Steering Wheel Switches Market Size worth $2.5 Bn by 2025
Published Date: September 23, 2019 Authors: Preeti Wadhwani, Shubhangi Yadav
Steering Wheel Switches Market size is set to exceed USD 2.5 billion by 2025; according to a new research report by Global Market Insights, Inc. The unit shipments are projected to witness around 3% growth from 2019 to 2025.
The miniaturization of switches has enabled manufacturers to improve steering wheel designs coupled with cost reduction and improved features. The increasing integration of these switches for different applications such as ADAS, onboard computer, and infotainment systems in luxury car vehicles will add to the steering wheel switches market growth. The optimization in the ergonomic design of switches has reduced the size of buttons. Several automotive manufacturers are integrating various advanced features such as infotainment, Bluetooth, and telematics into vehicles, offering enhanced performance to customers. These features can be easily controlled & operated through switches equipped on steering wheels.
The technological advancements around electric vehicles, vehicle connectivity, and in-vehicle information & entertainment have a huge potential to transform the driving experience. Companies are developing products to support several features in such vehicles to offer reliable performance to the driver. The technological advancements in semiconductor technologies have resulted in the reduction in the overall cost of automotive electronic components. Manufacturers are offering low-cost products to gain an enhanced customer base. The availability of low-cost labor and low-cost raw materials in China will reduce the overall manufacturing cost of components, augmenting the steering wheel switches market. The growing trade war between the U.S. and China is leading the U.S. automakers to invest in newer production plants in Thailand, Malaysia, and India.
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The demand for these switches is projected to grow significantly in the commercial vehicles segment. The rising construction & infrastructure development activities are creating a huge demand for Heavy Commercial Vehicles (HCV) across the globe. Vehicle manufacturers are developing advanced cabs for HCVs to enhance driver comfort & performance. For instance, Mack Trucks offer steering wheels that can be equipped with Bluetooth & audio system control buttons as well as illuminated cruise control buttons.
Browse key industry insights spread across 230 pages with 470 market data tables & 31 figures & charts from the report, “Steering Wheel Switches Market Size By Product (Push, Seesaw), By Vehicle (PCV, LCV, HCV), By Distribution channel (OEM, Aftermarket), Industry Analysis Report, Regional Outlook, Growth Potential, Price Trends, Competitive Market Share & Forecast, 2019 – 2025” in detail along with the table of contents:
Europe is expected to maintain a moderate demand in the market due to the presence of a leading luxury, passenger, and commercial vehicle manufacturers such as Mercedes-Benz, and BMW. These companies develop advanced luxury vehicles and provide exclusive comfort & safety features in vehicles. As a result, European countries are experiencing the demand for advanced comfort & infotainment systems, which integrate the connected and extensive computing technologies. North America is expected to create several growth opportunities for industry growth due to the growing aftermarket demand & the rising adoption of electric vehicles in the U.S.
However, the increasing implementation of optical sensors in vehicles and the subsequent decline of a number of buttons in the car will hinder the steering wheel switches market growth. The automotive manufacturing companies are integrating steering wheels with a minimum number of switches to enhance the operability of drivers. These steering wheels offer multiple functions in the minimum number of switches, eliminating the requirement for several buttons on the wheel. The presence of several buttons on the wheel raises the complexity of automotive electronics as well as increases the number of potential repairs, posing threats to industry development. Companies are developing advanced touchscreen steering wheel controls to address the challenges. The touchscreen controls offer enhanced features in lesser space along with less working complexity. The introduction of advanced in-car speech recognition systems in vehicles is further limiting the use of switches in vehicles. Speech recognition systems allow drivers to provide various commands to the system through their voices. Companies are also adopting advanced fabrication.
Delphi Technologies, ZF Friedrichshafen AG, Valeo, Marquardt GmbH, Preh GmbH, and Leopold Kostal GmbH & Co. are some of the major players in the market. Companies are investing in new manufacturing facilities in China and India to expand their presence in Asian countries. For instance, ZF Friedrichshafen AG in February 2019 announced the expansion of its manufacturing plant in Pune, India for expanding the production of chassis & powertrain modules and van & truck driveline modules. Leopold Kostal GmbH announced to open a new production plant in Southern Bulgaria. These companies are investing extensively in R&D activities to differentiate their product offerings in the market. In 2018, Alps Alpine invested USD 357 million in R&D activities.
The steering wheel switches market research report includes in-depth coverage of the industry with estimates & forecasts in terms of revenue in USD and shipments in Units from 2013 to 2025 for the following segments:
By Distribution Channel
The above information is provided on a regional and country basis for the following:
- North America
- Asia Pacific
- South Korea
- Latin America
- Middle East & Africa
- Saudi Arabia
- South Africa