The Global Automotive Switches Market size is expected to reach $43.3 billion by 2027, rising at a market growth of 6.9% CAGR during the forecast period. In the past few years, the automotive sector has registered a substantial transformation. The rising demand for passenger security & comfort is compelling the automotive manufacturers to increasingly aim at developing the latest design experiences by an ideal blend of new technology & workflow. The demand for automotive switches will boost due to the major change from mechanical gears to electronic gears.
One of the main parts of an automotive is the automotive switches. These switches manage the complete electrical systems integrated in an automotive. Automotive switches play a crucial role in managing the automotive lighting & complete functioning of an automotive. They are also utilized in engine start & stop function and in a wide range of vehicle operations. There are many different kinds of switches that are utilized for numerous functioning of automotive such as push & pull switches, keyed switches, toggle switches, and marine-grade switches among others.
Owing to technological advancements and rising consumption expenditure, the automotive switches are witnessing massive demand around the world. Automotive switches are mainly divided into two categories, water-resistant switches and non-water-resistant switches. The water-resistant automotive switches are becoming more popular because of the open nature of two-wheeler vehicles that consistently face extreme atmospheric conditions.
With the outbreak of the COVID-19 pandemic, almost every nation underwent a nationwide lockdown for a considerable time period that had severely affected vehicle production. Due to the pandemic, manufacturing facilities across the globe were closed, which further affected automotive production on a global level, and thus, sales of vehicles have also declined. However, certain OEMs have restarted their production, but the automotive switches market would still observe a notable decline in the coming years. The COVID-19 pandemic negatively affected the ICE vehicle production, but many automakers are still aiming at development of numerous automotive switches systems. In addition, considering the recovery path in the global automotive sector, many latest product developments, expansions & collaborations have initiated, thus signifying a positive perspective for the automotive switches market in the forthcoming years.
Based on Type, the market is segmented into HVAC Switches, Steering Wheel Switches, Ignition Switches, Multi-purpose Switches, Door & Window Switches, Seat Control Switches, Overhead Console Switches and Others. The HVAC switches segment dominated the market with the largest revenue share in 2020. The increasing demand for climate control systems in automobiles around the world is responsible for the segment massive share. The increment in demand for automatic climate control systems across the globe is acting as the catalyst for the growth of automotive switches services.
Based on Vehicle Type, the market is segmented into Passenger Cars, Light Commercial Vehicles and Heavy Commercial Vehicles. The HCVs would exhibit a promising growth rate over the forecast period. The growing demand for luxury features and improved driving experience & performance will further fuel the demand for different automotive electronics like HVAC & infotainment systems. It will further support the demand for automotive switches in mid-range and commercial automobiles.
Based on Sales Channel, the market is segmented into Original Equipment Manufacturers and Aftermarket. In 2020, the original equipment manufacturers segment procured the maximum revenue share since they especially develop switches for automobile companies like Toyota Motor Corporation, Honda Motor Co., Hyundai Motor, and other giants.
Based on Design, the market is segmented into Push Switches, Rotary Switches, Toggle Switches, Rocker Switches and Others. The market trend for Electric Vehicles (EVs) is increasing owing to less fuel consumption and less pollution, which would increase the usage of automotive switches in the vehicle manufacturing sector. The drive train electrification in EV needs a wide variety of switches, sensors, microcontrollers and other power electronics. Various governments of emerging nations are introducing several schemes to boost the adoption of electric vehicles.
| Report Attribute | Details |
|---|---|
| Market size value in 2020 | USD 26.2 Billion |
| Market size forecast in 2027 | USD 43.3 Billion |
| Base Year | 2020 |
| Historical Period | 2017 to 2019 |
| Forecast Period | 2021 to 2027 |
| Revenue Growth Rate | CAGR of 6.9% from 2021 to 2027 |
| Number of Pages | 318 |
| Number of Tables | 504 |
| Report coverage | Market Trends, Revenue Estimation and Forecast, Segmentation Analysis, Regional and Country Breakdown, Companies Strategic Developments, Company Profiling, Competitive Analysis |
| Segments covered | Type, Vehicle Type, Sales Channel, Design, Region |
| Country scope | US, Canada, Mexico, Germany, UK, France, Russia, Spain, Italy, China, Japan, India, South Korea, Singapore, Malaysia, Brazil, Argentina, UAE, Saudi Arabia, South Africa, Nigeria |
| Growth Drivers |
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| Restraints |
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Based on Regions, the market is segmented into North America, Europe, Asia Pacific, and Latin America, Middle East & Africa. Region-wise, Asia Pacific would emerge as the leading region in terms of revenue share during the forecast period. This growth is attributed to the increasing popularity of premium or luxury vehicles, especially in China. In addition, rising penetration of upgraded systems like infotainment display, automatic transmission, front & rear air conditioning in vehicles manufactured is accelerating the regional market. Japan and South Korea region have a high penetration of electronics, and therefore holds a substantial share in the Asia Pacific.
Free Valuable Insights: Global Automotive Switches Market size to reach USD 43.3 Billion by 2027
The major strategies followed by the market participants are Product Launches. Based on the Analysis presented in the Cardinal matrix; Panasonic Corporation is the major forerunner in the Automotive Switches Market. Companies such as Alps Alpine Co., Ltd., C&K Components, Inc., and Continental AG are some of the key innovators in the market.
The market research report covers the analysis of key stake holders of the market. Key companies profiled in the report include Robert Bosch GmbH, Continental AG, Alps Alpine Co., Ltd., Panasonic Corporation, ZF Friedrichshafen AG, Valeo SA, Johnson Electric Holdings Limited, HELLA GmbH & Co. KGaA, C&K Components, Inc. (Sun European Partners, LLP), and Toyodenso Co., Ltd.
By Type
By Vehicle Type
By Sales Channel
By Design
By Geography
The global automotive switches market size is expected to reach $43.3 billion by 2027.
Increasing vehicle production and sales in developing nations are driving the market in coming years, however, Volatile prices of raw material utilized in manufacturing switches have limited the growth of the market.
Robert Bosch GmbH, Continental AG, Alps Alpine Co., Ltd., Panasonic Corporation, ZF Friedrichshafen AG, Valeo SA, Johnson Electric Holdings Limited, HELLA GmbH & Co. KGaA, C&K Components, Inc. (Sun European Partners, LLP), and Toyodenso Co., Ltd.
The expected CAGR of the automotive switches market is 6.9% from 2021 to 2027.
The multi-function automotive switch is one of the fastest-growing market segments, owing to the increasing demand for steering wheels.
The Asia Pacific market dominated the Global Automotive Switches Market by Region 2020, and would continue to be a dominant market till 2027.
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