According to a new report Global Automotive Switches Market, published by KBV research, 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.
The multi-function automotive switch is one of the fastest-growing market segments, owing to the increasing demand for steering wheels. These multi-function switches can carry out several functions like lighting system, wiper system, cruise control, and others, thus opening new growth avenues for the luxury vehicles segment. Every luxury car model consists of multi-function switches. Automotive manufacturers are increasingly using multi-function switch systems in their models to improve the interior and deliver more convenience to the driver.
PC acquired the highest revenue share of the global vehicle production with China ruling the trend. Buttons are utilized in HVAC system in PCs, reverse brake lamp switch & knobs are employed in radio, electronic systems with levers are implemented in multi-purpose switches, ignition switch, AC systems. The automotive switches market is projected to witness a boost as many key automakers is implementing the latest features in their models for superior security & comfort. PC would continue being the biggest market in LCV and HCV during the forecast period.
The Asia Pacific market dominated the Global Automotive Switches Market by Region 2020, and would continue to be a dominant market till 2027. The Europe market is experiencing a CAGR of 6.6% during (2021 - 2027). Additionally, The North America market is poised to grow at a CAGR of 6.7% during (2021 - 2027).
Full Report: https://www.kbvresearch.com/automotive-switches-market/
The market research report has exhaustive quantitative insights providing a clear picture of the market potential in various segments across the globe with country wise analysis in each discussed region. The key impacting factors of the market have been discussed in the report with the elaborated company profiles of 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.
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