November 16, 2021 09:00 ET | Source: Research Diving Research Diving
New York, USA, November 16, 2021 (GLOBE NEWSWIRE) - According to Research Dive, the global automotive switch market is expected to generate USD 13.602 billion in revenue by 2028 and grow at a compound annual growth rate of 7.8% during the forecast period Rate growth (2021-2028). The comprehensive report briefly summarizes the current market scenario, including key aspects of the market, such as growth factors, profitable growth opportunities and constraints. In addition, the report provides all the automotive switch market trends, the impact of COVID-19 on the market, and market estimates, making it easier, more helpful and useful for new participants to understand the market.
Our analysts believe that the rapid growth of the utilization rate of automotive electronic components and the increasing demand for more convenient and smarter operability of different functions of the car are estimated to be important factors driving the growth of the global automotive switch market. Forecast period. In addition, the increase in the number of global automobile production, especially in developing countries, is expected to be another factor driving market growth by 2028.
In addition, rapid infrastructure growth and technological progress in developing countries have led to an increase in demand for vehicles, which is expected to create huge growth opportunities for the automotive switch market during the forecast period. However, the introduction of voice recognition, virtual assistants and other advanced technologies that can replace car switches is estimated to limit market growth within the expected time frame.
Get | Download the PDF sample report of the automotive switch market@ https://www.researchdive.com/download-sample/2932
The impact of COVID-19 on the automotive switch market
The COVID-19 pandemic has had a moderate impact on the growth of the global automotive switch market. The huge impact on the market share and scale of automotive switches is mainly due to the decrease in global car sales after the global outbreak of COVID-19, which has led to lockdowns and restrictions in many countries/regions. In addition, the disruption of the transportation supply chain of important components has had a negative impact on the market. However, the gradual impact on the size and share of the automotive switch market is mainly due to the increasing demand for digital management of operations by companies and the use of advanced technologies to monitor the manufacturing process of automotive switches and other electronic devices in real time.
See how COVID-19 affects the automotive switch market. Click here to schedule a call to talk with our Triangulate expert analyst and use your own data @ https://www.researchdive.com/connect-to-analyst/2932
Promote the most profitable switch market segment
By switch type, the push-button switch sub-segment will have a revenue of US$2.9971 billion in 2020 and is expected to occupy a dominant position and the fastest growth in the global market during the forecast period. The button switch adopts a unique sealing technology, which is oil-proof, water-proof and anti-static. Therefore, the plus switch is not easily polluted and disturbed, and it is in great demand in the automotive industry.
The heavy-duty commercial vehicle segment has the fastest growth
By model, the heavy-duty commercial vehicle segment is expected to receive US$955.7 million in revenue by 2028 and grow at a healthy compound annual growth rate during the forecast period. This is mainly due to the increasing production of heavy commercial vehicles and various advanced functions such as electronic systems and infotainment switches.
OEM market segment dominates
Divided by distribution channel, the revenue of the original equipment manufacturer segment in 2020 is US$4.510 billion and is expected to occupy most of the market share during the forecast period. This is mainly due to the rapid growth of major road transportation methods such as light commercial vehicles, passenger vehicles and heavy commercial vehicles.
Request the customization of the automotive switch market report and get a 10% discount for this report@ https://www.researchdive.com/request-for-customization/2932
The Asia-Pacific region will succumb to the global industry
Divided by region, the Asia-Pacific automotive switch market is expected to receive USD 4.75 billion in revenue by 2028, and will occupy a dominant position in the global industry during the forecast period. The rapid growth of the region can be attributed to the rapid urbanization and increasing demand for mobility in developing countries such as India and China. In addition, due to the increase in per capita income, the population of the region is upgrading from two-wheelers to four-wheelers, which is expected to contribute to the growth of the Asia-Pacific market by 2028.
Some of the major players in the global automotive switch industry are:
These players are applying various strategies to gain a competitive advantage and occupy a dominant position in the global industry.
For example, in February 2020, NXP, the world's largest supplier of automotive semiconductors, announced the launch of a "multi-gigabit Ethernet switch" designed to help automakers provide the high-speed networks necessary for the evolving connected cars.
In addition, the report also has some understanding of leading corporate manufacturers, images, SWOT analysis, product portfolios, and financial status-inquire for detailed top company development strategy reports
Contact: Mr. Abhishek Paliwal Research Dive 30 Wall St. 8th Floor, New York NY 10005 (P) 91-(788)-802-9103 (India) 1-(917)-444-1262 (United States) Toll free: 1 -888-961-4454 Email: support@researchdive.com Website: https://www.researchdive.com Blog: https://www.researchdive.com/blog/ LinkedIn: https://www. linkedin.com /company/research-dive/ Twitter: https://twitter.com/ResearchDive Facebook: https://www.facebook.com/Research-Dive-1385542314927521