Portland, OR, July 18, 2022 (GLOBE NEWSWIRE) -- According to the report published by Allied Market Research, the global rocker switch market generated $6.3 billion in 2021, and is projected to reach $9.2 billion by 2031, witnessing a CAGR of 3.8% from 2022 to 2031. The report provides a detailed analysis of changing market dynamics, top segments, value chain, key investment pockets, regional scenario, and competitive landscape.
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Rise of the automotive industry coupled with technological innovation, favorable regulatory regulations, and increase in number of SMEs drive the growth of the global rocker switch market. Moreover, the rocker switch market share is expected to witness notable growth during the forecast period, owing to huge opportunity available in the healthcare sector with automation.
COVID-19 Scenario:
- The outbreak of the COVID-19 pandemic led to have a negative impact on the growth of the global rocker switch market, as manufacturing units were closed and supply chain was disrupted.
- R&D programs were either cancelled or delayed due to lockdown implementation, which hampered the market growth. Nevertheless, the market is recovering steadily.
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The report offers detailed segmentation of the global rocker switch market based switching configurations, end user, and region.
Based on switching configurations, the double break segment held the highest market share in 2021, holding more than three-fifths of the total market share, and is expected to continue its leadership status during the forecast period. Moreover, the same segment is estimated to register the highest CAGR of 4.7% from 2022 to 2031.
Based on end user, the automotive segment held the largest market share in 2021, holding nearly one-third of the total market share, and is expected to continue its leadership status during the forecast period. Moreover, the same segment is projected to register the highest CAGR of 4.5% from 2022 to 2031. Other segments discussed in the report include aeroscope, HVAC, and instrumentation.
Based on region, Asia-Pacific is contributed to the highest share in terms of revenue in 2021, holding nearly two-fifths of the total market share, and is estimated to continue its dominant share by 2031. Moreover, the same region is projected to manifest the fastest CAGR of 4.6% during the forecast period. Other regions mentioned in the report are North America, Europe, and LAMEA.
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Leading players of the global rocker switch market analyzed in the research include ABB Ltd., APEM, Carling Technologies, Eaton Corporation, Emerson Electric Co., E-switch, Everel Group S.p.A., Honeywell International Inc., Leviton Manufacturing Co. Inc., NKK Switches, Omron Corporation., OTTO Engineering, Panasonic, Schruter, Sensata Technologies, Inc., TE Connectivity, and ZF Electronics.
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Allied Market Research (AMR) is a full-service market research and business-consulting wing of Allied Analytics LLP based in Portland, Oregon. Allied Market Research provides global enterprises as well as medium and small businesses with unmatched quality of "Market Research Reports" and "Business Intelligence Solutions." AMR has a targeted view to provide business insights and consulting to assist its clients to make strategic business decisions and achieve sustainable growth in their respective market domain.
Pawan Kumar, the CEO of Allied Market Research, is leading the organization toward providing high-quality data and insights. We are in professional corporate relations with various companies and this helps us in digging out market data that helps us generate accurate research data tables and confirms utmost accuracy in our market forecasting. Each and every data presented in the reports published by us is extracted through primary interviews with top officials from leading companies of domain concerned. Our secondary data procurement methodology includes deep online and offline research and discussion with knowledgeable professionals and analysts in the industry.
