Global Market Insights, Inc. has announced the addition of the “ Steering Wheel Switches Market Share, Trend, Forecast, Growth, Analysis & Competition Tracking - Global Industry Insights 2018 to 2024"report to their offering.
Sellbyville, DE -- (SBWIRE) -- 02/05/2019 -- Steering Wheel Switches Market is predicted to surpass 500 million units with USD 4 billion by 2024.
Passenger cars will pose a CAGR of 4% in the steering wheel switches market over the forecast timeframe. This can be attributed to rising number of applications incorporated along with increasing interest of consumers in premium and sports cars. LCVs segment is significantly contributing in the industry revenue generation owing to its high demand in national goods transportation.
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Asia Pacific has been one of the major hubs for automotive business since the last few years, a factor that parallelly makes the belt lucrative for market growth as well. In fact, as per estimates, APAC is likely to account for almost 40% of the overall steering wheel switches industry share by 2024. The extensive growth of the regional market is primarily hinged on China where automobile production has witnessed a marked rise over the recent years.
As per figures claimed by Statista, in the year before last, China had a total production of nearly 24.4 million passenger vehicles and 3.7 million commercial cars. Not so long before, in 2015, with a humungous production volume of approximately 21 million passenger vehicles, the country pegged the title of largest producer of passenger cars. It leaves no doubt therefore that China would prove remunerative for the expansion of APAC market.
Europe steering wheel switches market size is expected to generate more than USD 1 billion by 2024. This can be attributed to presence of major automobile manufacturing companies in the region coupled with stringent regulations to enhance driver safety.
It is imperative to mention that in the countries where the demand for luxury cars are greater, such as Germany, Italy, UK, US and France, steering wheel switches industry giants have designed wheels to accommodate as many as 10 switches. This trend has been followed in mid-range cars as well, with switches like infotainment, phone connectivity and volume control that can keep drivers from operating the distracting touchscreen for any kind of function control. Many auto manufacturers are also adding a joystick-like push button controller on the left of the steering wheel, which is intuitive and can be operated without the driver having to seek out the touchscreen display first. The rising demand for such easily functional switches will indeed boost the steering wheel switches market share. Many automobile designers and manufacturers are also working to design a uniform steering wheel switch layout so that it is easier for users to operate controls using intuition and feel, thereby propelling the steering wheel switches industry further.
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Elaborating further on the design, it is prudent to state that steering wheel switches market size will grow at a CAGR of 3% over 2017-2024 from the OEM segment, as original equipment manufacturers are able to offer unique and customized designs for steering wheel switches that are amply suited to the customer's specific desires. Also, OEMs have greater capacity for investing heavily in innovation that would lead to better steering wheel designs. The high costs associated with steering wheels designed by OEMs will also drive the aftermarket steering wheel switches industry, estimated to be worth $600 million by 2024.
Aftermarket steering wheel switches are easier to afford and incorporate into the existing design of the vehicle. The consumer also gets a wider choice of what to incorporate and what to avoid when steering wheel switches are purchased and installed through the aftermarket. Widespread presence of the e-commerce industry and easy availability of the product in online auto stores will further drive the aftermarket steering wheel switches industry.
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Steering wheel switches market players include ALPS, Valeo, Delphi, DAsESUNG, Panasonic Automotive, and Tokai Rika. Other notable players are Fangxiang, Vimercati, COBO International, Aptiv, and Marquardt. Industry participants are engaged in mergers and acquisitions with automobile OEMs to enhance their supply chain model.
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