Automotive Switch Market size is growing at a CAGR of over 5% from 2016 to 2024: Global Market Insights, Inc.
Automotive Switch Market size is estimated to be around USD 700 million by 2024, growing at a CAGR of over 5% from 2016 to 2024.
The industry is primarily characterized by the rising sales of passenger and commercial vehicles. Switches play a vital role in the overall functioning and controlling of automotive vehicles. In addition, they are used for different vehicle operations such as engine start and stop functions. Advancements in technology and rising consumer expenditure on automobiles may propel the demand for automotive switch market over the forecast timeline.
These devices require negligible human intervention as they automatically respond to electrical signals. Furthermore, these devices benefit drivers in managing infotainment, direction indicators, and window and headlight controls without getting preoccupied. However, the fluctuations in the raw material prices may hamper the industry growth. The increasing incorporation of screen touch panels in luxury vehicles for electronic operations will negatively impact the automotive switch market size from 2016 to 2024. In addition, the prolonged usage of these devices leads to service deterioration and operational delays and can inhibit the industry demand over the forecast timeline.
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Rapid innovations in the technology have compelled vehicle manufacturers to adopt steering mounted as well as integrated central panel switches. Rising vehicle production & sales accompanied by partnerships among OEMs and domestic players may positively impact the industry over the next eight years. The advent of new products, such as touchpads and illuminated LED models, to enhance the car interior aesthetics is anticipated to catalyze the automotive switch market share from 2016 to 2024.
Based on applications, the automotive switch market can be segmented into HVAC systems, indicator systems, electronic systems, and Engine Management Switches (EMS). HVAC systems are likely to exhibit considerable growth prospects owing to the usage of air conditioner fans and temperature and blower switches in the system. The indicator system involves the usage of brake lamps, gear selector, and reverse lamp switches. EMS applications include the usage of oil pressure and thermo switch.
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The Asia Pacific automotive switch market size is predicted to witness attractive growth prospects owing to the rising number of vehicle manufacturing facilities and rising automation due to low production costs in emerging economies such as India and Japan. In addition, the increasing production capacity and growing demand for heavy & light vehicles may positively impact the regional market.
The Europe automotive switch industry may exhibit negative growth prospects due to the Euro Crisis of 2008. After 2013, the European automotive industry is recovering and is anticipated to drive the surge for products in the Western and Eastern Europe. In addition, the presence of premium automotive manufacturers, such as Audi, Mercedes, Volkswagen, and BMW, are projected to drive industry growth from 2016 to 2024.
The U.S. automotive switch market share is driven by the rising usage of touchpads. In addition, lower vehicle production cost paired with the existence of cheap labor across the region would catapult the industry growth over the forecast timeframe.
The key players operating in the automotive switch market include Continental Group, Delphi Automotive, Panasonic, Robert Bosch, TRW Automotive, D&R Technology, Ark-Les Connectors, Diamond Electric Manufacturing, Honeywell, and Micro Technologies.