The demand for automation in automobile industry is on the rise, with growing consumer inclination towards comfortable and hassle-free driving. Furthermore, increasing focus of automotive manufactures in providing premium auto parts with lower repair and maintenance requirements is foreseen to bolster the growth of the OEM segment.
As high-quality auto parts have low replacement frequency and longer lifespan, growth of the OEM sales channel is estimated to capture over 90% of the total market share. A significant rise in vehicle production, increasing size of vehicle fleets and growing demand for auto parts is projected to strengthen the overall demand.
A new report projects that the global automotive switches market will reach a staggering valuation of US$ 31 Bn mark by the end of the forecast period (2019-2029).
Key Takeaways of the Global Automotive Switches Market
- Interior control switches are foreseen to cross US$ 21 Bn mark by the end of forecast period by contributing a value CAGR of 4.2% in the switches segment.
- Collectively, access management switches and powertrain switches are estimated to account for one third of the value share in the global automotive switches market by 2028 end
- The passenger car segment has maintained a comprehensive lead in the global automotive switches market with over three fifth share by the end of 2028. Furthermore, the light commercial vehicle segment is foreseen to grow ~4.7X more than heavy commercial vehicle.
- Owing to the sizeable production of vehicles in China, India, Japan, and South Korea, the automotive switches market in South East Asia & Pacific are estimated to expand at a value CAGR of 4.6% across the assessment period
- Collectively, Europe, China, and North America contribute over 60% of absolute dollar opportunity created over the forecast period (2019-28) in the global automotive switches market.
“Growing focus on improving human-machine interface technologies along with a high degree of comfort and accuracy in their product offerings is foreseen to open new growth avenues for automotive switches market, Says the Report analyst.
The report reveals some of the prominent market players, including Tokai Rika Co, Ltd., Hella KGaA Hueck & Co. and Robert Bosch GmbH, among others. Prominent automotive switches manufacturers are capitalising significantly in their R&D endeavours. The investments are aimed at accommodating increasing preference for electro-mobility and connectivity in transport solutions.
Key players in the automotive switches market are actively engaged in innovation and product development to launch premium-quality automotive switches that are highly sought after by automotive OEMs.
