Micro Switch Market is Set to Grow at a CAGR of 5.4% Leading to a Revenue of US$ 9.2 Billion by 2031 | Get In-Depth Studies by Transparency Market Research

Wilmington, Delaware, United States, May 26, 2023 (GLOBE NEWSWIRE) -- Transparency Market Research Inc. - The global micro switch market stood at US$ 5.9 billion in 2022 and the global market is projected to reach US$ 9.2 billion in 2031. Global audiological devices industry is anticipated to expand at a CAGR of 5.4% between 2023 and 2031.

Smaller movement of the switch is capable to produce larger movements at different electrical contacts. Micro switches have been gaining popularity around the world owing to their economical prices and high durability.

Automotive industry is one of the key end-use sectors of micro switches as they are used in operation systems, seat detection, electronic parking brakes, electronic steering column lock, door interlocks, and others. Steady fall in the prices of micro switches over the period can drive lucrative opportunities.

Significant growth in the automotive industry is predicted to lead to lucrative opportunities for industry players. Emerging economies, including India and others, are some of the prominent markets for manufacturers of micro switches because of the flourishing automotive industry. Micro switches are also preferred for their long life, which is another factor driving their demand.

Micro switches control electric currents at a high voltage where an ordinary switch would not work due to their low ratings as well as for safe operation, prevention from moisture or dust accumulation in unintended areas, and protection against tampering because these switches are used in power plants, chemical and petroleum refineries, steel mills, pulp, and paper mills.

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Market Snapshot:

Key Takeaways of Market Report

• The global micro switch market is expected to stand at US$ 6.06 billion in 2023.
  
• Worldwide demand for automotive micro switches is set to rise at a CAGR of 5.4% from 2023 to 2033.
  
• Market share for micro switches in North America is 38%.
  
• Market share of micro switches in Asia Pacific is expected to be at 43%.
  
• Global market is expected to reach a valuation of US$ 9.2 billion by the end of 2033.
  

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Global Micro Switch Market: Growth Drivers

• Growth of the micro switch market is primarily attributable to the growing automotive industry. Demand for micro switches is high in emerging economies from Asia Pacific, such as China and India, due to the flourishing automotive industry in these countries.
  
• Micro switches are known for their long life, which is expected to keep micro switches constantly in demand over the forecast period. Several established players in the market are trying to innovate novel micro switch technology, which is expected to create a strong opportunity for growth of the micro switch market over the forecast period.
  
• Main advantage of a micro switch is its reliability. Switching occurs at specific positions reliably, which is a feature not present in other switches. Important feature of micro switches is that a small movement of the actuator produces a larger movement at the electrical contacts. Micro switches are very common due to their durability and low cost.
  
• The automotive industry is the largest adopter of micro switches, mainly used in engine area interiors, operation systems, door interlocks, electronic steering column locks, seat detection, and electronic parking brakes, among others. Stable fall in micro switch prices is also driving the market.
  

Global Micro Switch Market: Regional Landscape

• Asia Pacific region is anticipated to witness significant growth in the micro switch market with a market share of 43% owing to factors such as the growth of the internet and mobile usage, increasing adoption of cloud computing, and the growth of the IT industry in countries such as China, India, and Japan.
  
• Operators in the Asia Pacific region are actively promoting the benefits of 5G technology, the services it can enable, and the use cases and services that will benefit consumers the most, such as virtual and augmented reality, autonomous vehicles, and smart cities.
  
• North America dominated the market and accounted for over 38% share of the global revenue in 2022, owing to the rapid adoption of advanced technologies across regional multinational companies.
  
• Rising fixed broadband traffic and increasing mobile data traffic propel service providers to upgrade their core networks, mobile backhaul, aggregation, and access in the North American regions. Growing trend towards deploying software-defined networking (SDN) and network functions virtualization (NFV) technologies, creating a growing market for software-based routers and switches.
  

Global Micro Switch Market: Key Players

• Panasonic Industry
  

Strategy

To prepare the way for its transition to a holding company in April 2022, the Panasonic Group introduced a new structure on October 1, 2021. We asked Yuki Kusumi, Group CEO, the steps Panasonic is taking to enhance its competitiveness and contribution to society and the future direction of management.

• Huizhou Greetech Electronic Co. Ltd.
  

New Products

Company launched G10B03-150M20B-T092U subminiature micro switches. This miniature micro switches provide high reliability and a long life with a snap action and tight configuration

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Global Micro Switch Market: Segmentation

• Type
  
  
  • Standard
    
  • Ultraminiature
  • Sub-miniature
    
• Actuator Type
  
  
  • Plunger
    
  • Roller
  • Lever
  • Others (Button, Whisker, etc)

• Contact type
  
  
  • Single Pole Double Throw
    
  • Double Pole Double Throw
  • Single Pole Single Throw
  • Double Pole Single Throw

• Protection Performance
  
  
  • Waterproof Type
    
  • Dustproof Type
  • Explosion- proof Type
    
• Current Rating
  
  
  • <= 0.1A
    
  • 0.1A – 3A
  • 3A – 10A
  • 10A – 20A
  • More than 20A
    
• Applications
  
  
  • Home Appliances
    
    
    • Refrigerators
      
    • Washing Machine
    • Air Conditioners
    • Dishwashers
    • Microwave Ovens
    • Kitchen Stoves
    • Others (water heater, drying cabinet, others)
      
  • Automobiles
    
  • Medical Instruments
  • Electronic Equipment
  • Industry Machinery
  • Tactical Equipment
  • Others (recreational, power tools, etc)

• End-use Industry
  
  
  • Consumer Electronics
    
  • Automotive
  • Industrial
  • Healthcare
  • Aerospace and Defense
  • Others (IT and Telecommunication, Energy and Utility, etc)

• Regions Covered
  
  
  • North America
    
  • Europe
  • Asia Pacific
  • Middle East and Africa
  • South America
    

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