Automotive Switch Market size valued at USD 13 billion in 2019 and is expected to grow at a CAGR of over 3% from 2020 to 2026. The global unit shipments are projected to cross 1 billion units by 2026.
The growing market trend for Electric Vehicles (EVs) due to low fuel consumption and low pollution benefits will add an advantage for automotive switches in the vehicle manufacturing industry. The drive train electrification in EV requires a broad range of sensors, switches, microcontrollers, and other power electronics. Governments from developing nations are launching various schemes to increase the adoption of electric vehicles.
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The leading OEMs in the automotive switch market are now focusing to implement new and innovative components in their vehicles to make the vehicle system more reliable & efficient and enhance their market share. For example, in February 2017, Mercedes-Benz installed a touchpad controller in its S-Class and C-Class models, which include rotary knob and touch keys to operate the navigation and infotainment system in the vehicle. These innovation techniques adopted by vehicle manufacturers are driving the market growth in the coming years.
The growing adoption of dashboard display among OEMs will increase the market for touchscreen capability. This will result in growing opportunities for new haptic technology among market leaders to deliver tactile functioning of buttons, restraining the market demand.
|Automotive Switch Market Size in 2019:
|USD 13 Billion
|2020 to 2026
|Forecast Period 2020 to 2026 CAGR:
|2026 Value Projection:
|USD 16 Billion
|Historical Data for:
|2015 to 2019
|No. of Pages:
|Tables, Charts & Figures:
|Vehicle Type, Product, Application
|Pitfalls & Challenges:
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It also allows more input controls, thereby reducing the number of mechanical switches in vehicles. This has led to an increase in the adoption of touchscreen display by major car manufacturers to deliver enhanced user interface to drivers.