LONDON, May 04, 2022 (GLOBE NEWSWIRE) -- According to The Business Research Company’s research report on the automotive switch market, the increasing adoption of electric vehicles globally is expected to propel the growth of the automotive switch market. An electric vehicle is a type of vehicle that does not use fuel like petrol, diesel, etc. Electric vehicles make use of electrical current while moving. Electric vehicles have low running costs as they have very few moving parts for maintenance and are also very environmentally friendly. For instance, according to Power Electronics in the United States, in 2021, electric vehicle markets are growing in all three countries: China, the US, and Europe. Sales increased by 160% in the first half of 2021, which means 0.26 billion units of electric vehicles were sold, showing 26% of new sales in the global automotive market. China remained the world’s top EV market, accounting for 12% of sales. Automotive switches are used as internal parts in cars. Therefore, the increasing adoption of electric vehicles drives the automotive switch market.
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The global automotive switch market size is expected to grow from $18.02 billion in 2021 to $19.17 billion in 2022 at a compound annual growth rate (CAGR) of 6.38%. The growth in the market is mainly due to the companies' resuming their operations and adapting to the new normal while recovering from the COVID-19 impact, which had earlier led to restrictive containment measures involving social distancing, remote working, and the closure of commercial activities that resulted in operational challenges. The global automotive switch market growth is expected to reach $26.71 billion in 2026 at a CAGR of 8.64%.
Technological advancements in fingerprint automotive start are gaining popularity in the automotive switch market trends. Major companies operating in the automotive switch sector are focused on developing new technological solutions to strengthen their position. For instance, in September 2021, Genesses, a US-based company, announced TECH – a fingerprint automation system based on advanced technology and automotive intelligence. These are fingerprint automation-driven automotive switches. It helps the driver completely control the vehicle on the basis of biometric information without a smartphone or a smart key. The driver can drive the car using fingerprint recognition. The fingerprint authentication can also be used for in-vehicle usage and for the release of valet mode. The company is planning to introduce this technology in the new module GV60.
Major players in the automotive switch market are ZF Friedrichshafen AG, Johnson Electric Holdings Limited, Leopold Kostal GmbH & Co. Kg, Marquardt GmbH, Preh GmbH, Valeo, and Robert Bosch.
The global automotive switch market analysis is segmented by type into ignition switches, HVAC switches, steering wheel switches, window switches, overhead console switches, seat control switches, door switches, hazard switches, multi-purpose switches, others; by design into rocket switches, rotary switches, toggle switches, push switches; by vehicle into PCV, LCV, HCV, two wheelers; by application into indicator system switches, HVAC, EMS switches, electronic system switches, others.
Asia-Pacific was the largest region in the automotive switch market in 2021 and is also expected to be the fastest-growing region during the forecast period. The regions covered in the global automotive switches market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, the Middle East, and Africa.
Automotive Switch Global Market Report 2022 – Market Size, Trends, And Global Forecast 2022-2026 is one of a series of new reports from The Business Research Company that provide automotive switches market overviews, automotive switches market analyze and forecast market size and growth for the whole market, automotive switches market segments and geographies, automotive switches market trends, automotive switches market drivers, automotive switches market restraints, automotive switches market leading competitors’ revenues, profiles and market shares in over 1,000 industry reports, covering over 2,500 market segments and 60 geographies.
The report also gives in-depth analysis of the impact of COVID-19 on the market. The reports draw on 150,000 datasets, extensive secondary research, and exclusive insights from interviews with industry leaders. A highly experienced and expert team of analysts and modelers provides market analysis and forecasts. The reports identify top countries and segments for opportunities and strategies based on market trends and leading competitors’ approaches.
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