Steering Wheel Switches Market - Global Industry Analysis, Size, Share, Growth Opportunities, Future Trends, Covid-19 Impact, SWOT Analysis, Competition and Forecasts 2022 to 2030
The global Steering Wheel Switches Market size valued at USD 2.1 billion in 2018 and is projected to grow at a CAGR of over 1.8% during the forecast period 2022 to 2030.
Steering Wheel Switches Market Overview:
Several OEMs are deploying enhancements in their vehicles to increase driver comfort and safety. Traffic safety has become an important factor due to the increase in the number of deaths due to traffic accidents. Steering wheel switches reduce the risk of driver distraction by allowing the driver to focus on the road. Additionally, technological advancements in steering wheel switches are likely to propel the growth of the steering wheel switches market. Many manufacturers have developed steering wheel switches with a limited number of ergonomically optimized buttons, which also increase safety. As vehicle comfort solutions increase, the performance and development of steering wheel switches are also expected to accelerate.
Increasing adoption of automation in vehicles is expected to drive the growth of the automotive steering wheel market over the forecast period. Rapid vehicle automation has increased the demand for electronic components. This factor is also likely to propel the growth of the steering wheel switch market. The replacement costs of steering wheel switches are higher and even the slow adoption of these switches in the mid-level segment is expected to restrain the growth of the steering wheel switches market over the forecast period.
Steering Wheel Switches market size estimates and forecasts are provided in terms of sales volume (K units) and revenue (million USD), with historical and forecast data for the period 2017 to 2030, with 2022 being considered as the base year. This report segments the global Steering Wheel Switches market in detail. Regional market sizes related to products by type, by application, and by player are also delivered. In estimating the size of the market, we took into account the impact of COVID-19 and other global crisis.
The Steering Wheel Switches market research report is categorized based on type, applications and region.
Market Key Players:
ZF, Delphi, Alps, Tokai Rika, Valeo, Panasonic, Changjiang Automobile, Leopold Kostal, Methode Electronics, Aptiv, COBO International, and others.
Geographically, the global Steering Wheel Switches market has been analysed in various regions such as North America, Europe, Asia Pacific, Latin America and Middle East & Africa (MEA).
Owing to the lucrative growth in auto manufacturing in the region, the Asia-Pacific steering wheel switch market accounted for over 40% revenue share in 2019. In Asian countries such as China and India, government policies and initiatives supporting the growth of the manufacturing sector are increasing the market share of steering wheel switches.
Many well-known automobile manufacturers, including Toyota, Honda, Suzuki, Mitsubishi, and Nissan, have entered Japan, making it one of their major markets. The brand is included among the world's leading automobile manufacturers, which is a major factor contributing to the rapid growth of the automotive sector in the region. Japanese auto parts manufacturers offer highly specialized products and sell products primarily to OEMs in Europe, North America and China. One of the major automotive switch suppliers in the region is Tokai Rika.
Further the regions are divided as follows
- North America
- Rest of North America
- Nordic Countries
- Benelux Union
- The Netherlands
- Rest of Europe
- South Korea
- Southeast Asia
- Rest of Southeast Asia
- Rest of Asia-Pacific
- The Middle East & Africa
- Saudi Arabia
- South Africa
- Rest of the Middle East & Africa
- Latin America
- Rest of Latin America
Steering Wheel Switches Market report scope
CAGR of 1.8% from 2022 to 2030.
PCV, LCV, HCV
ZF, Delphi, Alps, Tokai Rika, Valeo, Panasonic, Changjiang Automobile, Leopold Kostal, Methode Electronics, Aptiv, COBO International
Regions and Countries Covered
2017 to 2022
2023 to 2030
Key Takeaways from this Steering Wheel Switches Report
- Estimate Steering Wheel Switches market potential through analysing growth rates (CAGR %), Volume (Units) and Value ($M) data given at country level - for product types, applications and by different industry verticals.
- Understand the supply chain in depth on the value growth at each step, in order to optimize value and bring effectiveness in your processes.
- Know the different dynamics affecting the market - challenges, key driving factors and opportunities.
- Get a quick viewpoint on the Steering Wheel Switches market entropy - M&A's, deals, partnerships, product launches of all key companies for the historical 5 years.
- Estimate the supply-demand gaps, import-export data and regulatory landscape for more than top 20 countries worldwide for the market.
- Get complete insights on your competitor performance - market shares, strategies, financial benchmarking, product benchmarking, SWOT and more.
- Study the sales and distribution channels over key geographies to improve top-line revenues.
Frequently Asked Questions
At what CAGR is the Steering Wheel Switches market projected to grow in the forecast period 2022 to 2030?
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What are the applications of Steering Wheel Switches market?
Who are the top players in Steering Wheel Switches market?
Which application segment is expected to drive the growth of the Steering Wheel Switches market in the next 5 years?
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