Automotive Switch Market to Record Significant Growth in Revenue During the Forecast Period

Growing emphasis on vehicle safety along with the need to support integrated functions in modern vehicle systems will bolster global automotive switch market forecast. Rise in disposable income among people in both developed and emerging nations is propelling the demand for HCVs and LCVs which boast a variety of automotive switches to facilitate improved functions. The product carries various mechanical applications like toggle, rocker, rotary pushbuttons, multifunction, and others.
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Automotive switches allow OEMs to provide additional vehicular features such as telematics, infotainment system, driver assistant technology and telematics and several other elements. Global automotive switch market share is estimated to exceed USD 16 billion in value by 2026. Suppliers outlining the competitive dynamics of the industry include COBO S.p.A, Delphi Technologies, Alps Electric, Leopold Kostal, C&K Components and Omron Corporation, among various others.
Automotive switches find application in LCV, PCV, two-wheelers and HCV vehicles. Increasing purchase of two-wheelers especially in developing nations is driven by benefits like low cost of maintenance and operation along with easier commute options. Two-wheelers are highly vulnerable to extreme weather conditions like dust and rain, propelling the market players to develop sturdy and waterproof switches that render protection from short-circuits and restrict heat build-up.   
Increasing environmental degradation has led to the demand for environmentally friendly vehicle solutions. Similar efforts are carried out in the two-wheeler industry leading to the introduction of electric bikes. Two-wheeler automotive switch industry size is expected to register a growth rate of more than 3% CAGR over 2020 to 2026 owing to the escalating demand for electric scooters and premium electric bikes.
Improving disposable income among people in emerging countries across Asia Pacific will expand regional opportunities in automotive switch industry over the period of study. Reportedly, APAC automotive switch market is expected to showcase notable CAGR of 4% through 2026.
Developments in the automobile sector owing to product innovations will support the industry dynamics. With an aim to enhance passenger-vehicle safety, countries like China, India and Japan are recording increased use of ADAS and other safety systems. Additionally, there increasing adoption of electric vehicles in the region owing to stringent regulations by the government to reduce carbon emission levels and adequate awareness among the people.  
Due to the presence of multiple electronic systems, more automotive switches are required as compared to conventional vehicles. With respect to application, engine management system segment will lead automotive switch industry share soon. This is mainly due to the wide use of switches used in the engines to control various vehicle functions like oil pressure gauge, reversing light, coolant temperature gauge, parking sensors, brake light, and door lights.
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EMS switches carry the ability to resist extreme temperatures and provide accurate sensitivity. In the year 2019, engine management system switches accounted for more than 15% of the total automotive switches consumption. The global share will witness robust growth in the coming years due to innovations in automobiles as well as the need for innovative engine systems and in-vehicle features.
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