.
The industry is fragmented in nature. Manufacturers are investing heavily in R&D for developing innovative and cost effective products with high ‘fail-safe' accuracy characteristics to cater to the vehicle safety demand.
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Global Automotive Switches Market Professional Survey Report 2017
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https://www.marketstudyreport.com/reports/global-automotive-switches-market-professional-survey-report-2017/?utm_source=RR-SK
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