Fact.MR’s study shows that the automotive switches market is estimated to witness a volume CAGR of 4.2% during the period of assessment 2018 - 2028.
Rockville, MD -- (SBWIRE) -- 06/13/2019 -- Fact.MR's recent market analysis reveals a steady growth prospects for the automotive switches market based on thorough analysis of the prominent trends prevailing in the automotive industry. Increasing demand for electronic components in automobiles, growing preference for comfort and luxury in automotive interior and expansion of electro-mobility are important fillips of the automotive switches market identified in the report. Fact.MR's study shows that the automotive switches market is estimated to witness a volume CAGR of 4.2% during the period of assessment 2018 - 2028. A significant rise in vehicle production, increasing size of vehicle fleet and growing demand for auto parts is projected to contribute to the sales volume of 4,207.6 Million units of automotive switches by 2028 end.
The introduction of consumer electronics for the past couple of decades has led to the change in approach of the manufacturers towards any machine. With the drastic increase in the computing power, electronics products offer the same complex function which belonged to the too expensive computers of the 1990s.
In this section, the market taxonomy of the automotive switches market is discussed elaborately with the in-depth information of all the market segments. The automotive switches market is segmented based on vehicle type, switch type and sales channel. With the geographical point of view, the automotive switches market is thoroughly analyzed for a total of seven regions where an in-depth country-wise analysis forms the basis of the global market forecast.
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Developing Economies Consolidate Small-Scale Automotive Switches Market Players
Economic growth and per capita income show significant influence on the outlook of automotive industry and growth of the auto parts market. The automotive switches market is prominently influenced by consumer buying power. Following this trend, tier 1 and tier 2 companies in the automotive switches market have a strong presence in the developed economies with their preference for OEMs for supply contracts. Whereas consumer preference for affordable prices has led to the consolidation of tier 3 companies of automotive switches in the developing countries.
According to the study, passenger car segment is slated to reign the automotive switches market with over 75 percent share. The rising demand for passenger cars in developing economies will propel the automotive switches market. As such, BIC—Brazil, India, China are significant contributors for the growth of automotive switches market.
Logistics Industry to Propel the Automotive Switches Market as Number of Vehicle Fleet on the Rise
With its important role in driving the steady economic growth, the logistics industry is witnessing an impressive growth trend with favorable government regulations, increasing preference for sharing fleets, and growing emphasis on effective logistics management.Increasing demand for quick delivery and effective inventory management has resulted into a significant rise in the number of vehicle fleet involved in transportation and warehousing. Growing utilization of electric vehicles in the logistics industry and a significant market share of automotive switches in the electric vehicles segment is set to present lucrative opportunities for stakeholders in the automotive switches market.
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The report includes executive summary, overview section which reveal a deep dive analysis of the Automotive switches market. Furthermore, market overview section focuses on PESTLE analysis to present a thorough assessment on the market. Meanwhile, the overview section delineates Porters' Five Force analysis that will aid in analyzing competitive scenario with pertaining to automotive switches market.
Automotive Switches Market: Competitive Landscape
The competitive landscape section of the automotive switches market delivers a dashboard view of the key companies operating in the automotive switches market. The section also delivers a thorough information of key market players in the form of company profiles. Few of the key companies identified in the automotive switches market include Tokai Rika Co, Ltd., LS Automotive Technologies, Hella KGaA Hueck & Co., Panasonic Corporation, Robert Bosch GmbH, TE Connectivity, Honeywell International, ZF Friedrichshafen AG, Omron Corporation, Leopold Kostal GmbH & Co. KG, Toyodenso Co., Ltd., Industrial Engineering Syndicate (INENSY), and Aptiv PLC.
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