(MENAFN- GlobeNewsWire - Nasdaq) The global automotive switches market is experiencing growth due to several factors such as increasing demand for advanced driver assistance systems (ADAS), growth in electric vehicle adoption, and technological advancements in automotive switches.
Wilmington, Delaware, Oct. 06, 2024 (GLOBE NEWSWIRE) -- Allied Market Research published a report, titled, " Automotive Switches Market by Type (Ignition switches, HVAC switches, Steering wheel switches, Window switches, Overhead console switches, Seat control switches, Door switches, Hazard switches, Multi-purpose switches and Others), Design (Rocker switches, Rotary switches, Toggle switches, Push switches and Other switches), Vehicle Type (Passenger Cars, Light Commercial Vehicles and Heavy Commercial Vehicles), and Sales Channel (Original Equipment Manufacturers and Aftermarket): Global Opportunity Analysis and Industry Forecast, 2024-2033" . According to the report, the automotive switches market was valued at $18.1 billion in 2023, and is estimated to reach $31.2 billion by 2033, growing at a CAGR of 5.8% from 2024 to 2033.
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Prime determinants of growth
The global automotive switches market is experiencing growth due to several factors such as increasing demand for advanced driver assistance systems (ADAS), growth in electric vehicle adoption, and technological advancements in automotive switches. However, high cost of advanced automotive switches and stringent regulatory requirements hinder market growth to some extent. Moreover, expansion in emerging markets and development of smart and connected switches offers lucrative opportunities for the expansion of the global automotive switches market.
Segment Highlights
The window switches segment is expected to grow faster throughout the forecast period.
Based on the type, the window switches segment held the highest market share in 2023 as window switches are essential components in every vehicle, as they control the operation of power windows. With the increasing emphasis on convenience and comfort features in modern vehicles, the demand for reliable and user-friendly window switches remains high across all vehicle segments, from entry-level cars to premium models.
The rocker switches segment is expected to grow faster throughout the forecast period.
Based on the design, the rocker switches segment held the highest market share in 2023. Rocker switches are widely used for various applications, such as controlling power windows, mirrors, sunroofs, and other convenience features. They offer a simple and intuitive operation, with a rocking motion that makes them easy to use while driving. Additionally, rocker switches are cost-effective and can be designed in various shapes and sizes to suit different vehicle interiors.
The passenger cars segment is expected to grow faster throughout the forecast period.
Based on the vehicle type, the passenger cars segment held the highest market share in 2023 as passenger cars make up the majority of the global vehicle population, and they require a wide range of switches for various functions, such as power windows, door locks, mirrors, seats, and climate control systems. The growing demand for convenience and comfort features in passenger cars, coupled with the increasing production volumes, drives the demand for automotive switches in this segment.
The original equipment manufacturers segment is expected to grow faster throughout the forecast period.
Based on the sales channel, the original equipment manufacturers segment held the highest market share in 2023. Original equipment manufacturers (OEMs) have long-standing partnerships with switch suppliers and rely on them to provide high-quality, reliable, and cost-effective switches that meet their specific requirements. In addition, the increasing demand for new vehicles and the need for automakers to differentiate their offerings through various features contribute to the dominance of the OEM sales channel for automotive switches.
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Regional Outlook
Based on region, Asia-Pacific held the highest market share in terms of revenue in 2022. The Asia-Pacific region is home to some of the world's largest automotive manufacturing hubs, including China, Japan, South Korea, and India. These countries have witnessed tremendous growth in automotive production and sales, driven by rising disposable incomes, urbanization, and favorable government policies.
Players:
C&K Switches Eaton Corporation PLC INENSY Johnson Electric Holdings Limited Leopold Kostal GmbH & Co. Kg Marquardt GmbH Preh GmbH Tokai Rika Co Ltd. Toyodenso Co., Ltd. Valeo ZF Friedrichshafen AG.
The report provides a detailed analysis of these key players in the global automotive switches market. These players have adopted different strategies such as new product launches, collaborations, expansion, joint ventures, agreements, and others to increase their market share and maintain dominant shares in different regions. The report is valuable in highlighting business performance, operating segments, product portfolio, and strategic moves of market players to showcase the competitive scenario.
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Recent Development:
In September 2023, Continental and Ethernovia, Inc. announced a partnership to develop a high-bandwidth, low-latency switch using a 7nm process tailored for automotive applications, enhancing data movement within software-defined vehicles (SDVs) . Their initial focus will be on integrating this advanced switch into High-Performance Computers (HPC) developed by Continental. Following this, the collaboration will extend to creating a highly integrated network chip specifically for automotive use. In May 2022, Marvell Technology, Inc. unveiled its third-generation Marvell Brightlane Ethernet Switch, recognized as the advanced secure managed switch in the automotive industry. This switch is the first to feature lockstep dual-core Arm processing redundancy, ensuring high reliability for mission-critical applications that enhance vehicle safety and performance. Designed as a digital framework for next-generation Ethernet-based zonal architectures, the new switch offers a range of advanced security and networking features, along with increased bandwidth and a higher number of ports compared to its predecessor.
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