Press release
Automotive Micro Switch Market Forecasted to Cross Revenues Worth 2025
The global automotive micro switch market was valued at US$2,728.8 mn in 2016 and is likely to rise to US$4,282.2 mn by 2025, at a steady CAGR of 5.1%.
Geographically, Asia Pacific dominates the global automotive micro switch market, followed by North America. The Asia Pacific automotive micro switch market was valued at US$927.1 mn in 2016 and is expected to exhibit a robust 5.5% CAGR from 2017 to 2025. China and India are likely to remain the leading contributors to the Asia Pacific automotive micro switch market in the coming years. Moreover, the Middle East and Africa automotive micro switch market is expected to exhibit a strong 5.9% CAGR in the coming years, further providing solid drive to the global automotive micro switch market.
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Booming Automotive Industry in APAC Vital for Global Automotive Micro Switch Market
The growth of the micro switch market is mainly attributable to the growing automotive industry. The flourishing automotive industry in emerging economies in Asia Pacific is influencing the growth of the automotive micro switch market in the region. With rising urbanization and the rising disposable income of consumers in developing Asia Pacific economies, the local automotive industry has soared in recent years and is likely to feed ancillary industries such as the automotive micro switch market. The rising use of electronics in modern automotive design is thus likely to remain a key driver for the global automotive micro switch market.
Rising demand for new infrastructure construction in countries such as China and India is also likely to drive the automotive micro switch market in Asia Pacific in the coming years. This not only drives the demand for electrical fittings, but also elevates the demand from the transportation sector, making it a crucial part of the revenue channels of the automotive micro switch market. Middle Eastern countries such as the UAE and Saudi Arabia could also play an important role in the automotive micro switch market in the coming years due to the steady rise in infrastructure development in these soaring economies.
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One of the prominent drivers for the global micro switch market is the booming consumer electronics industry. The rising disposable income of urban consumers and steady growth of local consumer electronics industries in countries such as China and South Korea has led to promising prospects for the market in Asia Pacific. The rise of countries such as India as a key market for smartphones and as an emerging force in the electronics manufacturing sector is also likely to help the micro switch market in Asia Pacific in the coming years.
Transparency Market Research (TMR) is a next-generation provider of syndicated research, customized research, and consulting services. TMR’s global and regional market intelligence coverage includes industries such as pharmaceutical, chemicals and materials, technology and media, food and beverages, and consumer goods, among others. Each TMR research report provides clients with a 360-degree view of the market with statistical forecasts, competitive landscape, detailed segmentation, key trends, and strategic recommendations
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