DUBLIN--(BUSINESS WIRE )--The "Automotive Switch Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2022-2027" report has been added to ResearchAndMarkets.com's offering.
The global automotive switch market reached a value of US$ 26.05 Billion in 2021. Looking forward, the publisher expects the market to reach a value of US$ 36.56 Billion by 2027, exhibiting a CAGR of 5.81% during 2021-2027.
Keeping in mind the uncertainties of COVID-19, we are continuously tracking and evaluating the direct as well as the indirect influence of the pandemic on different end use sectors. These insights are included in the report as a major market contributor.
Automotive switches are one of the essential components that regulate electrical systems installed in automobiles. They offer reliable circuit control for the vehicle ignition and are considered ideal for on and off highway, marine, and testing equipment. They are used for safety and preventing battery drain when a vehicle is idle for a period. At present, the increasing demand for luxury vehicle models is impelling the market growth.
At present, there is a rise in the demand for electric vehicles (EVs) due to low fuel consumption among the masses. This, along with the growing demand for heavy-duty and light passenger vehicles, represents one of the key factors driving the market.
Moreover, there is an increase in the implementation of electronic systems in vehicles. This, coupled with the increasing need for comfort and safety systems in vehicles, is propelling the growth of the market. In addition, there is a rise in the utilization of various automotive electronics, such as heating, ventilation, and air conditioning (HVAC) and infotainment systems. In line with this, the burgeoning automotive industry is offering lucrative growth opportunities to industry investors.
Besides this, the growing advancement in agriculture tractors, especially in the developing regions, is positively influencing the market. Apart from this, the rising use of combination or multi-function switches that can perform various functions, such as wiper systems, lighting systems, and cruise control, is catalyzing the demand for automotive switches. Additionally, key market players are extensively investing in research and development (R&D) activities to introduce enhanced switches for better control and stability features. These innovations are expected to bolster the growth of the market.
Key Questions Answered in This Report:
8 Market Breakup by Vehicle Type
9 Market Breakup by Sales Channel
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ResearchAndMarkets.com Laura Wood, Senior Press Manager press@researchandmarkets.com For E.S.T Office Hours Call 1-917-300-0470 For U.S./ CAN Toll Free Call 1-800-526-8630 For GMT Office Hours Call +353-1-416-8900