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Automotive Switch Market Had a Significant Effect on Economy, Market Price, Growth Rate, and Size – Forecast to 2024

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Automotive Switch Market Had a Significant Effect on Economy, Market Price, Growth Rate, and Size – Forecast to 2024

Automotive Switch

This “Automotive Switch Market” report provides a detailed study on market and how it is impacting the industry. The report includes details of emerging trends, growth history, sales channel, manufacturers profiled in business, market share of product, application and regional scope of industry. In addition, the report also mentions opportunities that manufacturers operating in the global Automotive Switch market can use for expanding their business in untapped market to increase their customer base.

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Market Overview:

  • The automotive switch market (henceforth, referred to as the market studied) was valued at USD 25.80 billion in 2018, and it is anticipated to register a CAGR of about 8.59% during the forecast period (2019 – 2024).
  • – The increasing electronic content in the vehicles and increasing focus and enactment of stringent emission and fuel economy norms are expected to drive the demand for automotive switches. However, with the advent of growing awareness of virtual assistants and the inclusion of voice recognition technology in the vehicles, the market studied is expected to witness hindrance in the coming years.
  • – Automotive switches market captures major demand from IC engine vehicles, followed by hybrid, plug-in hybrid, and electric vehicles. Button type switches capture the majority of the market, with approximately 50%, followed by knob and touch pad, with 32% and 18%, respectively.
  • – The Asia-Pacific region is expected to continue to dominate the market studied and is also expected to witness the highest growth rate during the forecast period, owing to growing automotive industry and rising demand for technologically-advanced vehicles, which include safety features, infotainment systems, and HVAC systems.
  • – Some of the major players dominating the market studied are Tokai Rika Co. Ltd, Alps Electric Co. Ltd, Continental AG, Omron Corp., Hella (New Zealand), ZF TRW Automotive Holdings Corp., and Autoliv Inc., among others.

    Automotive Switch Market Covers Manufacturers:

  • Alps Electric
  • Robert Bosch GmbH
  • Continental AG
  • Hella KGaA Hueck & Co.
  • Omron Corporation
  • Panasonic Corporation
  • Tokai Rika Co. Ltd
  • Minda Corporation Limited
  • ZF Friedrichshafen AG

    Scope of the Report:

  • The automotive switch market covers all the latest investment and acquisition made by major players, the demand for electronic features in a vehicle, and initiatives taken by the government to make the vehicles safer. The includes

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    Key Market Trends:

    Increasing Usage of Electronics in Vehicles Produced Across the World

    The automotive industry is transitioning from hardware- to software-defined vehicles, and the average software and electronics content per vehicle is increasing rapidly. Both government involvement and consumers’ demand for greater automatic control of systems have been resulting in the increased use of electronics in vehicles. Additionally, the increasing focus toward autonomous vehicles, and making cars smarter (by making them able to connect with each other, vehicle-to-vehicle (V2V), and vehicle-to-infrastructure (V2I) communications), along with ensuring convenience for the consumers, the demand for electronic systems in new cars has been increasing rapidly. Moreover, the demand for automotive electronics has further increased, as technologies are being made widely available in mid-range and entry-level cars and also because consumers purchase technology-based aftermarket products.

    The drivetrain electrification, especially in fully electric vehicles, has the advantages of high energy efficiency and zero tailpipe emissions. Thereby, the advent of a broad suite of microcontrollers, power semiconductors, switches, and sensors for the pure electric vehicle segment is expected to help drive the growth of the automotive switch market.

    Geographical Trends

    The Asia-Pacific region is leading the automotive switch market, followed by Europe and North America. The Chinese economy is growing, and the disposable income of middle-class consumers is also increasing. In 2017, 24,961,948 units of passenger vehicles were sold in China, compared to 24,376,902 units in 2016. The factors making China one of the largest growing markets for switches are low costs, due to the domestic concentration of manufacturing plants, and more sales.

    The demand for automotive switches in India is growing swiftly, as the manufacturers are expanding their business by acquiring major players and also investing in R&D projects. For Instance: In March 2018, TVS Group acquired stake in ZF Electronics (TVS) India. TVS group informed that TVS Srichakra Limited (TSL) is acquiring 500,000 equity shares in ZF Electronics (TVS) India Pvt. Limited, through its wholly-owned subsidiary, TVS Srichakra Investments Limited.

    The US companies are entering into partnerships and spending more on R&D projects and offering products with the latest technology and maximum efficiency. For instance:

    – Semtech Corporation is a supplier of analog and mixed-signal semiconductors. The company has designed its latest FemtoSwitch load switches for the automotive industry. As these switches have very low quiescent current and shutdown current, they are ideal for preserving battery life in specific products, such as automotive smart-keys.

    In France, the enactment of the EUs’ stringent emission regulations, the investment in driver safety segment, and installation of research and development (R&D) plants to improvise the ADAS systems have so far ensured the growth of the automotive switch market in the country. Additionally, installation of safety systems, like ABS and ESC, have also boosted the need for electromechanical braking automotive switch in the European region.

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    Target Audience of Automotive Switch Market:

    • Manufacturer / Potential Investors
    • Traders, Distributors, Wholesalers, Retailers, Importers and Exporters.
    • Association and government bodies.

    Key Reasons to Automotive Switch Market Report:

    • Analyzing various perspectives of the Automotive Switch market with the help of Porter’s five forces analysis
    • The End User that is expected to dominate the Automotive Switch market is analyzed in detail
    • The regions which are expected to witness fastest growth during the forecast period are analyzed and estimated for growth of Automotive Switch market.
    • Identify the latest developments, market shares and strategies employed by the major market players.
    • Regional analysis of Automotive Switch market studied, during the forecast period
    • The segments that are expected to dominate the Automotive Switch market studied.

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