Steering Wheel Switches Market for Passenger cars will grow significantly, witnessing a CAGR of 4% from 2017 to 2024. Incorporation of more applications in vehicles coupled with rising consumer interest for sports and premium cars will primarily contribute to the high revenue generation. LCV will exhibit considerable revenue share owing to its rising penetration in developing countries. This demand is credited to increased domestic transportation across the globe.
See-saw buttons are likely to grow significantly, witnessing a CAGR of more than 3% till 2024. Rising deployment of these switches for audio and operating cruise functions will drive the industry growth. Shifting consumer preference towards vehicle infotainment systems will boost the revenue generation.
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Europe steering wheel switches market is expected to hold a significant share crossing USD 1 billion till 2024. Presence of established automobile OEMs along with stringent regulations across the region for driver safety enhancement will support the industry growth.
Asia pacific will account for highest volume share owing to high production of automobile along with shifting consumer preference towards premium cars.
Steering wheel switches market from push buttons will account for maximum revenue share over the forecast timeframe owing to its high requirement in various vehicle applications. These applications include self-driving mode, automatic climate controls, and vehicle information, etc. The usage of these switches results in enhancement in driver’s safety that will lead to minimization of accident rate globally.
Steering wheel switches market from OEMs is anticipated to capture maximum revenue share, accounting for over USD 3 billion by the end of 2024. Substantial automobile production will primarily contribute to the revenue generation. Increasing disposable income across the globe has resulted in high demand for customization of various vehicle functions. This has further propelled the industry growth over the past years. Technological advancements have led to increased number of buttons to operate multiple functions, impacting the industry positively.
Rising demand from sports and luxury cars will further impact the industry positively. These cars are equipped with more switches on their steering wheels as compared to other vehicles. Moreover, the industry players are focusing on reducing the switch that will enable the incorporation of more switches on the steering, resulting in increased product sales.
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Regular innovations such as optical sensors usage in the vehicle leads to reduced number of switches, posing a challenge before the industry participants. Industry players are indulged in R&D activities for development of automated cars with absence of steering wheels. For instance, General Motors is expecting the launch of its automated car in 2019. Similarly, Waymo-Google’s self-driving car will be launched in 2018. These innovations are likely to hamper the steering wheel switches market growth over the coming years.
Valeo, ALPS, Panasonic Automotive, Delphi, DAsESUNG, and Tokai Rika are among the noticeable participants in steering wheel switches market. Other prominent players include COBO International, Marquardt, Littlefuse, Vimercati, Aptiv, and Fangxiang. The competitors are focusing on adopting the strategies such as M&As to capture maximum revenue share.