The push steering wheel switches market is valued over 650 million in 2018 and is projected to grow at a CAGR of around 1% over the forecast period. The increasing penetration of electronic systems in economy cars is creating growth prospects for the industry. The aftermarket for push type switches is also expected to show moderate growth as a result of the increased consumer spending on their maintenance to increase the comfort and safety of vehicles. These switches are majorly used for volume control, channel control, vehicle mode control, and radio control.
The increasing implementation of advanced entertainment systems in vehicles will drive the demand for seesaw type switches. These switches are integrated into steering wheels to perform several tasks such as audio control and cruise control. Luxury vehicle manufacturers across the globe are particularly implementing seesaw type switches due to their increased functionality and enhanced aesthetic features. The growing demand for luxury vehicles in Europe and the MEA countries including the UK, Germany, Saudi Arabia, and the UAE is expected to drive steering wheel switches market growth over the forecast timeline.
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The steering wheel switches market in passenger cars will reach over USD 450 million by 2025, growing at a CAGR of around 3%. The deployment of several new technologies in passenger vehicles, such as infotainment systems and ADAS systems, is creating the demand for steering wheel controls and contributing toward industry growth. Automotive manufacturers are developing PCVs that provide enhanced features to increase the safety & comfort of drivers. The increasing implementation of cruise control buttons on steering wheels of economy cars to manually adjust the speed of the car will influence the demand for these components.
The demand for luxury vehicles and sports cars is rising across the globe, providing lucrative opportunities to companies operating in the steering wheel switches market. These cars are integrated with multiple steering wheel switches to increase the functionality of the vehicle. The increased government concerns & regulations across the world that include the provision of safety systems in vehicles are also accelerating the deployment of these solutions in passenger vehicles.
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Asia Pacific steering wheel switches market holds over 40% revenue share in 2018 due to the lucrative growth in automotive manufacturing in the region. Increasing government policies & initiatives that support the manufacturing sector development in Asian countries including China and India are driving the steering wheel switches market share. For instance, the “Make in India” initiative by the Government of India is developed to accelerate the production of various products in the country, developing the export activities. These initiatives along with easy & cheap labor availability in the region are supporting the penetration of several manufacturing facilities of foreign companies.
The presence of several well-established automakers that include Toyota, Honda, Suzuki, Mitsubishi, and Nissan in Japan makes it one of the major markets. These brands are included in the top vehicle manufacturers across the globe, which is the key factor adding up to the rapid growth of the country’s automotive sector. Auto part manufacturers in Japan offer highly specialized product offerings and mainly sell their products to the OEMs across Europe, North America, and China. Tokai Rika is one of the major suppliers of automotive switches in the region.