Market Leader - Automotive Switch Market
The automotive switch market is projected to grow to USD 7.5 billion by 2026 from USD 6.2 billion in 2021, at a CAGR of 3.8% during the forecast period. The automotive switches market has witnessed significant growth in the developing countries. Vehicle production is growing significantly in China, India mainly due to the growing vehicle production and growing popularity of premium vehicles. OEMs are turning to emerging economies due to growing vehicle production and expanding their existing plants in these countries.
The automotive switches market is dominated by few global players and many regional players. Few of the key players include Continental AG (Germany), Panasonic Corporation (Japan), Robert Bosch GmbH (Germany) and ZF Friedrichshafen AG (Germany), Alps Alpine Co., Ltd. (Japan). Major strategies include new product launches, expansions, mergers & acquisitions, and partnerships/collaborations to further expand their presence in automotive switches market. New product launches and acquisitions/partnerships/collaborations have been the most dominating strategy adopted by major players from 2018 to 2020, which helped them to innovate on their offerings and broaden their customer base.
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Robert Bosch is a key player in the automotive switches market. Bosch offers a diversified product portfolio across various automotive switch markets. A balanced product portfolio not only secures the company against unfavorable forces in a specific market by dispersing its business risks but also enables it to benefit from opportunities available across industries. Also, the company’s increased focus on R&D allows it to introduce various advanced drive by wire technologies. The company invested USD 6.8 billion in 2019 in R&D activities. The company focuses on both organic and inorganic developments. The company’s demonstration with Ford for automatic driving and parking in the US is expected to popularize its advanced electronics portfolio in the automotive industry, setting up a benchmark. As switches are an automotive electronics component in automatic driving, its demonstration with Ford is expected to help retain its position among its competitors.
Continental AG is one of the key players in the automotive switches market. The company has a strong geographic presence across the globe. This helps it cater to the specific regional needs of its customers, thereby helping to tap the growing automotive switches market. The company’s increased focus on R&D also gives it an added advantage over its competitors. R&D expenses in the chassis & safety division rose by 2.5% in 2019, amounting to USD 1.2 billion. Continental focuses on organic developments—new product developments and expansions. The company’s supply order contract with Volvo to provide powertrain components is expected to allow the company to strengthen its market position. Also, the company’s strategy to expand its business in various regions is expected to help it tap the growing demand for automotive switches.
Related Reports:
Automotive Switch Market by Type (Knob, Lever, Button, Touchpad & Others), Switch Application (HVAC, Indicator, Electronic, Engine Management, Power Windows, Ignition, Multi-purpose & Others), Vehicle Type and Region - Global Forecast to 2026
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