According to the Market Statsville Group (MSG), the global automotive switch market size was estimated at $27.3 billion in 2021 and should reach USD 49.0 billion by 2030recording a 7.6% CAGR from 2022 to 2030. Automotive switches play a key role in managing automotive lighting and almost all work inside an automobile. They are also used for engine start and stop applications and several other automotive functions. Worldwide, increasing technological advancements and growing demand for the installation of automotive accessories are likely to drive the growth of the automotive switches market.
The global automotive industry has undergone an incredible transformation over the past few years. The ever-increasing demand for passenger safety and comfort forces automakers to relentlessly focus on creating new design experiences by enabling the efficient integration of new technologies and processes.
Global Automotive Switches Market Definition
Automotive switches are one of the basic mechanisms of a vehicle as they regulate all of the electrical equipment installed in an automobile.
covid–19 Global Automotive Switches Market Impact
The coronavirus epidemic has thrown the automotive industry on its head, and other manufacturers have adapted their operations to the disruptions created by the pandemic in the automotive, transport, tourism and several other industries. The automotive industry acts as a central support block for several economies such as the United States, China, and India.
The automotive industry has seen a drop in sales and revenue, due to the lockdown and restrictions put in place by nations around the world. The automotive industry’s sales and aftermarket services have been hit hard by the pandemic and have led to an increase in the adoption of cost-cutting measures by automakers, such as lowering operational costs and workforce around the world. The economic impacts of the COVID-19 outbreak on the automotive industry have major implications for subsidiary industries such as automotive components and automotive aftermarket industries.
Global Automotive Switches Market Dynamics
Drivers: Growing demand for automatic automotive switches
Automatic switches operate based on the response sent by different sensors. They are usually installed in luxury passenger cars and other high-end automobiles. When the light switch is set to automatic mode, the headlights will automatically turn on depending on low ambient light conditions, such as when the car is driving through a tunnel at sunset or in rain/snow. In addition, automatic switches improve the convenience of driving an automobile by helping to achieve the auto-dimming rearview mirror action possible.
Constraints: The fluctuating price of raw materials used in the manufacture of automotive switches
The raw materials generally used to manufacture automotive switches are sheet metal, plating materials and plastic. Brass, nickel and copper are commonly used as plating materials in automotive switches. The prices of all these metals fluctuate depending on several international factors. For example, the price of nickel in March 2019 was $13,030 per metric ton, while in September 2019 it was $17,660 per metric ton and in March 2020 its price was $11,850 per metric ton. metric ton.
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Scope of the Global Automotive Switches Market
The study categorizes the automotive switch market on the basis of switch type, application, vehicle type and sales channel at regional and global levels..
By Outlook switch type (Sales/Revenue, billion USD, 2017–2030)
- Toggle switches
- Rotary switches
- Toggle switches
- Push-button switches
- Other Switches
By Outlook app (Sales/Revenue, billion USD, 2017–2030)
- Ignition switches
- HVAC switches
- Steering wheel switches
- window switches
- Pendant console switches
- Seat control switches
- Door switches
- Hazard switches
- Versatile switches
By type of vehicle (Sales/Revenue, billion USD, 2017–2030)
- Particular Cars
- Light commercial vehicles
- Heavy duty vehicles
By Sales Channel Insights (Sales/Revenue, billion USD, 2017–2030)
- Original Equipment Manufacturers
- Secondary market
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Outlook by region (Sales/Revenue, billion USD, 2017–2030)
- North America
- the Netherlands
- Czech Republic
- The rest of Europe
- Asia Pacific
- South Korea
- The Philippines
- Australia and New Zealand
- Rest of Asia-Pacific
- South America
- Rest of South America
- The Middle East and Africa
- Saudi Arabia
- United Arab Emirates
- South Africa
- North Africa
- Rest of MEA
The push switch segment accounts for the largest market share, by switch type
By switch type, the global automotive switch market has been segmented into toggle, rotary, rocker, push and others. In 2021, push switches held the largest market share of 45.8% in the global automotive switch market. A push switch or push button switch is a type of non-latching switch that causes a momentary change in the state of an electrical circuit while the switch is physically activated.
Push buttons have gained immense popularity in recent years as the on-off button in automobiles. Besides making it easier to start/stop a car, they are designed to make vehicles safer. Since there is no physical key needed to start the car equipped with an on-off switch, this discourages vehicle theft.
Asia Pacific represents the highest CAGR over the forecast period
Based on region, the global automotive switch market has been segmented into North America, Asia–Pacific, Europe, South America, Middle East and Africa. Globally, Asia-Pacific is estimated to hold the highest CAGR of 8.0% in the global automotive switches market during the forecast period.
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After Asia-Pacific, North America is the fastest growing region with a CAGR of 7.9% in the global automotive market. The North America region is expected to experience automotive switch market growth, owing to major driving factors such as increasing automotive sales and the integration of mandatory electronic safety systems in automobiles. The above mentioned factors and increasing investments in modern automotive switches are expected to fuel the demand for the product during the forecast period.
Key Market Players in Global Automotive Switches
The global automotive switches market is expected to witness significant growth owing to the growing demand for automotive switches to be installed in automobiles to improve the safety, comfort and convenience of passengers and driver. Automotive switches are equipped for different functions such as cruise control, light control, wiper control, HVAC control and several others.
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Leading players in the Global Automotive Switches Market are: