Automotive Steering Wheel Switch Market Size and Growth Rate:
According to the latest reports published by Research Cosmos, Automotive Steering Wheel Switch Market was valued at USD 1350 Million in 2017 and projected to reach USD 1450 Million by 2025 growing at a CAGR of 0.9% during the forecast period 2017 to 2025.
Automotive Steering Wheel Switch Market – Growth Drivers and Restraints:
The global market is driven by the rising usage of the automatic steering wheel for road safety concerns, increase in adoption of self-regulation, and rise in the standard of living, leading to increasing the purchasing power of the consumer in terms of advanced vehicles. Furthermore, rapid technological improvements in the automotive industry fuel growth. However, slow adoption of automation may prevent the rapid expansion of the automotive steering wheel switch market.
Voyager cars account for the largest market share in the worldwide market. With the increasing demand for light-weight vehicles, rising disposable income, especially in emerging economies, the demand for passenger cars has been continually increasing. Additionally, with the increasing focus of the consumers towards improving the interiors of the vehicles and growing emphasis on the power of safety solutions such as driver’s airbag and ease of driving are predicted to propel the growth of the market.
Increasing technological improvements such as usage of optical sensors in the vehicle may decrease the number of buttons to be employed, thereby, impeding the steering wheel switches market size. Moreover, industry members are engaged in R&D to develop an automatic car without steering wheels. For instance, Waymo- Google’s self-driving car is supposed to be launched in 2018 and General Motors predicts to begin its automated car in 2019.
Automotive Steering Wheel Switch Market – Geographical Overview:
As more than 50% of the vehicles are manufactured in the Asia-Pacific region, the region accounts for the highest share, in terms of demand for automotive steering wheels over the globe. Additionally, with rapid urbanization in nations such as India, China, ASEAN Countries, the demand for the passenger vehicles has been continually growing, which is in turn boosting the need for the in the automotive steering wheel switch.
Some of the promising companies leading the Automotive Steering Wheel Switch Market are:
- Max Orman Toyota
- Tokai Rika
- Leopold Kostal
This research report includes following segmentation for the Automotive Steering Wheel Switch Market size and forecast until 2025:
Automotive Steering Wheel Switch Market – By Cover:
Automotive Steering Wheel Switch Market – By Application:
- Passenger Vehicles
- Commercial Vehicles
Automotive Steering Wheel Switch Market – By Geographical Segmentation:
- North America
- United Kingdom
- South Korea
- Latin America
- Middle-East & Africa