Vehicle electrification trends to boost automotive switch market outlook
With increasing emphasis on vehicle safety and rising affinity of OEMs towards incorporation of electronic systems & components in vehicles, automotive switch market demand is poised to witness a marked ascent in the coming years. Automotive switches have numeric mechanical applications and are available in multiple varieties, such as rotary, push button, toggle, rocker, multi-function, and others. Among its far-reaching spectrum of applications, automotive switches mainly permeate in engine management, indicator systems, electronic systems, HVAC units, and other automotive systems.
As per a comprehensive report published by Global Market Insights, Inc., worldwide automotive switch market is pegged to cross the USD 9.5 billion mark by 2025.
Automotive switches find application in PCV, LCV, and HCV vehicles, however, their use is predominant in PCVs owing to their low cost. Increasing demand for passenger vehicles, especially in the emerging economies of Asia Pacific has fueled automotive switch market demand. The product is also experiencing a surge in demand from mid-level car segment, as well as, standard versions of premium vehicles, which is slated to intensify automotive switch market trends. For instance, Audi uses automotive switches in the steering wheel system of its Audi A3 variant.
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Automotive switches are critical for the management of various vehicular functions. Multifunction switches, in particular, are capable of managing a number of functions, which has raised its demand considerably among OEMs endeavoring to manufacture multiple function vehicle systems.
Augmenting sales of electric vehicles support a strong case of increase in automotive switch market demand as vehicle electrification invariably require switches. In this regard, China stores huge potential for market expansion. The country is gradually evolving into a production hub, with major portion of global production being cornered towards China. For instance, in 2018, Great Wall Motors partnered with the BMW group to commence manufacturing of BMW’s electric MINI vehicles in China.
In addition, government initiatives towards encouraging adoption of electric vehicles in the form of tax incentives and subsidy schemes is likely to further boost the sale of electric vehicles, which, in turn, would fuel automotive switch market trends. The Ministry of Heavy Industries in India allocated a fund of USD 67 million in December 2018 towards public transport electrification across 11 cities in the country, which appropriately validates the aforementioned fact.
Escalating demand for ADAS systems and car safety components is also influencing automotive switch market growth. OEMs are focusing on strengthening driver safety quotient, prompted by the need to comply with strict norms. Ratification of stringent emission regulations by the European Union is a key impetus behind the growth of the regional automotive switch market.
Furthermore, brisk competitive environment characterized by M&A and R&D activities is likely to catapult automotive switch market outlook on a path of upward trajectory. The automotive switch industry is marked by the presence of some eminent players including Panasonic Corporation, Robert Bosch GmbH,
Standard Motor Products, Toyodenso, Valeo, Preh GmBH, Continental AG, Hella KGaA Hueck & Co., Delphi Technologies, Tokai Rika Co. Ltd., and others.
Author Name :Ananya Mukherjee
This entry was posted in Automotive & Transportation and tagged Automotive Switch Market, Automotive Switch Market Share, Automotive Switch Market Size, Automotive Switches, Button, Commercial Vehicles, Electronic System Switches, EMS, EMS Switches, Global Automotive Switches Market, HVAC, Indicator System, Indicator System Switches, Knob, Lever, Multi-function Switches, Passenger Vehicles, Push- button, Rocker Switches, Rotary Switches, Toggle Switches, Touchpad Automotive Switch Market.