Global Switches Market Projected to Augment at a Notable CAGR during the Forecast Period until 2028
Fact.MR’s study shows that the automotive switches market is estimated to witness a volume CAGR of 4.2% during the forecast period of assessment 2018 - 2028.
[UKPRwire, Wed Mar 06 2019] An automotive switch usually serves the function of controlling electronic circuits that are used in the electromechanical switches of automobiles. Automotive switches can be found in a range of electronic automobile components and are widely categorized in interior control automotive switches, access management automotive switches and powertrain automotive switches.
Fact.MR has collated a report on the automotive switches market and published a report titled, “Automotive Switches Market Forecast, Trend Analysis & Competition Tracking - Global Market Insights 2018 to 2028”. A thorough analysis of the historical data, prevailing automotive switches market trends, current market scenario in automotive switches landscape and future growth opportunities are discussed in the automotive switches market report.
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Preference for Convenience and Safety Propels Installation of Handbrake Automotive Switches
Traditional handbrakes are gradually being replaced by handbrake automotive switches or electronic parking brakes. Growing demand for comfort and convenience in the automobiles has led consumers to prefer electronic components over mechanical components. The advanced technology of handbrake automotive switches or electronic parking brakes allows the driver to operate the brake without distraction or involvement of physical efforts. Apart from delivering convenience, handbrake automotive switches save space in the hump area which can be used for other functions. In addition, advanced automated technology of the handbrake switch system is claimed to deliver better safety to car occupants, allows low-speed traction control during parking and prevents rolling back of the car at stop signals. Although initially limited to luxury vehicles, owing to the benefits of handbrake automotive switches majority of premium car manufacturers including Audi, Jaguar, Land Rover, Lexus, Mercedes and Porsche have replaced traditional handbrakes with handbrake automotive switches.
Digitalization of Automotive Aftermarket to Negate the Need of Automotive Switches
With the growing investments in electric and connected cars, the automotive switches industry is likely to face challenges in terms of declining requirement of automotive switches. The driver assistance technologies are flourishing in the automotive market where technologies such as face recognition, voice command and automatic emergency braking are being highly sought after. In addition, the digital touchpad infotainment system is witnessing a growing demand among digital-savvy consumers. Increasing preference for digitalization and liking for touch-based displays have encouraged automotive technology manufacturers to dip their toes into digital-driven business models. For instance, HARMAN and Samsung have recently revealed the first automotive electronics collaboration by unveiling the digital cockpit platform with 5G and IOT integration. As the automotive aftermarket enters digitalization, upcoming digital cockpit display is likely to decline the profitability of the automotive switches market during the assessment period.
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Logistics Industry to Propel the Automotive Switches Market as Number of Vehicle Fleet on the Rise
With its important role in driving the steady economic growth, the logistics industry is witnessing an impressive growth trend with favorable government regulations, increasing preference for sharing fleets, and growing emphasis on effective logistics management. Rapid urbanization, proliferation of e-commerce and improving economic scenario have contributed to the upward growth of the logistics industry. Increasing demand for quick delivery and effective inventory management has resulted into a significant rise in the number of vehicle fleet involved in transportation and warehousing. Growing utilization of electric vehicles in the logistics industry and a significant market share of automotive switches in the electric vehicles segment is set to present lucrative opportunities for stakeholders in the automotive switches market.
Manufacturers in the Automotive Switches Market Leverage Opportunity in Two Wheelers Segment as Motorcycle Sales Rises Steadily
The market for two-wheelers is rising steadily while witnessing a stellar demand for motorcycles. According to the U.S. International Trade Commission (USITC), demographic changes led by baby boomers and millennials are driving the sales of motorcycles in the United States. Increasing demand for motorcycles in developing countries such as India, Brazil and ASEAN is likely to influence the growth of the automotive switches market in the two-wheelers segment. In addition, higher demand for original parts and equipment in the two wheelers is expected to present lucrative opportunities for the automotive switches market players.
The competitive landscape section of the automotive switches market delivers a dashboard view of the key companies operating in the automotive switches market. The section also delivers a thorough information of key market players in the form of company profiles. Few of the key companies identified in the automotive switches market include Tokai Rika Co, Ltd., LS Automotive Technologies, Hella KGaA Hueck & Co., Panasonic Corporation, Robert Bosch GmbH, TE Connectivity, Honeywell International, ZF Friedrichshafen AG, Omron Corporation, Leopold Kostal GmbH & Co. KG, Toyodenso Co., Ltd., Industrial Engineering Syndicate (INENSY), and Aptiv PLC.
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