Acumen Research and Consulting, a global provider of market research, in a recently released report titled “Automotive Switches Market – Global Industry Analysis, Market Size, Opportunities, and Forecast, 2020-2027”
LOS ANGELES, June 30, 2021 (GLOBE NEWSWIRE) – The Global Automotive Switch Market is expected to grow at a CAGR of around 22.4% from 2020 to 2027 and reach a market value of over $ 21.3 billion by 2027.
Asia-Pacific is the market leader for automotive switches. The Asia-Pacific region is the market leader for automotive switches, followed by Europe and North America. China’s economy is expanding, as is the disposable income of middle-class consumers. The demand for automotive switches in India is growing rapidly as manufacturers expand their businesses by acquiring major players and investing in R&D projects. These are the key factors driving the growth of the Automotive Switches market in this region.
Market drivers and constraints
Growing integration of electronics into vehicle production globally
Electronic systems are increasingly popular in vehicles around the world due to the convenience and ease they provide to the driver. As a result, there is a growing preference for vehicles with more electronic, user-friendly and less complex functions. For example, the traditional ignition switch in vehicles was used to start the vehicle with a key, which is now replaced with a push button on / off ignition. Many more traditional functions of a vehicle are now being replaced by electronic systems. This is propelling the global automotive switch market.
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Fluctuating Prices of Raw Materials Used in Automotive Switch Manufacturing Hinder Global Market Growth
Plastics, sheet metal and plating materials are some of the raw materials used to make an electrical switch. The plating materials used are usually noble metals, the prices of which fluctuate in the market, causing the price of the switches produced to fluctuate, stifling the growth of the market.
Increasing vehicle sales and production in emerging countries provides lucrative opportunities for global auto switches to expand worldwide
Vehicle sales and production are increasing in developing countries due to increasing disposable income of consumers, industrialization and urbanization. Rapid technological advancements and infrastructure development in developing countries have resulted in increased demand for vehicles. The growth of the automotive switches market is directly proportional to the production and sales of vehicles. The average disposable income of people in developing countries has increased due to economic growth in developing countries, which has resulted in an increase in the standard of living of people in developing countries. This rapid increase in sales has resulted in an increase in demand for automotive switches.
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The global automotive switches market is segmented by vehicle type, product, and application. By vehicle type, the market is segmented into PCV, LCV, HCV, two-wheelers. By product, the market is segmented into pushbuttons, toggle switches, rotary switches, toggle switches, multi-function switches, and others. By application, the market is separated into indicator system switches, HVAC, EMS switches, electronic system switches and others.
The key companies described in this report are Delphi, Robert Bosch GmbH, Continental AG, ZF Friedrichshafen AG, Alps Alpine Co., Ltd., Panasonic Corporation, TRW Automotive Holdings Corp., AmerisourceBergen Corporation, and among others.
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Some of the major observations regarding the automotive switch industry include:
In November 2019, ZF Friedrichshafen AG announced the establishment of a third Chinese R&D center in Guangzhou, southern China. Representatives of ZF and local authorities have signed an agreement and ZF plans to invest around 90 million euros in the new development center. The Guangzhou Development Center will have basic engineering and R&D skills and will cover aspects such as software development and related technologies for future mobility.
In July 2019, Alps Alpine Co., Ltd., announced the launch of a new product, namely âSPVQ8 series detector switchâ. vehicle doors as well as connection detection, for example for seat belt buckles.This SPVQ8 series detector switch has an optimized terminal shape – a short fork terminal – achieved through manufacturing technology and high precision stamping.
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