Automotive Switches Market Value Will Reach USD 9.5 Bn by 2025; Industry Shipments to Witness 3.5% Growth: Global Market Insights, Inc.
The automotive switches market demand during the forecast period will be driven by high usage & production of electric vehicles in China and integration of innovative technologies into new EVs.
SELBYVILLE, Del., November 5, 2019 (Newswire.com) - According to latest report “Automotive Switches Market by Vehicle Type (PCV, LCV, HCV), Product (Push Button, Rocker, Rotary, Toggle, Multi-function Switches, Others), Application (Indicator System Switches, HVAC, EMS Switches, Electronic System Switches, Others), Regional Outlook, Competitive Market Share & Forecast 2025”, by Global Market Insights, Inc., the market revenue of automotive switches will cross a valuation of $9.5 billion by 2025. The growing implementation of electronic systems & components in vehicles is anticipated to drive the market in the coming years.
Several OEMs are currently focusing on merging with automotive switch providers to manufacture multiple function systems to be installed in new vehicles. Moreover, combination or multifunction switches can exhibit a compact and high-quality panel, propelling the automotive switches market.
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Some major findings in the automotive switches market report include:
Ø Technological innovations in automotive electronics systems will improve vehicle efficiency and enhance user connectivity
Ø The increasing demand for passenger vehicles in Asia Pacific will enhance automotive switches market growth due to the rising installation of electronic components in vehicles by OEMs
Ø Moreover, with low cost and optimized size of the switches, there is an increase in demand from mid-level OEMs. Audi has started mounting these steering wheel systems on its standard category vehicles such as Audi A3. These switches are also available in Mercedes Benz S-Class, Porche MACAN, BMW 3ER, etc.
Ø The introduction of touch screen panels in luxury vehicles for electronic operations may hinder industry growth.
Ø Prominent companies present in the industry include Tokai Rika Co. Ltd., Toyodenso, Continental AG, Valeo, Preh GmBH, Panasonic Corporation, Robert Bosch GmbH, Hella KGaA Hueck & Co., Delphi Technologies, Standard Motor Products, etc.
The increasing penetration of electric vehicles across the globe will add up to the demand for automotive switches. Additionally, governments are taking initiatives by providing subsidiary schemes and tax incentives to propel the demand for electric vehicles. For instance, in December 2017, the Ministry of Heavy Industries in India announced an investment of USD 67 million to introduce electric vehicles as public transport in 11 Indian cities.
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Moreover, the high usage & production of electric vehicles in China and the integration of innovative technologies into new electric vehicles are projected to drive the automotive switches market. For instance, in December 2018, Great Wall Motors announced a partnership agreement with the BMW Group to manufacture BMW’s electric MINI vehicles in China. Adding to this, the increasing demand for ADAS systems and safety components by European consumers is expected to accelerate the automotive switches demand. EU’s stringent emission regulations have led OEMs to invest heavily in the driver safety segment and R&D plants to enhance ADAS systems.
The automotive switches market players are implementing strategies, such as acquisitions & mergers and R&D programs, to enhance their production efficiency and develop new products in the market. For instance, in April 2019, Standard Motor Products, Inc. acquired the Pollak business of Stoneridge, Inc. for USD 40 million. Stoneridge's Pollak business offers a wide range of engine management products such as switches, sensors, and connectors. This business strategy offers several growth opportunities in passenger, commercial, and heavy-duty vehicle markets.
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Table of Contents (ToC) of the report:
Chapter 3. Automotive Switches Market Insights
3.1. Industry segmentation
3.2. Industry landscape, 2015 - 2025
3.2.1. Global automotive industry landscape, 2015 - 2025
3.2.1.1. North America
3.2.1.2. Europe
3.2.1.3. Asia Pacific
3.2.1.4. South America
3.2.1.5. MEA
3.2.2. Global automotive production statistics, 2015 – 2018
3.2.2.1. North America
3.2.2.2. Europe
3.2.2.3. Asia Pacific
3.2.2.4. South America
3.2.2.5. MEA
3.3. Industry ecosystem analysis
3.3.1. Research and Development (R&D)
3.3.2. Component suppliers
3.3.3. Manufacturers
3.3.4. Distribution channel analysis
3.3.5. Vendor matrix
3.4. Technology & innovation landscape
3.5. Regulatory landscape
3.5.1. North America
3.5.2. Europe
3.5.3. Asia Pacific
3.5.4. South America
3.5.5. MEA
3.6. Industry impact forces
3.6.1. Growth drivers
3.6.1.1. Growing implementation of electronic systems in vehicles
3.6.1.2. Increasing adoption of electric vehicles globally
3.6.1.3. Rising demand for comfort & safety systems in vehicles
3.6.1.4. Increasing demand for passenger vehicles in Asia Pacific
3.6.2. Industry pitfalls and challenges
3.6.2.1. Incorporation of screen touch panels
3.6.2.2. Introduction of gesture recognition system in vehicles
3.7. Growth potential analysis
3.8. Porter’s analysis
3.8.1. Industry rivalry
3.8.2. Threat of new entrants
3.8.3. Buyer power
3.8.4. Supplier power
3.8.5. Threat of substitutes
3.9. Competitive landscape, 2018
3.9.1. Company market share
3.9.2. Strategy dashboard
3.10. PESTEL analysis
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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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Source: Global Market Insights, Inc.
