Over 5% CAGR Automotive Switch Market Size will bypass $40 billion By 2024

Automotive Switch Market is forecast to register its name in the billion-dollar fraternity down the line of seven years, by exceeding a revenue of USD 40 billion by 2024 with a projected CAGR of 5% over 2019-2024.

As per a recent industry report put forward by Global Market Insights Inc., Automotive Switch Market is forecast to register its name in the billion-dollar fraternity down the line of seven years, by exceeding a revenue of USD 40 billion by 2024 with a projected CAGR of 5% over 2019-2024.

Rising deployment of toggle switches, keyed switches, & other switch line products in vehicles for user safety will propel Automotive Switch Market size. The vehicle production across the globe has improved by 13% from 2012 to 2016, which calls for new growth opportunities for business. Rapid technological innovations in automotive electronics systems will enhance the user connectivity and increase vehicle efficiency, thereby plotting a profitable roadmap for automotive switch market.

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Considering the geographical trends, Europe automotive switch industry is projected to observe a massive growth, subject to the rising installation of advanced electronics systems in vehicles by original equipment manufacturers. China industry, which accounted for nearly 34% of overall passenger automotive production in 2016, is projected to boost Asia pacific automotive switch market share in future. The growth can be attributed to high vehicle sales across the region. APAC had experienced nearly 20% rise in the overall vehicle production during 2012 to 2016, with Japan, China, South Korea, and India being the major contributors.

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.

Touch pad automotive switch segment is expected to dominate the automotive switch 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.

Based on the product trends, automotive switch market is segmented into various products such as touchpads, knobs, buttons, and levers. Button automotive switch industry is predicted to experience a significant surge over the coming years, driven by the escalated use in passenger and commercial vehicles. Touchpad automotive switch market is slated to expand notably over the coming timeframe, owing to the rising installation of added smartphone features to the automobile along with the product’s ability to integrate with the touch panel for improving the aesthetic appearance and value of the vehicle. Firms are emphasizing on the installation of touchpads as a vital component of the electronic systems in automobiles to fulfill the rising consumer demand for the advanced cars.

Browse key industry insights spread across 130 pages with 110 market data tables & 81 figures & charts from the report, “Automotive Switch Market” in detail along with the table of contents @ https://www.gminsights.com/industry-analysis/automotive-switch-market

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.

Glimpse of Table of Content (ToC)

Chapter 3. Automotive Switch Industry Insights
3.1. Industry segmentation
3.2. Industry landscape, 2013 - 2024
3.3. Industry ecosystem analysis
3.3.1. Distribution channel analysis
3.3.2. Vendor matrix
3.4. Production Statistics (2013 – 2024)
3.4.1. U.S. Commercial vehicles Passenger vehicles
3.4.2. Canada Commercial vehicles Passenger vehicles
3.4.3. UK Commercial vehicles Passenger vehicles
3.4.4. Germany Commercial vehicles Passenger vehicles
3.4.5. France Commercial vehicles Passenger vehicles
3.4.6. Italy Commercial vehicles Passenger vehicles
3.4.7. Russia Commercial vehicles Passenger vehicles
3.4.8. China Commercial vehicles Passenger vehicles
3.4.9. India Commercial vehicles Passenger vehicles
3.4.10. Japan Commercial vehicles Passenger vehicles
3.4.11. South Korea Commercial vehicles Passenger vehicles
3.4.12. Brazil Commercial vehicles Passenger vehicles
3.4.13. Mexico Commercial vehicles Passenger vehicles
3.4.14. Egypt Commercial vehicles Passenger vehicles
3.4.15. South Africa Commercial vehicles Passenger vehicles
3.5. Technology & innovation landscape
3.5.1. Capacitive proximity switches
3.5.2. TS100ASIC (application specific integrated circuit)
3.5.3. Panel mounted switches
3.6. Regulatory landscape
3.6.1. U.S. Department of Energy
3.6.2. EU
3.6.3. China China’s Ministry of Industry and Information Technology (MIIT)
3.7. Industry impact forces
3.7.1. Growth drivers Rising new automobiles demand Increasing adoption of electronic systems in vehicles
3.7.2. Industry pitfalls & challenges High costs for incorporating touch panels
3.8. Growth potential analysis
3.8.1. Business models
3.9. Porter's analysis
3.9.1. Supplier power
3.9.2. Buyer power
3.9.3. Threat of new entrants
3.9.4. Threat of substitutes
3.9.5. Internal rivalry
3.10. Competitive landscape, 2016
3.10.1. Strategy dashboard
3.11. PESTEL analysis

Browse complete Table of Contents (ToC) of this research report @ https://www.gminsights.com/toc/detail/automotive-switch-market

About Global Market Insights

Global Market Insights, Inc., headquartered in Delaware, U.S., is a global market research and consulting service provider; offering syndicated and custom research reports along with growth consulting services. Our business intelligence and industry research reports offer clients with penetrative insights and actionable market data specially designed and presented to aid strategic decision making. These exhaustive reports are designed via a proprietary research methodology and are available for key industries such as chemicals, advanced materials, technology, renewable energy and biotechnology.

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