Automotive Switch Market size is valued at US$ 27 Bn in 2017 and expected to grow at a CAGR of 8% in the forecasting period. Growing consumer preference for integrated electronics inside the vehicle owing to the convenience and improved safety will drive the automotive switch market size. Increasing automobile demand globally will augment shipments in the coming years.
The automobile production has increased by 13% from 2012 to 2016 globally. Vehicles that are manufactured currently include a complex combination of integrated mechanical structures and intelligent electronic systems. Switches are an integral part of electronic systems and help in the overall functionality of the vehicle. Modern automobiles are equipped with numerous electronic systems such as HVAC, infotainment, window, heated seats, electric steering, acceleration, transmission, and headlight controls. Technological advancements in automotive electronics have resulted in improving the user connectivity and increasing the efficiency of the vehicle, this will prove favorable for the automotive switch market. It does not require high degree of human intervention as they respond to electric signals automatically and benefit the drivers in managing the systems without getting preoccupied. With innovation, the designs have grown from the single on-off function units to a combination that can be used for cruise control and turn signals, wipers, and lights. The automotive switch market is segmented based on product, application, end-use and geography. By product segment, the market is segmented into knob, lever, button and touchpad. Touchpad account for major share in automotive switch market owing to their usage in recreational activities. Increasing adoption of touchscreen panels by OEMs has raised the demand for feedback touch controls. Adding smartphone functionality to vehicles will also result in a significant growth of touch panels and touchpads over the forecast timeline. These are easier to maintain and integrate and can be updated and managed remotely using software. They have minimum moving parts which reduces the chance of breakage. Improved aesthetics provided by touch panels reduces the clutter of a cockpit and can display rich media. These benefits have eroded the automotive switch market share for knobs, buttons & levers. By applications segment, the market is segmented into HVAC, indicator system and EMS. By end-use segment, the market is segmented into commercial vehicles and passenger vehicles. Geographically, the automotive switch market has been segmented into North America, Europe, Asia Pacific, Middle East & Africa and Latin America. Asia-Pacific is expected to be largest market for Automotive Switch during the forecast period. The significant China automotive switch market size has led to considerable demand in Asia Pacific. APAC has witnessed about 20% automobile production growth from 2012 to 2016, supported by China, India, Japan, and South Korea. Increased number of passenger and commercial vehicles has raised the demand for technologically advanced components to be incorporated into vehicles.
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