SELBYVILLE, Del., Oct. 3, 2019 /PRNewswire/ -- The steering wheel switch market revenue is predicted to surpass a valuation of USD 2.5 billion by 2025 when the industry shipments are projected to witness around 3% gains, according to a 2019 Global Market Insights, Inc. report.
The miniaturization of switches has enabled manufacturers to improve steering wheel designs coupled with cost reduction and improved features. The increasing integration of these switches for different applications such as ADAS, onboard computer, and infotainment systems in luxury car vehicles will add to the steering wheel switch market growth. The optimization in the ergonomic design of switches has reduced the size of buttons. Several automotive manufacturers are integrating various advanced features such as infotainment, Bluetooth, and telematics into vehicles, offering enhanced performance to customers. These features can be easily controlled & operated through switches equipped on steering wheels.
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The technological advancements around electric vehicles, vehicle connectivity, and in-vehicle information & entertainment have a huge potential to transform the driving experience. Companies are developing products to support several features in such vehicles to offer reliable performance to the driver. The technological advancements in semiconductor technologies have resulted in the reduction in the overall cost of automotive electronic components. Manufacturers are offering low-cost products to gain an enhanced customer base. The availability of low-cost labor and low-cost raw materials in China will reduce the overall manufacturing cost of components, augmenting the steering wheel switch market. The growing trade war between the U.S. and China is leading the U.S. automakers to invest in newer production plants in Thailand, Malaysia, and India.
The demand for these switches is projected to grow significantly in the commercial vehicles segment. The rising construction & infrastructure development activities are creating a huge demand for Heavy Commercial Vehicles (HCV) across the globe. Vehicle manufacturers are developing advanced cabs for HCVs to enhance driver comfort & performance. For instance, Mack Trucks offer steering wheels that can be equipped with Bluetooth & audio system control buttons as well as illuminated cruise control buttons.
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Europe is expected to maintain a moderate demand in the steering wheel switch market due to the presence of a leading luxury, passenger, and commercial vehicle manufacturers such as Mercedes-Benz, and BMW. These companies develop advanced luxury vehicles and provide exclusive comfort & safety features in vehicles. As a result, European countries are experiencing the demand for advanced comfort & infotainment systems, which integrate the connected and extensive computing technologies. North America is expected to create several growth opportunities for industry growth due to the growing aftermarket demand & the rising adoption of electric vehicles in the U.S.
Delphi Technologies, ZF Friedrichshafen AG, Valeo, Marquardt GmbH, Preh GmbH, and Leopold Kostal GmbH & Co. are some of the major players in the steering wheel switch market. Companies are investing in new manufacturing facilities in China and India to expand their presence in Asian countries.
Table of Contents (ToC) of the report:
Chapter 3. Steering Wheel Switch Industry Insights
3.1. Industry segmentation
3.2. Industry landscape, 2013 – 2025
3.2.1. Automotive industry landscape
3.3. Industry ecosystem analysis
3.3.1. Distribution channel analysis
3.4. Technology & innovation landscape
3.5. Pricing analysis
3.5.1. North America
3.5.3. Asia Pacific
3.5.4. Latin America
3.6. Regulatory landscape
3.6.1. International Standards
126.96.36.199. ISO 7588-2:1998
188.8.131.52. ISO 26262
3.6.2. North America
184.108.40.206. SAE J 1211-2012 (SAE J1211-2012)
220.127.116.11. SAE AS 5553C-2019
18.104.22.168. IATF 16949
22.214.171.124. Motor Vehicle Framework Directive 2007/46/EC
3.6.4. Asia Pacific
126.96.36.199. QC/T 198-2014 55
188.8.131.52. Australian Design Rules
3.6.5. Latin America
184.108.40.206. Route 2030
220.127.116.11. UAE Vehicle Control System Standard
3.7. Industry impact forces
3.7.1. Growth drivers
18.104.22.168. Growing sales of vehicles across the globe
22.214.171.124. Increased awareness about road safety in North America and Europe
126.96.36.199. Emergence of automotive parts & components industry in Asia Pacific
188.8.131.52. Steadily developing automotive manufacturing sector in Mexico
184.108.40.206. Advancements in automotive electronics & adaptive cruise control technology
3.7.2. Industry pitfalls & challenges
220.127.116.11. Increasing implementation of automotive touchscreen displays
18.104.22.168. Reduction in the overall number of switches on steering wheels
22.214.171.124. Increasing advancements in autonomous driving technology
3.8. Growth potential analysis
3.9. Porter's analysis
3.10. Competitive landscape, 2018
3.10.1. Company market share analysis
126.96.36.199. North America
188.8.131.52. Europe, Middle East & Africa (EMEA)
184.108.40.206. Asia Pacific
220.127.116.11. Latin America
3.11. Strategy dashboard
3.12. PESTEL analysis
Browse Complete Table of Contents (ToC) @
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Steering Wheel Switch Market shipments to witness around 3% growth to 2025
Delphi Technologies, ZF Friedrichshafen AG, Valeo, Marquardt GmbH, Preh GmbH, and Leopold Kostal GmbH & Co. are some of the major players in the steering wheel switch market.
SOURCE Global Market Insights Inc.