Automotive Switches Market: Current Analysis and Forecast (2021-2027)

Report Description

Global Automotive Switches Market is anticipated display a CAGR of around ~3.1% over the forecast period (2021-2027). One of the most essential components of a vehicle is the switch. They oversee the entire electrical system in a vehicle. Automotive switches are essential for controlling the lighting and practically all the functions of a vehicle. They’re also employed for engine start-up and stop, as well as a variety of other automotive operations. Over the forecast period, increased technological advancements and rising demand for installing car accessories are expected to propel the automotive switches market forward. The expanding attention and passage of stringent emission and fuel economy requirements, as well as the increasing electronic content in automobiles, are likely to drive demand for automotive switches. However, with the rise in popularity of virtual assistants and the incorporation of speech recognition technology into automobiles, the market under consideration is projected to face challenges in the coming years.

Insights Presented in the Report

“Amongst Type, Button segment dominated the market in 2020”

Based on type, the market is segmented into Knob, Lever, Button, Touchpad and Others. The button segment generated revenue of USD XX billion in 2020. Over the projected period, the peer to peer and business to consumer markets are expected to increase significantly. Button has the greatest market share and is expected to grow at the fastest rate during the projected period. HVAC systems, power windows, transmission systems, and information displays all employ buttons. The number of buttons is projected to increase as automobiles and LCVs become increasingly fitted with innovative technologies which will further fuel the growth

“Amongst Application, Electronic System Switches segment dominated the market in 2020.”

Based on application, the market is segmented into Indicator System Switches, Electronic System Switches, HVAC, EMS Switches and Others. The Electronic System Switches segment generated revenue of USD XX billion in 2020. The segment is expected to grow at a CAGR of XX% during the forecast period to reach a market valuation of USD XX million by 2027. One of the major causes of growth of this segment is increasing use of transmission system switches in countries like India and China

“Amongst Vehicle, Passenger segment dominated the market in 2020.”

Based on vehicle, the market is segmented in Passenger, Light Commercial and Heavy Commercial. The Passenger segment is expected to grow at a CAGR of XX% during the forecast period to reach a market valuation of USD XX million by 2027. The automotive switches market is predicted to grow as major automakers add new technologies to their vehicles to improve safety and comfort

“Asia Pacific represents as the largest market.”

For a better understanding of the market adoption of Automotive Switches, the market is analyzed based on its worldwide presence in the countries such as North America (United States, Canada, Rest of North America), Europe (Germany, UK, France, Italy, Spain, Rest of Europe), Asia-Pacific (China, Japan, India, South Korea, Rest of APAC), and Rest of World. Asia Pacific holds the largest share in the market and is expected to grow at a higher rate during the forecasted period 2021-2027. The rising popularity of luxury vehicles, particularly in China, is the key driver of this trend. In addition, the automotive switches market in Asia Pacific is being propelled by the increasing penetration of modern technologies such as automatic transmission, infotainment display, and front and rear air conditioning in vehicles produced. Some of the major players operating in the market includes Robert Bosch GmbH, Continental AG, ZF Friedrichshafen, Alps Alpine Co., Ltd., Panasonic Corporation, TRW Automotive, Uno Minda Group, Omron Corporation, Standard Motor Products and Valeo etc.

Reasons to buy this report:

• The study includes market sizing and forecasting analysis validated by authenticated key industry experts
• The report presents a quick review of overall industry performance at one glance
• The report covers an in-depth analysis of prominent industry peers with a primary focus on key business financials, product portfolio, expansion strategies, and recent developments
• Detailed examination of drivers, restraints, key trends, and opportunities prevailing in the industry
• The study comprehensively covers the market across different segments
• Deep dive regional & country-level analysis of the industry

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Research Methodology

Analyzing the historical market, estimation of the current market, and forecasting the future of the Global Automotive Switches Market were the three major steps undertaken to create and analyze the adoption of Automotive Switches across various regions globally. Exhaustive secondary research was conducted to collect the historical market numbers and estimate the current market size. Secondly, to validate these insights, numerous findings and assumptions were taken into consideration. Moreover, exhaustive primary interviews were conducted, with industry experts across the value chain of the industry. Post assumption and validation of market numbers through primary interviews, we employed a bottom-up approach to forecast the complete market size. Thereafter, market breakdown and data triangulation methods were adopted to estimate and analyze the market size of segments and sub-segments the industry pertains to. Detailed methodology is explained below.

Analysis of Historical Market Size

Step 1: In-Depth Study of Secondary Sources:

Detailed secondary study was conducted to obtain the historical market size of the Automotive Switches Market through company internal sources such as annual report & financial statements, performance presentations, press releases, etc., and external sources including journals, news & articles, government publications, competitor publications, sector reports, third-party database, and other credible publications.

Step 2: Market Segmentation:

After obtaining the historical market size of the Automotive Switches, we conducted a detailed secondary analysis to gather historical market insights and share for different segments & sub-segments for major regions. Major segments included in the report are by type, by application and by vehicle. Further regional & country-level analyses were conducted to evaluate the overall adoption of the Automotive Switches Market in the global context.

Step 3: Factor Analysis:

After acquiring the historical market size of different segments and sub-segments, we conducted a detailed factor analysis to estimate the current market size. Further, we conducted factor analysis using dependent and independent variables such as growing disposable income and increasing demand for luxury vehicles etc. Historical trends and their year-on-year impact on the market size and share was analyzed. Demand and supply side scenario was also thoroughly studied.

Current Market Size Estimate & Forecast

Current Market Sizing: Based on actionable insights from the above 3 steps, we arrived at the current market size, key players in the Market, and market shares of the segments and company. All the required percentage split, and market breakdowns were determined using the above-mentioned secondary approach and were verified through primary interviews.

Estimation & Forecasting: For market estimation and forecast, weights were assigned to different factors including drivers & trends, restraints, and opportunities available for the stakeholders. After analyzing these factors, relevant forecasting techniques i.e., bottom-up approach was applied to arrive at the market forecast to 2027 for different segments and subsegments across the major regions globally. The research methodology adopted to estimate the market size encompasses:

• The industry’s market size, in terms of value (US$) and the adoption rate of Automotive Switches across the major markets
• All percentage shares, splits, and breakdowns of market segments and sub-segments
• Key players in the Automotive Switches Market in terms of products offered. Also, the growth strategies adopted by these players to compete in the fast-growing market.

Market Size and Share Validation

Primary Research: In-depth interviews were conducted with the Key Opinion Leaders (KOLs) including Top Level Executives (CXO/VPs, Sales Head, Marketing Head, Operational Head, and Regional Head, Country Head, etc.) across major countries. Primary research findings were then summarized, and statistical analysis was performed to prove the stated hypothesis. Inputs from primary research were consolidated with secondary findings, hence turning information into actionable insights.

Split of Primary Participants in Different Regions

Market Engineering

Data triangulation technique was employed to complete the overall market estimation and to arrive at precise statistical numbers of each segment and sub-segment of the Automotive Switches market. Data was split into several segments & sub-segments post studying various parameters and trends in the areas of type, application, and vehicle type does major country/region globally.

 The main objective of the Automotive Switches Market Study

The current & future market trends of Automotive Switches were pinpointed in the study. Investors can gain strategic insights to base their discretion for investments from the qualitative and quantitative analysis performed in the study. Current and future market trends would determine the overall attractiveness of the market at a regional & country level, providing a platform for the industrial participant to exploit the untapped market to benefit as a first-mover advantage. Other quantitative goals of the studies include:

• Analyze the current and forecast market size of Automotive Switches in terms of value (US$). Also, analyze the current and forecast market size of different segments and sub-segments
• Segments in the study include type, application, and vehicle
• Defined analysis of the regulatory framework for the Global Automotive Switches industry
• Analyze the value chain involved with the presence of various intermediaries, along with analyzing customer and competitor behaviors of the industry
• Analyze the current and forecast market size of the Automotive Switches for the major regions & countries
• Major regions studied in the report include North America (US, Canada, Rest of North America), Europe (Germany, United Kingdom, France, Italy, Spain, Rest of Europe), Asia Pacific (China, Japan, India, South Korea, Rest of Asia-Pacific), and Rest of World
• Company profiles of the Automotive Switches Market players and the growth strategies adopted by them to sustain in the fast-growing market
• Deep dive regional & country level analysis of the industry