- Demand in Automotive Switches Market Set to Expand by 1.4x Creating Incremental Opportunity of US$ 15.5 Bn
- A detailed assessment of automotive switches value chain analysis, business execution, and supply chain analysis across the regional markets has been covered in Fact.MR's exclusive coverage on the automotive switches market. The report highlights the growth drivers and opportunities likely to present themselves in the forthcoming decade.
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
Key Drivers
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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,
Some of the leading market players operating in the automotive switches market profiled by Fact.MR are:
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:
By Switch:
By Sales Channel:
Key Questions Covered in the Automotive Switches Market Report
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