October 15, 2019 by Amanpreet
In the recent time, the demand for electronic components in automobiles has risen since the customer base has transformed to become tech-savvy. Furthermore, the growing inclination for comfort and luxury concerning automotive interior has made it necessary to incorporate certain component which assists in the delivery of such amenities. An automotive switch is the prime element that helps in opening the electrical function in a vehicle. With the expansion of electro-mobility across the global automobile industry, the demand for automotive switches is surging. To study the exact market scenario, Fact.MR has published a new research report titled “Automotive Switches Market Forecast, Trend Analysis & Competition Tracking - Global Market Insights 2018 to 2028”, to its broad online database. Readers can acquire crucial information related to market opportunities and regional dominance in the coming years through this smart research study.
According to study insights, the automotive switches market is projected to experience a volume CAGR of 4.2% during the assessment period 2018 - 2028. It has been noticed that rise in vehicle production along with swelling size of vehicle fleet is contributing to the rise in sales of automotive switches by 4,207.6 Million units during the forecast period.
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Passenger Car Segment Acquires Leading Share in the Global Market
The Fact.MR study reveals that passenger cars division in the automotive switches market is likely to prove its dominance in the global market by controlling demand close to one-fifth share as well as 1.45x growth in sales volume during the period until 2028. Furthermore, the compact passenger car sub-segment rules the automotive switches demand, whereas the SUV sub-segment is projected to showcase promising growth at 4.8% CAG during the assessment period. Interestingly, cumulative adoption of electric vehicles also drops its impact on the overall development of the automotive switches market.
Rising Association of Small-Scale Market Players across Developing Economies
Presently, economic growth along with per capita income highlights prominent influence on the overall outlook of automotive industry together with advancement of the auto parts market. To be precise, the automotive switches market has been majorly influenced by the buying power of consumers. The report mentions that tier 1 and tier 2 companies active in the automotive switches market hold strong presence across developed economies. The preference for OEMs related to supply contracts are motivating this presence. In particular, countries experiencing growth in the automobile manufacturing industry like China and India, manage a stronger attendance of tier 3 players from the automotive switches market.
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On the other hand, the global leadership based on value is controlled by Europe and China, both involved in a cutthroat competition to capture almost half of the total global revenue. Considering the scenario across Europe, growth in sales of electric vehicles against the framework of severe environmental regulations as well as emission standards are seen as the prime driving factors pushing the European market for automotive switches.
The final section of the report highpoints the competitive state prevailing across the automotive switches market. This section presents a dashboard view of the major companies functioning in the automotive switches market. Readers can acquire thorough information focusing on the key market players based on their company profiles. Some of the prominent companies mentioned in the automotive switches market include LS Automotive Technologies, Tokai Rika Co, Ltd., Hella KGaA Hueck & Co., Robert Bosch GmbH, Panasonic Corporation, Honeywell International, TE Connectivity, ZF Friedrichshafen AG, Leopold Kostal GmbH & Co. KG, Omron Corporation, Toyodenso Co., Ltd., Aptiv PLC and Industrial Engineering Syndicate (INENSY). Each of these players is well analyzed in terms of product portfolio, sales footprint, channel footprint and strategy.
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