Global Automotive Switches Market To Be Driven By The Increasing Use Of Electronics In Automobiles In The Forecast Period Of 2023-2028
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- Olivia Grande
- May 4, 2023
The new report by Expert Market Research titled, ‘Global Automotive Switches Market Trends, Report and Forecast 2023-2028’, gives an in-depth analysis of the global automotive switches market, assessing the market based on its type, application, and major regions.
The report tracks the latest trends in the industry and studies their impact on the overall market. It also assesses the market dynamics, covering the key demand and price indicators, along with analyzing the market based on the SWOT and Porter’s Five Forces models.
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The key highlights of the report include:
Market Overview (2018-2028)
- Historical Market Size (2020): USD 5.9 Billion
- Forecast CAGR (2023-2028): 5%
The growth in the global automotive switches market is induced by constantly increasing software and electronics content in automobiles and replacing the traditional hardware. Governments around the world have also favoured the inclusion of more automatic control of various systems in automobiles to reduce driver distraction and the likelihood of an accident. Furthermore, consumers are seeking more convenient controls in their vehicles, that is adding to the market growth. Technological advancements and groundbreaking breakthroughs have also enabled the incorporation of a broader range of smart electronic elements in different automobiles, thereby continuing to support the future growth of automotive switches.
Industry Definition and Major Segments
Automotive switches are being used to control different variables in the vehicle, such as seating angles, temperature, and power mirrors, without requiring the driver to take their gaze away from the road. Automotive switches are simple to use and can provide a variety of services at the touch of a button. They can take the shape of a keypad, a pushbutton, or a knob.
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Based on product type, the market is divided into:
Based on application, the industry is segmented into:
- Indicator System Switches
- Electronic System Switches
- EMS Switches
On the basis of region, the market is divided into:
- North America
- Asia Pacific
- Latin America
- Middle East and Africa
With the increased use of passenger and commercial vehicles, the automobile industry has been rapidly expanding across the world. This is driving up growth of the automotive switches even more. The growing emphasis on automated vehicles and building smart cars (by allowing them to interact with each other via vehicle-to-vehicle (V2V) and vehicle-to-infrastructure (V2I) communication systems), as well as helping to ensure consumer convenience, has resulted in a rapid increase in demand for electronic systems in new cars. The advantages of drivetrain electrification, particularly in fully electric vehicles, are high energy effectiveness and zero exhaust emission. As a result, the introduction of a complete set of microcontrollers, power semiconductors, switches, and sensors for the pure electric vehicle sector is anticipated to contribute to the growth of the automotive switch industry.
Key Market Players
The major players in the market are Continental AG, ZF Friedrichshafen AG, OMRON Corporation, Minda Industries Limited, among others. The report covers the market shares, capacities, plant turnarounds, expansions, investments and mergers and acquisitions, among other latest developments of these market players.
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