Automotive Switch Market on path for growth
Date: 2018-09-05   Author: Ronak Bora  Category: #market

Automotive Switch Market on path for growth

Automotive Switch Market is projected to cross USD 25 billion by 2024. Rising consumer demand for integrated electronics in vehicles owing to the increased safety and convenience it offers will stimulate the automotive switch market growth.

Touch pad automotive switch segment is expected to dominate the market. Integrating mobile phones’ functionality with cars will lead to an increased demand for touch pads and touch panels over the forecast timeframe. These devices are easy to integrate and maintain and can be updated remotely by using a software. Touch panels display rich media and reduce the cockpit clutter and these have lesser number of moving parts, reducing the chances of breakage. These factors promote the touch pad segment growth.

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Growing demand for vehicles is likely to enhance shipments over the forecast period. Vehicle production is increasing and modern vehicles are equipped with various electronic systems including infotainment, HVAC, electric steering, headlight control, transmission, acceleration, and window. Switches are an important part of electronic systems, which help in the better functioning of the vehicle.

Engine management switches segment is likely to grow at a higher CAGR during the forecast period. This is attributed to the increasing awareness for automobile safety while driving. These switches play a key role in monitoring the engine operation thereby increasing the vehicle efficiency.

Technological advancements in the automobile sector are resulting in the increased adoption of automotive switches in vehicles to make the systems more efficient and reliable. These systems provide ease of operating various functions at the same time and their illuminating nature makes them easy to locate. Moreover, the growing demand for electric vehicles will provide significant growth opportunities to the industry players.

The luxury vehicle manufacturers are including screen touch panels in their cars for electronic operations, which will hinder the global automotive switch market growth. Also, after continuous use of these switches, their service starts failing and delays the processes, which can slow down the industry growth. Further, the fluctuating raw material prices can also restrict the growth. Switch failure is one of the major threats to the industry as it is responsible for the safety and activating/deactivating a function. For instance, General Motors recalled 800,000 of its vehicles owing to faulty ignition switches.

Passenger vehicle is dominating the industry and is anticipated to gain maximum market share in the coming years. Various features offered by automotive switches, such as better safety, enhanced user experience, and engine monitoring, are supporting passenger vehicle segment growth.

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Asia Pacific automotive switch market will observe the highest CAGR fueled by the growing automotive industry. Rising number of automobile manufacturing facilities in India and China owing to the lesser cost of production, improving production capacity, and surging demand for heavy and light vehicles are driving the industry in these nations.

North America automotive switch market is expected to have a significant growth over the projected period. This can be attributed to the increasing vehicle manufacturing facilities in Mexico owing to the lower production cost and cheap labor, pushing the production volume in this region and driving the industry growth.

Some of the key companies in automotive switch market include Continental Group, Robert Bosch, TRW Automotive, Hella, Tokai Rika, Omron, Panasonic Corporation, and Delphi. These major players are engaged in collaborating with domestic players and launching technologically-advanced products to generate more revenue and sustain in the industry.

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About Author


Ronak Bora

Ronak Bora

A graduate in Electronics Engineering, Ronak writes for AlgosOnline and carries a rich experience in digital marketing, exploring how the online world works from a technical and marketing perspective. His other areas of interest include reading, music, and sport.

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