Categories: Market Research

Automotive Switch Market Commodities, High Growth Opportunities, Segmentation, Market Trends By 2024-2033|ZF Friedrichshafen AG, Johnson Electric Holdings Limited, Leopold Kostal GmbH & Co. Kg, Marquardt GmbH, Preh GmbH, Valeo, Robert Bosch GmbH

The Automotive Switch Global Market Report 2024 by The Business Research Company provides market overview across 60+ geographies in the seven regions – Asia-Pacific, Western Europe, Eastern Europe, North America, South America, the Middle East, and Africa, encompassing 27 major global industries. The report presents a comprehensive analysis over a ten-year historic period (2010-2021) and extends its insights into a ten-year forecast period (2023-2033).

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According to The Business Research Company’s Automotive Switch Global Market Report 2024, The automotive switch market size has grown strongly in recent years. It will grow from $21.65 billion in 2023 to $23.75 billion in 2024 at a compound annual growth rate (CAGR) of 9.7%. The growth in the historic period can be attributed to increase in vehicle production, safety regulations, growth in the electric vehicle (ev) market, aging vehicle fleet, rapid urbanization.

The automotive switch market size is expected to see strong growth in the next few years. It will grow to $33.96 billion in 2028 at a compound annual growth rate (CAGR) of 9.4%. The growth in the forecast period can be attributed to rising autonomous vehicles, economic market growth, adoption of automotive electronics, rising disposable income. Major trends in the forecast period include touch and gesture controls, haptic feedback switches, modular and multi-function switches, human-machine interface (hmi) integration, aftermarket customization.

The increasing adoption of electric vehicles globally is expected to propel the growth of the automotive switch market. An electric vehicle is a type of vehicle that does not use fuel like petrol, diesel, etc. Electric vehicles make use of electrical current while moving. Electric vehicles have low running costs as they have very few moving parts for maintenance and are also very environmentally friendly. For instance, according to Power Electronics in the United States, in 2021, electric vehicle markets are growing in all three countries: China, the US, and Europe. Sales increased by 160% in the first half of 2021, which means 0.26 billion units of electric vehicles were sold, showing 26% of new sales in the global automotive market. China remained the world’s top EV market, accounting for 12% of sales. Automotive switches are used as internal parts in cars. Therefore, the increasing adoption of electric vehicles drives the growth of the automotive switch market.

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The automotive switch market covered in this report is segmented –

1) By Type: Ignition Switches, HVAC Switches, Steering Wheel Switches, Window Switches, Overhead Console Switches, Seat Control Switches, Door Switches, Hazard Switches, Multi-purpose Switches, Other Types

2) By Design: Rocket Switches, Rotary Switches, Toggle switches, Push Switches

3) By Vehicle: PCV, LCV, HCV, Two Wheelers

4) By Application: Indicator System Switches, HVAC, EMS Switches, Electronic System Switches, Others Switches

Technological advancements in fingerprint automotive start are a key trend gaining popularity in the automotive switch market. Major companies operating in the automotive switch sector are focused on developing new technological solutions to strengthen their position. For instance, in September 2021, Genesses, a US-based company, announced TECH – a fingerprint automation system based on advanced technology and automotive intelligence. These are fingerprint automation-driven automotive switches. It helps the driver completely control the vehicle on the basis of biometric information without a smartphone or a smart key. The driver can drive the car using fingerprint recognition. The fingerprint authentication can also be used for in-vehicle usage and for the release of valet mode. The company is planning to introduce this technology in the new module GV60.

The automotive switch market report table of contents includes: