Automotive Switches Sales to More than Double as Adoption of Automotive Interior Control Switches Grows

NEW YORK, Oct. 13, 2021 /PRNewswire/ -- Fact.MR projects the automotive switches market to exhibit impressive growth at 8.7% CAGR between 2021 and 2031. Sales of automotive switches are expected to total US$ 15.5 Bn through 2021. Increasing demand for automation and electronics in passenger cars has pushed the adoption of automotive switches.

Historically, the market grew at 7% CAGR during 2016 and 2020. Sales of automotive switches are set to expand by 1.4x within passenger cars segment over the forecast period. Spurred by the growing demand for access management and interior control switches, sales are expected to double in the coming years.

Increasing focus of automotive manufacturers to provide premium parts at low maintenance and repair cost has bolstered the sales of automotive switches. In order to meet the growing requirement of automation within electric vehicles, adoption of advanced multifunctional switches and seat control switches have increased.

As China is one of the leading producers of electric and heavy duty vehicles, the report identifies is as a highly lucrative market for automotive switches. Besides this, the presence of some of the leading original equipment manufacturers (OEMs) are expected to push sales in the country.

"Integration of artificial intelligence and other advanced technologies to improve the efficiency of vehicle and offer better comfort will improve the sales of advanced automotive switches," says a Fact.MR analyst.

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Key Takeaways from Automotive Switches Market Survey

• Sales of automotive switches within passenger cars is expected to surpass US$ 19 Bn by 2031
• Demand for interior control switches to surge at 4.2% CAGR between 2021 and 2031
• Nearly 1/3^rd of global market sales to be contributed by access management switches
• China is expected to be the fastest growing market across East Asia owing to the growing electric vehicle sales in the country
• Germany anticipated to be one of the most lucrative market in Europe

Key Drivers

• Growing sales of light passenger and heavy duty vehicle have increased the demand for interior control and access management switches
• Integration of automation and advanced electronics in electric and passenger vehicles have surged the sales
• Partnerships between original equipment manufacturers (OEMs) and automakers will provide lucrative growth opportunities for market

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Competitive Landscape

Key players in the market are focusing on developing and expanding their product portfolio through new launches. Participation in expansion strategies such as mergers and acquisitions has increased among leading companies.

Players are also increasing their investments in research activities to develop advanced products and gain competitive edge in the market. For instance,

• In June 2021, leading manufacturer of high quality electromechanical switches, C&K, announced the launch of navigation switch, SAMXD, for extensive use in automotive applications for actuator position and shape.
• In November 2020, Broadcom Inc. announced the availability of AEC-Q100 compliant multigigabit Ethernet PHY transceiver family and multilayer Ethernet switch family with 802.1AE MACsec support, the BCM8989X and BCM8957X, respectively.
• In January 2020, NXP Semiconductors, world's largest supplier of automotive semiconductors, announced the multi-gigabit Ethernet switch designed to help automakers deliver the high-speed networks required for improving connected vehicles.

Some of the leading market players operating in the automotive switches market profiled by Fact.MR are:

• Tokai Rika Co. Ltd,
• LS Automotive Technologies
• Hella KGaA Hueck & Co.
• Panasonic Corporation
• Robert Bosch GmbH
• TE Connectivity
• Honeywell International Inc.
• ZF Friedrichshafen AG
• Omron Corporation
• Leopold Kostal GmbH & Co. KG
• Toyodenso Co. Ltd.
• Industrial Engineering Syndicate (INENSY)
• Aptiv Plc 
• Others

More Valuable Insights on Automotive Switches Market

Fact.MR, in its new report, offers an unbiased analysis of the global automotive switches market, analyzing forecast statistics through 2021 and beyond. The survey reveals growth projections on in automotive switches market with detailed segmentation:

By Vehicle:

• Passenger Cars
• Compact
• Mid-size
• Luxury
• SUV
• Light Commercial vehicles
• Heavy Commercial Vehicles
• Electric Vehicles
• Tractors
• Forklifts
• Two Wheelers
• Conventional
• Electric

By Switch:

• Automotive Interior Control Switches
• AC Switch Assembly
• Light Module/Switches
• Multifunctional Switches
• Overhead Console Switch
• Multimedia Switch assembly
• Steering Switch Assembly
• Seat Control Switches
• Seat Heater Switches
• Automotive Access Management Switches
• Power Window Switch Assembly
• Side Window Switches
• Door Light Switches
• Ignition Switches
• Powerlift Gate Switches
• Sun Roof Switches
• Back Carrier Switches
• Automotive Powertrains & Other Switches
• Reverse Light Switches
• Brake Light Switches
• Automatic Gear Control Switches
• Automatic Reverse Parking Brake Switches
• Hand Brake Switches
• Fork Lifting Switch Module

By Sales Channel:

• OEMs
• Aftermarket

Key Questions Covered in the Automotive Switches Market Report 

• The market survey also highlights projected sales growth for automotive switches market between 2021 and 2031
• The report offers insight into automotive switches demand outlook for 2021-2031
• Automotive switches market share analysis of the key companies within the industry and coverage of strategies such as mergers & acquisitions, collaborations or partnerships, and others
• Automotive switches market analysis identifies key growth drivers, restraints, and other forces impacting prevailing trends and evaluation of current market size and forecast and technological advancements within the industry

Explore Fact.MR's Coverage on the Automotive Domain

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Hybrid Electric Vehicles Market - Newer and smarter algorithms are on their way to revolutionizing hybrid electric vehicle fuel efficiency. As a result of these trends, hybrid electric vehicles will have a bankable market share by 2021. Through 2031, the European region is expected to be the largest revenue contributor to the global market for hybrid electric vehicles, emerging as one of the frontrunners, with a significant market share of nearly 16 percent by the end of the forecast period.

Electric Car Battery Charger Market - The European electric car battery charger market is expected to lead the world during the assessment period, particularly in terms of float-type electric car battery charger sales. According to FMR's study on the electric car battery charger market, the automatic electric car battery charger is also expected to perform well in Europe's electric car battery charger market, which currently accounts for more than one-third of total sales revenue in the automatic electric car battery charger market.

About Fact.MR

Fact.MR is a market research and consulting agency with deep expertise in emerging market intelligence. Spanning a wide range – from automotive & industry 4.0 to healthcare, chemical and materials, to even the most niche categories. 80% of Fortune 1000's trust us in critical decision making.

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SOURCE Fact.MR

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