Automotive Switches for Passenger Cars to Reign Supreme, reaching US$ 19 Bn by 2031: Fact.MR
Published : 08 Oct 2021 Industry: Automotive
A recently published report by Fact.MR reveals that the global automotive switches market is projected to grow at a CAGR of 8.7% during the forecast period (2021-2031), surpassing US$ 36 Bn by the end of the said assessment period. By 2021, the market is expected to be valued at US$ 15.5 Bn, with applications across passenger vehicles and two-wheelers increasing.
From 2016 to 2020, the industry experienced a CAGR of 7%. During the COVID-19 pandemic, prospects declined significantly, attributed to a global contraction in automotive manufacturing operations. Some of its effects have spilt over to the present fiscal, with countries such as India experiencing a 3% decline in auto component revenues. However, this is expected to be offset, as new vehicle registrations and resumption of manufacturing facilities continue to take place.
The increasing focus of automotive manufactures in providing premium auto parts with lower repair and maintenance requirements is foreseen to bolster the growth of sales of automotive switches through OEMs. Moreover, the surging popularity of electric vehicles is also anticipated to widen sales prospects for these switches across the forecast period. As per Fact.MR, the market will more than double until 2031.
Key Takeaways from the Market Study
- Interior control switches are foreseen to cross the US$ 21 Bn mark by 2031, contributing a value CAGR of 4.2%.
- Collectively, access management and powertrain switches estimated to account for 1/3rd revenue share
- Automotive switches for passenger cars to surpass US$ 19 Bn in value by 2031
- Light commercial vehicles foreseen to grow ~4.7x more than heavy commercial vehicles.
- Europe to register a value of US$ 7 Bn by 2031, capturing 1/4th of global revenues
- Asia to be one of the fastest growing markets, clocking a 4.6% value CAGR
“Growing focus on improving human-machine interface technologies along with a high degree of comfort and accuracy in their product offerings is foreseen to open new growth avenues for automotive switches market, says the Fact.MR analyst.
Key players involved in the market are rigorously investing in the development and launches of new products to gain a competitive advantage and expand their consumer base.
- In August 2021, TOKAI RIKA Co., Ltd. announced the development of a fingerprint-authentication start switch to help boost vehicle anti-theft performance. A first for Japanese cars, this switch will be used by the new Toyota Land Cruiser that was launched in August 2021
- In April 2021, Autoliv, Inc. and Mersen, announced a joint collaboration to develop devices that will help make electric vehicles safer. The collaboration will produce disconnect devices that utilize Autoliv’s proven pyrotechnical safety switch (“Pyroswitch”) technology and Mersen’s fuse hybridization concepts, to create affordable devices that can disconnect up to 1000-volt power source in milliseconds, before dangerous arcing can occur.
More Insights Available
In its latest report, Fact.MR offers an unbiased analysis of the automotive switches market, providing historical data for the period of 2016-2020 and forecast statistics for the period of 2021-2031.
The study divulges compelling insights on the automotive switches market on the basis of switch (interior control switches, access management switches, powertrains & other switches), vehicle type (passenger cars, light commercial vehicle, heavy commercial vehicle, electric vehicles, tractors, forklifts, and two-wheelers) and sales channel (OEMs and aftermarket), across seven major regions (North America, Latin America, Europe, East Asia, South Asia, Oceania and Middle East & Africa).
About the Automotive Division at Fact.MR
Expert analysis, actionable insights, and strategic recommendations of the highly seasoned automobile team at Fact.MR helps clients from across the globe with their unique business intelligence needs. With a repertoire of over thousand reports and 1 million-plus data points, the team has analyzed the automotive industry across 50+ countries for over a decade. The team provides unmatched end-to-end research and consulting services. Reach out to explore how we can help.
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Consultant - Industrial Goods and Automotive