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AU2003114 |
Pages: NA |
Jan 2023 |
In the recent years, numerous control functions have been migrating from the traditional positions on the dashboard or on console to the steering wheel. These functions include cruise control operations, and radio controls.
The multi-function steering wheels are gaining consumer preference. to improve the driving safety features OEMs are integrating frequently used switches on to the steering wheel, and OEMs have named it as the improved driving safety feature. These features make it easy for the driver to concentrate on driving and can operate various switches without getting distracted from the road.
Rapid growth in the accident rates that are majorly occurring owing to the distraction of the driver while operating various other functions in a vehicle is expected to drive the steering wheel switches market. To make the operations easy and to operate various functions with the help of different buttons and avoid accidents, OEMs have integrated multi-function steering wheel switches, due to which the safety is increased and the number of buttons is limited. The rapid transformation that the automotive industry is experiencing due to the change in vehicle designs and the swift growth in the electric vehicles is further anticipated to
The scaling down of switches has empowered OEMs to improve steering wheel design combined with less cost and enhanced features. The rise in the integration of these switches for various applications, for example, onboard computer, ADAS, and infotainment systems in luxury vehicle will add to the steering wheel switches market development. The restructuring in the ergonomic structure of switches has shrunk the size of switches. The OEMs are incorporating various advanced features such as Bluetooth, infotainment system, and telematics into vehicles. These advanced features can be easily operated and controlled from the steering wheel itself.
On the basis of product type, the steering wheel switches market is bifurcated into push buttons and seesaw buttons. Push buttons segment is expected to lead the market share due to its high requirement in various applications. For example, in June 2017, Honda exhibited its latest product Acura RLX sedan car enabled with a push button that will directly allow the driver to switch between self-driving mode and manual driving modes. Seesaw switch is anticipated to grow at a highest CAGR during the projected period. This growth is majorly attributed to the usage of cruise functions and controlling infotainment system of the vehicle. Rising user preferences for entertainment system while driving is expected to boost the seesaw switch segment during the projected forecast.
The global steering wheel switches market on the basis of vehicle type is divided into HCV, LCV and PCV. Among the above mentioned vehicle types, the passenger carrying vehicles segment led the global vehicle type segment in 2018. This is majorly due to the rising number of applications namely driver information and infotainment.
Light commercial vehicles (LCVs) segment is expected to boost the market growth during the projected timeframe. The growth is majorly attributed to the growing number of light commercial vehicles that are widely being used for passenger and goods transportation. Enhanced driver experience and developing safe operation and easy to use features will upsurge the segment growth during the forecasted period.
Among the regions, Asia-Pacific steering wheel switches market is anticipated to account for over 40% of the global market share. This growth is majorly attributed to the growing number of automobile manufacturers and high adoption rate across this region. In addition, developing countries such as South Korea, India and China are driving the market growth. Large number of multiple components manufacturers in Asia-Pacific is fueling the growth of this region.
European region is anticipated to drive the market growth during the forecasted period. This growth is majorly due to the presence of giant automobile manufacturers in this region coupled with rapid technological advancements driver safety features.
Source: Research Dive Analysis
Major players in the global steering wheel switches market are APLS Alpine Co., Ltd., COBO S.p.A., C&K Components, Inc., GSK InTek Co., Ltd., Marquadt GmbH, Delphi Technologies, Leopold Kostal, Panasonic Corporation, Standard Motor products and Tokai Rika Co., Ltd. These key players are majorly focusing on collaborations, partnerships, mergers and acquisitions and other activities to strengthen their market presence. For instance, in June 2019, C&K Components, Inc. introduced new
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Aspect |
Particulars |
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Historical Market Estimations |
2018-2019 |
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Base Year for Market Estimation |
2018 |
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Forecast timeline for Market Projection |
2019-2026 |
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Geographical Scope |
North America, Europe, Asia-Pacific, LAMEA |
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Segmentation by Product Type |
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Segmentation by Vehicle Type |
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Key Countries Covered |
U.S., Canada, Germany, France, Spain, Russia, Japan, China, India, South Korea, Australia, Brazil, and Saudi Arabia |
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Key Companies Profiled |
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FAQ:Source: Research Dive Analysis
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