Automotive Steering Wheel Switch Market to Grow Exponentially During the Forecast Period

  • 08 May 2019

Integration of smartphones, infotainment applications, onboard computing and other audio/cruise functions in the commercial and consumer vehicles is promoting the incorporation of multiple switches on the steering wheel. The convenience of driving without having to leave hands from steering vehicle aid in undistracted driving while switching operating functions on road. Also, a significant rise in demand for luxury passenger cars, premium cars and sports cars with a number of steering wheel switches being employed is positively affecting the growth of automotive steering wheel switch market.
Inclination towards reducing road accidental hazards, rise in demand for premium vehicles due to greater purchasing capacity, rapid technological advancements in the automobile industry are other factors enforcing exorbitant growth of global automotive steering wheel switch market.

Global Automotive Steering Wheel Switch Market Restraints
The global automotive steering wheel switch market is projected to face growth hindrances owing to factors like:
•    Deployment of optical sensors resulting reduction of steering wheel switches
•    Self-driving cars without steering wheels
•    Fabrication processes to use the reduced size of buttons
•    Slow adoption of configurable steering wheel switch control

Global Automotive Steering Wheel Switch Market, by Application
•    Passenger Vehicles
•    Commercial Vehicles
Rise in multiple telemetric applications and communication applications deployment in vehicles along with increased purchases of high-end vehicles is boosting the growth of passenger vehicle segment. The growth is projected to be robust during the forecast period of 2019-2026. It is also estimated that the commercial vehicle segment will grow at a rapid pace due to the high demand for goods transportation across the globe.

Global Automotive Steering Wheel Switch Market, by Cover
•    Split 
•    Modular 
 

Global Automotive Steering Wheel Switch Market, by Region 

•    North America 
•    Latin America 
•    Europe 
•    Asia Pacific 
•    Rest of the World 
High technological innovations and dependency on private vehicles have enabled North America to be placed atop in terms of global automotive steering wheel market share. European government is levying stringent road safety norms and the region already hosts a major chunk of automobile manufacturers. Hence Europe is projected to grow at a uniquely healthy CAGR during the next 8 years. Adoption of online buying and improved standard of living in the APAC region is fuelling a lucrative growth of the market in the region.


Competitive Landscape:   
•    Tier 1 players- established companies in the market with a major    market share 
•    Tier 2 players  
•    Emerging players which are growing rapidly  
•    New Entrants   


FutureWise Key Takeaways  
•    Growth prospects 
•    SWOT analysis  
•    Key trends  
•    Key data-points affecting market growth  


Objectives of the Study:  
•    To provide with an exhaustive analysis on the global automotive steering wheel switch market on the basis of application, cover, and region 
•    To cater comprehensive information on factors impacting market growth (drivers, restraints, opportunities, and industry-specific restraints) 
•    To evaluate and forecast micro-markets and the overall market  
•    To predict the market size, in key regions (along with countries)—North America, Europe, Asia Pacific, Latin America, and the Middle East 
•    To record evaluate and competitive landscape mapping- product launches, technological advancements, mergers and expansions 
•    Profiling of companies to evaluate their market shares, strategies, financials and core competencies   

 

Get unlimited analyst support and customise this study further to your requirements, contact sales@futurewiseresearch.com