07 October 2024 | News
Source Image | Public
Allied Market Research published a report, titled, "Automotive Switches Market by Type (Ignition switches, HVAC switches, Steering wheel switches, Window switches, Overhead console switches, Seat control switches, Door switches, Hazard switches, Multi-purpose switches and Others), Design (Rocker switches, Rotary switches, Toggle switches, Push switches and Other switches), Vehicle Type (Passenger Cars, Light Commercial Vehicles and Heavy Commercial Vehicles), and Sales Channel (Original Equipment Manufacturers and Aftermarket): Global Opportunity Analysis and Industry Forecast, 2024-2033". According to the report, the automotive switches market was valued at $18.1 billion in 2023, and is estimated to reach $31.2 billion by 2033, growing at a CAGR of 5.8% from 2024 to 2033.
Prime determinants of growth
The global automotive switches market is experiencing growth due to several factors such as increasing demand for advanced driver assistance systems (ADAS), growth in electric vehicle adoption, and technological advancements in automotive switches. However, high cost of advanced automotive switches and stringent regulatory requirements hinder market growth to some extent. Moreover, expansion in emerging markets and development of smart and connected switches offers lucrative opportunities for the expansion of the global automotive switches market.
Segment Highlights
The window switches segment is expected to grow faster throughout the forecast period.
Based on the type, the window switches segment held the highest market share in 2023 as window switches are essential components in every vehicle, as they control the operation of power windows. With the increasing emphasis on convenience and comfort features in modern vehicles, the demand for reliable and user-friendly window switches remains high across all vehicle segments, from entry-level cars to premium models.
The rocker switches segment is expected to grow faster throughout the forecast period.
Based on the design, the rocker switches segment held the highest market share in 2023. Rocker switches are widely used for various applications, such as controlling power windows, mirrors, sunroofs, and other convenience features. They offer a simple and intuitive operation, with a rocking motion that makes them easy to use while driving. Additionally, rocker switches are cost-effective and can be designed in various shapes and sizes to suit different vehicle interiors.
The passenger cars segment is expected to grow faster throughout the forecast period.
Based on the vehicle type, the passenger cars segment held the highest market share in 2023 as passenger cars make up the majority of the global vehicle population, and they require a wide range of switches for various functions, such as power windows, door locks, mirrors, seats, and climate control systems. The growing demand for convenience and comfort features in passenger cars, coupled with the increasing production volumes, drives the demand for automotive switches in this segment.
The original equipment manufacturers segment is expected to grow faster throughout the forecast period.
Based on the sales channel, the original equipment manufacturers segment held the highest market share in 2023. Original equipment manufacturers (OEMs) have long-standing partnerships with switch suppliers and rely on them to provide high-quality, reliable, and cost-effective switches that meet their specific requirements. In addition, the increasing demand for new vehicles and the need for automakers to differentiate their offerings through various features contribute to the dominance of the OEM sales channel for automotive switches.
Regional Outlook
Based on region, Asia-Pacific held the highest market share in terms of revenue in 2022. The Asia-Pacific region is home to some of the world's largest automotive manufacturing hubs, including China, Japan, South Korea, and India. These countries have witnessed tremendous growth in automotive production and sales, driven by rising disposable incomes, urbanization, and favorable government policies.
Players:
The report provides a detailed analysis of these key players in the global automotive switches market. These players have adopted different strategies such as new product launches, collaborations, expansion, joint ventures, agreements, and others to increase their market share and maintain dominant shares in different regions. The report is valuable in highlighting business performance, operating segments, product portfolio, and strategic moves of market players to showcase the competitive scenario.
Recent Development:
Explore More Trending Reports
Automotive Tire Market Size, Share, Competitive Landscape and Trend Analysis Report, by Season Type, Rim Size, Vehicle Type, Load Index and Distribution Channel : Global Opportunity Analysis and Industry Forecast, 2021-2030
Automotive Suspension Market Size, Share, Competitive Landscape and Trend Analysis Report, by Component, by Vehicle Type, by Geometry, by Suspension Type, by System : Global Opportunity Analysis and Industry Forecast, 2023-2032
Automotive Carbon Fiber Market Size, Share, Competitive Landscape and Trend Analysis Report, by Material, by Vehicle Type, by Sales Channel, by Application : Global Opportunity Analysis and Industry Forecast, 2023-2032.
AMR introduces its online premium subscription-based library Avenue, designed specifically to offer cost-effective, one-stop solution for enterprises, investors, and universities. With Avenue, subscribers can avail an entire repository of reports on more than 2,000 niche industries and more than 12,000 company profiles. Moreover, users can get an online access to quantitative and qualitative data in PDF and Excel formats along with analyst support, customization, and updated versions of reports.
