- Demand in Automotive Switches Market Set to Expand by 1.4x Creating Incremental Opportunity of US$ 15.5 Bn
- A detailed assessment of automotive switches value chain analysis, business execution, and supply chain analysis across the regional markets has been covered in Fact.MR's exclusive coverage on the automotive switches market. The report highlights the growth drivers and opportunities likely to present themselves in the forthcoming decade.
NEW YORK, Oct. 13, 2021 /PRNewswire/ -- Fact.MR projects the automotive switches market to exhibit impressive growth at 8.7% CAGR between 2021 and 2031. Sales of automotive switches are expected to total US$ 15.5 Bn through 2021. Increasing demand for automation and electronics in passenger cars has pushed the adoption of automotive switches.
Historically, the market grew at 7% CAGR during 2016 and 2020. Sales of automotive switches are set to expand by 1.4x within passenger cars segment over the forecast period. Spurred by the growing demand for access management and interior control switches, sales are expected to double in the coming years.
Increasing focus of automotive manufacturers to provide premium parts at low maintenance and repair cost has bolstered the sales of automotive switches. In order to meet the growing requirement of automation within electric vehicles, adoption of advanced multifunctional switches and seat control switches have increased.
As China is one of the leading producers of electric and heavy duty vehicles, the report identifies is as a highly lucrative market for automotive switches. Besides this, the presence of some of the leading original equipment manufacturers (OEMs) are expected to push sales in the country.
"Integration of artificial intelligence and other advanced technologies to improve the efficiency of vehicle and offer better comfort will improve the sales of advanced automotive switches," says a Fact.MR analyst.
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Key players in the market are focusing on developing and expanding their product portfolio through new launches. Participation in expansion strategies such as mergers and acquisitions has increased among leading companies.
Players are also increasing their investments in research activities to develop advanced products and gain competitive edge in the market. For instance,
In June 2021, leading manufacturer of high quality electromechanical switches, C&K, announced the launch of navigation switch, SAMXD, for extensive use in automotive applications for actuator position and shape.
In November 2020, Broadcom Inc. announced the availability of AEC-Q100 compliant multigigabit Ethernet PHY transceiver family and multilayer Ethernet switch family with 802.1AE MACsec support, the BCM8989X and BCM8957X, respectively.
In January 2020, NXP Semiconductors, world's largest supplier of automotive semiconductors, announced the multi-gigabit Ethernet switch designed to help automakers deliver the high-speed networks required for improving connected vehicles.
Some of the leading market players operating in the automotive switches market profiled by Fact.MR are:
Tokai Rika Co. Ltd,
LS Automotive Technologies
Hella KGaA Hueck & Co.
Robert Bosch GmbH
Honeywell International Inc.
ZF Friedrichshafen AG
Leopold Kostal GmbH & Co. KG
Toyodenso Co. Ltd.
Industrial Engineering Syndicate (INENSY)
More Valuable Insights on Automotive SwitchesMarket
Fact.MR, in its new report, offers an unbiased analysis of the global automotive switches market, analyzing forecast statistics through 2021 and beyond. The survey reveals growth projections on in automotive switches market with detailed segmentation:
Key Questions Covered in the Automotive SwitchesMarket Report
The market survey also highlights projected sales growth for automotive switches market between 2021 and 2031
The report offers insight into automotive switches demand outlook for 2021-2031
Automotive switches market share analysis of the key companies within the industry and coverage of strategies such as mergers & acquisitions, collaborations or partnerships, and others
Automotive switches market analysis identifies key growth drivers, restraints, and other forces impacting prevailing trends and evaluation of current market size and forecast and technological advancements within the industry
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