Sellbyville, Delaware, Jan. 22, 2018 (GLOBE NEWSWIRE) —
Steering Wheel Switches Market is set to reach USD 4 billion by 2024; according to a new research report by Global Market Insights, Inc. Global steering wheel switches market share is expected to cross 500 million units by 2024. Applications such as telephone, ADAS, infotainment, and onboard computer is enhancing the number of switches to be employed on the steering wheels. Increasing number of functions operated in the vehicle is driving the steering wheel switches market size over the forecast period.
Increasing demand for luxury and sports cars is driving the steering wheel switches market growth rate over the forecast timespan. Each of these cars employ approximately 10 switches on the steering wheel. In addition, reduced size of buttons enables to incorporate more number of switches on the steering wheels.
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Seesaw buttons is projected to exhibit over 3% CAGR over the study period. This can be credited to its usage in operating cruise and audio functions. Increasing consumer preferences for infotainment while travelling is boosting the segment growth over the forecast timeframe.
Increasing accidents owing to driver distraction for operating various functions in the vehicle will drive steering wheel switches market demand. Automobile manufacturers have analyzed that incorporating various controls on the driver’s fingertips will support in minimizing road accidents. Increasing safety features will support the steering wheel switches market size over the projected period.
Increasing technological advancements such as usage of optical sensors in the vehicle may reduce the number of buttons to be employed thereby hampering the steering wheel switches market size. Moreover, industry participants are engaged in R&D to develop an automated car without steering wheels. For instance, Waymo- Google’s self-driving car is expected to be launched in 2018 and General Motors predicts to introduce its automated car in 2019.
Passenger cars will pose a CAGR of 4% in the steering wheel switches market over the forecast timeframe. This can be attributed to rising number of applications incorporated along with increasing interest of consumers in premium and sports cars. LCVs segment is significantly contributing in the industry revenue generation owing to its high demand in national goods transportation.
Browse key industry insights spread across 250 pages with 510 market data tables & 11 figures & charts from this 2018 report Steering Wheel Switches Market in detail along with the table of contents:
Push buttons is estimated to hold maximum steering wheel switches market volume share due to its requirement in several applications such as automatic climate controls, shifting to self-driving mode, vehicle information, etc. Usage of these buttons will enhance the driver’s safety resulting in minimized accident rates across the globe.
OEMs is expected to generate over USD 3 billion by 2024. The segment holds maximum share due to increasing automobile manufacturing across the globe. Rising disposable income enables the consumers to customize several functions in their vehicle resulting in improved steering wheel switches market growth rate. Technological innovations results in increased number of buttons to be incorporated for operating multiple functions.
Europe steering wheel switches market size is expected to generate more than USD 1 billion by 2024. This can be attributed to presence of major automobile manufacturing companies in the region coupled with stringent regulations to enhance driver safety. Asia Pacific is predicted to hold around 40% of the industry’s volume share in 2024.
Steering wheel switches market players include ALPS, Valeo, Delphi, DAsESUNG, Panasonic Automotive, and Tokai Rika. Other notable players are Fangxiang, Vimercati, COBO International, Aptiv, and Marquardt. Industry participants are engaged in mergers and acquisitions with automobile OEMs to enhance their supply chain model. For instance, in June 2012, Littelfuse announced its acquisition with ACCEL that produces steering wheel switches. Manufacturers enhance their distributing networks by adopting e-commerce channel to sustain in increasing competition. Major players such as Panasonic and Delphi have adopted the online channel for serving their individual customers.
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Global Market Insights, Inc., headquartered in Delaware, U.S., is a global market research and consulting service provider; offering syndicated and custom research reports along with growth consulting services. Our business intelligence and industry research reports offer clients with penetrative insights and actionable market data specially designed and presented to aid strategic decision making. These exhaustive reports are designed via a proprietary research methodology and are available for key industries such as chemicals, advanced materials, technology, renewable energy and biotechnology.
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Source: Nasdaq Automotive News