Electric Switch Market Size

Electric Switch Market Size

Electric Switch Market size exceeded USD 13 billion in 2021 and is projected to expand at a CAGR of around 6% from 2022 to 2030. Technological advancements in tactile switch operations have revolutionized automotive electronics applications. Companies are strongly focusing on R&D and innovations to increase uptime, save on maintenance & energy, and reduce the sound while pressing the switches.

The rising adoption of industrial automation technologies, such as IoT, AI, and robotics, will provide significant market opportunities for the electric switch market. The Industrial Internet of Things (IIoT) helps industries to change the traditional ways of product manufacturing and delivery process, making them cost-effective, efficient, reliable, and safe for human operators. Several OEMs are incorporating application-specific industrial robots to boost the automated production process, further supporting the market expansion.
 

The automobile sector is poised to register robust growth during the forecast period. Growing technological developments to provide an enhanced driving experience is providing considerable market growth for electric switches in vehicles. The proliferation of connected vehicles and governments partnering to build an infrastructure for connected vehicles & technologies, such as Vehicle to Vehicle (V2V) and Vehicle to Infrastructure (V2I), are propelling the growth of electric switches in automotive electronic devices.
 

The increased power supply may impair the performance of electric switches that must consistently perform various tasks. Due to their regular use, the performance of electric switches can deteriorate over time, causing the entire apparatus to stop working. The electric switch market is restrained by maintenance and repair issues in electromechanical switches, which can fail in various ways, including flaring and dirt, affecting their functionality. The switching operation may become less effective over time and usage. Sparking can occur when contacts are formed and broken, causing the contact to deteriorate. Over time, the contacts may become pitted and filthy, resulting in significant performance degradation, and hindering industry size.
 

The COVID-19 pandemic has fueled the adoption of robotics & automation to ensure reduced dependency on workers in the industrial sector. This will help companies to maintain the continuity of plant processes. Growing investments in automation technology, smart factories, robotics, and the Industrial Internet of Things (IIoT) in the manufacturing & production sectors will bring new growth opportunities for the market in the post-COVID-19 scenario.