The global automotive switches market size was US$ 21.3 billion in 2021. The global automotive switches market is forecast to grow to US$ 48.2 billion by 2030 by growing at a compound annual growth rate (CAGR) of 7.9% during the forecast period from 2022 to 2030.
Automotive switches play a crucial role in performing various activities such as switching off and, on the light, starting and stopping the engine, etc.
Factors Influencing the Market
The growing automotive industry is primarily driving the growth of the automotive switches market. In addition, growing technological advancements will surge the growth of the market during the study period.
Demand for automotive switches is increasing as they are generally installed in luxury passenger cars. Moreover, automation is forecast to gain significant traction in the coming years, which will contribute to the growth of the automotive switches market during the forecast period.
Fluctuations in the prices of raw materials may also limit the growth of the global automotive switches market. On the contrary, rising disposable income and increasing demand for luxury automobiles will contribute to the growth of the market during the study period.
COVID-19 Impact Analysis
The coronavirus outbreak has affected the overall automotive industry by declining its revenue growth in the long term. Thereby, the automotive switch market and manufacturers in the industry witnessed a significant downfall in terms of revenue. The manufacturers also limited their operations following the disruptions created by the pandemic. Moreover, travel restrictions in the US, China, and India created a major drawback for the automotive switches market.
The sales of the automotive switches were highly declined during the pandemic. Demand also fell drastically due to the low manufacturing of automobiles. In addition, manufacturers witnessed a shortage of labor and workforce which hampered the growth of the market.
Regional Analysis
Based on Region, Asia-Pacific automotive switches market is forecast to emerge as the largest market, owing to the presence of a large number of automotive manufacturers in the region, such as Toyota, Tata motors, etc. Furthermore, growing disposable income and rising demand for luxury automobiles will fuel the growth of the market. The global automotive switch market will also experience substantial growth due to growing automotive sales and the demand for efficient safety electronics systems. Thus, the aforementioned factors will boost the growth of the automotive switches market during the forecast period.
Competitors in the Market
Market Segmentation
The global automotive switches market segmentation focuses on Switch, Application, Vehicle, Sales, and Region.
By Switch Type Outlook
By Application Outlook
By Vehicle Type Outlook
By Sales Channel Outlook
By Regional Outlook
