The commercial vehicle electromechanical switch global market report 2024 from The Business Research Company provides comprehensive market statistics, including global market size, regional shares, competitor market share, detailed segments, trends, and opportunities. This report offers an in-depth analysis of current and future industry scenarios, delivering a complete perspective for thriving in the industrial automation software market.
Commercial Vehicle Electromechanical Switch Market, 2024 report by The Business Research Company offers comprehensive insights into the current state of the market and highlights future growth opportunities.
Market Size –
The commercial vehicle electromechanical switch market size has grown steadily in recent years. It will grow from $1.44 billion in 2023 to $1.49 billion in 2024 at a compound annual growth rate (CAGR) of 3.2%. The growth in the historic period can be attributed to increasing vehicle production, growing focus on safety features, rising fuel prices, rising connected vehicles, and rising demand for fleet management.
The commercial vehicle electromechanical switch market size is expected to see steady growth in the next few years. It will grow to $1.7 billion in 2028 at a compound annual growth rate (CAGR) of 3.3%. The growth in the forecast period can be attributed to rising urbanization, increasing vehicle electrification, growth in commercial vehicles, the emergence of autonomous vehicles, rise in e-commerce, and rising disposable income. Major trends in the forecast period include advancements in automotive technology, innovations in switch technology, the Internet of Things, connected vehicle technologies, and integration with advanced driver assistance systems (ADAS).
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Scope Of Commercial Vehicle Electromechanical Switch Market
The Business Research Company’s reports encompass a wide range of information, including:
1. Market Size (Historic and Forecast): Analysis of the market’s historical performance and projections for future growth.
2. Drivers: Examination of the key factors propelling market growth.
3. Trends: Identification of emerging trends and patterns shaping the market landscape.
4. Key Segments: Breakdown of the market into its primary segments and their respective performance.
5. Focus Regions and Geographies: Insight into the most critical regions and geographical areas influencing the market.
6. Macro Economic Factors: Assessment of broader economic elements impacting the market.
Commercial Vehicle Electromechanical Switch Market Overview
Market Drivers –
The growing demand for electric vehicles (EVs) is expected to propel the growth of the commercial vehicle electromechanical switch market going forward. An electric vehicle (EV) refers to a vehicle that utilizes one or more electric motors for propulsion. The growing demand for electric vehicles (EVs) is increasing due to several reasons, such as environmental benefits, energy independence, economic benefits, and climate goals. Electromechanical switches help in controlling the flow of electricity from the battery to different vehicle systems. They regulate power distribution to avoid overloading and efficiently manage charging and discharging cycles. For instance, in March 2023, according to the International Energy Agency, a France-based intergovernmental organization, global electric car sales approached 14 million in 2023, accounting for 18% of total car sales, up from 14% in 2022. This marked an increase of 3.5 million units compared to the previous year, reflecting a 35% year-on-year growth. Therefore, the growing demand for electric vehicles (EVs) is driving the growth of the commercial vehicle electromechanical switch market.
Market Trends –
Major companies operating in the commercial vehicle electromechanical switch market are developing innovative smart high-side power switches to enhance driver experience, improve safety, and meet the growing demand for more reliable and durable components in modern vehicles. Smart high-side power switches are electronic components that control and protect power distribution by managing the flow of current to connected loads, offering features like overcurrent protection, fault detection, and diagnostics in automotive and industrial applications. For instance, in April 2023, Infineon Technologies AG, a Germany-based semiconductor company, launched the automotive smart high-side power-switch portfolio PROFET Load Guard 12V, a new portfolio of automotive smart high-side power switches designed to enhance safety-critical systems such as advanced driver-assistance systems (ADAS). These devices offer adjustable overcurrent limitation and capacitive load switching (CLS) mode, providing robust protection and fast fault isolation for modern power distribution architectures.
The commercial vehicle electromechanical switch market covered in this report is segmented –
1) By Type: Tactile, Rocker, Toggle, Push, Detect, Other Types
2) By Sales Channel: Original Equipment Manufacturer (OEM), Aftermarket
3) By Application: Trucks, Busses, Material Handling, Construction, Agriculture, Boats And Recreation, Two Or Three Wheelers, Rail
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Regional Insights –
Asia-Pacific was the largest region in the commercial vehicle electromechanical switch market in 2023. The regions covered in the commercial vehicle electromechanical switch market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
Key Companies –
Major companies operating in the commercial vehicle electromechanical switch market are Panasonic Corporation, ZF Friedrichshafen AG, Honeywell International Inc., Valeo SA, Eaton Corporation PLC, TE Connectivity Ltd., Hella GmbH & Co. KGaA, Alps Alpine Co. Ltd., Omron Corporation, Sensata Technologies Inc., Kostal Group, Littelfuse Inc., Preh GmbH, Furukawa Group, Marquardt GmbH, Uno Minda Group, Stoneridge Inc., APEM Inc., OTTO Engineering Inc., NKK Switches Co. Ltd
Table of Contents
1. Executive Summary
2. Commercial Vehicle Electromechanical Switch Market Report Structure
3. Commercial Vehicle Electromechanical Switch Market Trends And Strategies
4. Commercial Vehicle Electromechanical Switch Market – Macro Economic Scenario
5. Global Commercial Vehicle Electromechanical Switch Market Size and Growth
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32. Global Commercial Vehicle Electromechanical Switch Market Competitive Benchmarking
33. Global Commercial Vehicle Electromechanical Switch Market Competitive Dashboard
34. Key Mergers And Acquisitions In The Commercial Vehicle Electromechanical Switch Market
35. Commercial Vehicle Electromechanical Switch Market Future Outlook and Potential Analysis
36. Appendix
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