According to a new research report from Global Market Insights, by 2026, the automotive switch market will grow from the current market value of more than 13 billion U.S. dollars to more than 16 billion U.S. dollars. This shows that the market share will be An increase of 3 billion US dollars. From 2020 to 2026, it will gain significant appeal, and the automotive switch industry will usher in a greater improvement.
The global expansion of the automotive industry is expected to provide abundant growth opportunities for the automotive switch market. The adoption of automotive switches will be mainly driven by their increasing use in modern vehicles to support a range of integrated functions, including in-vehicle infotainment systems, driver assistance, Bluetooth, and telematics.
According to vehicle types, the market can be roughly divided into four types: PCV, HCV, LCV and two-wheelers. The LCV segment is expected to achieve a compound annual growth rate of 1.6% within the forecast period. The increase in safety and comfort can be attributed to the use of various advanced technologies and functions in vehicles.
Recently, the automotive industry has witnessed the increasingly powerful fleet management system and continuous technological innovation. Technologies such as vehicle tracking, on-board remote assistance and telematics are increasingly being deployed in LCVs. This trend will certainly promote the adoption of different electrical components and power switches in the automobile manufacturing industry to ensure that these on-board systems can operate easily, efficiently and safely.
Emerging technologies such as the Internet of Things (IoT) and artificial intelligence (AI) are disrupting the automotive industry. It is expected that future vehicles, especially LCVs, will be powered by connected cars and vehicle-to-everything (V2X) communication technology. The above-mentioned trends indicate that automotive switch manufacturers will have opportunities for prosperity in the next few years.
The market share of automotive switches is divided into buttons, rotary switches, rocker switches, multi-function switches and toggle switches. The rocker switch product segment gained more than 21% revenue share in 2019, and it is expected that more products will be adopted in the next few years. Rocker switches have been widely used in LCVs because of their excellent ability to handle large currents.
Another notable feature of rocker switches is that they can be lit to indicate open and closed states. This makes them most suitable for vehicle dashboard applications, such as lights and other auxiliary functions. In addition, their high current handling capabilities make them more suitable for operating different circuits through a single control switch (such as heated seats, window defoggers and electric door locks).
Considering the scope of application, the automotive switch market can be divided into indicator system switches, EMS switches, electronic system switches and HVAC. As consumers increasingly tend to integrate automotive electronic components, during the study period, the compound annual growth rate of the electronic system switch segment is estimated to be 3.2%.
The continuous increase in the number of cars produced has facilitated the deployment of electronic systems such as engine management, infotainment, telematics, ignition and radio. In addition, the rapid development trend of electric transportation and the strong demand for advanced electronic systems driving electric and hybrid vehicles will drive the demand for electronic system switches.
In terms of regional structure, the Middle East and Africa will grow at a healthy compound annual growth rate of 3.5% within the predicted time frame. This is also attributed to the increase in consumer appeal to high-end sports and luxury cars. In addition, the strong development of the regional automotive spare parts market in recent years will promote the demand for the MEA automotive switch market.
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