Multifunction switch manufacturers seek aftermarket opportunities
The automotive multifunction switches market report summarises the macroeconomic factors that are likely to support the growth of the automotive multifunction switches market and the forecast factors that are expected to be the most influential factors in the proceedings of the automotive multifunction switches market.
In addition, the automotive multifunction switches market report highlights the factors that are expected to drive the automotive multifunction switches market, as well as those that are expected to restrain market growth in the coming years.
The automotive multifunction switches market report also analyses the ongoing trends in the market, and provides information about the opportunities for established global players, as well as those for regional manufacturers trying to enter the automotive multifunction switches market.
The global automotive multifunction switches market was valued at $3bn in 2014, and is estimated to be expanding at a steady CAGR of four percent between 2019 and 2029, and is estimated to reach a global value of $4,732m by the end of 2029. In addition, the global automotive multifunction switches market is estimated to create an incremental $ opportunity of $1,440m over the forecast period.
In-vehicle aesthetics accelerating sales of automotive multifunction switches
Recent developments and an increase in the production capacity of OE manufacturers is likely to accelerate the growth of the automotive multifunction switch market. The ease offered by multifunction switches while driving is an important aspect that is likely to support the growth prospects of the multifunction switches market.
Moreover, increase in safety concerns, which can be fulfilled by the use of new and improved multifunction switches, is likely to gain traction in the global automotive multifunction switches market. In addition to innovations and the development of new and compact multifunction switches, the ability of multifunction switches to improve the aesthetics of automobile vehicles is also likely to contribute to market growth.
The increasing demand for automobile vehicles is expected to be among the most important aspects that are contributing to the development of the automotive multifunction switches market. The increasing usage of automobiles across the globe is also estimated to provide a customer base for the aftermarket as the frequent and extensive use of automotive multifunction switches is likely to result in the need for their replacement.
Effects on East Asia’s market attractiveness
East Asia is expected to remain a prominent region for the automotive multifunction switches market in terms of value as well as volume throughout the forecast period due to developments in the automobile market of China and Japan. China is estimated to be valued at $931m by the end of 2019, with a CAGR of four percent.
Increase in manufacturing activities in the automobile sector of India is also expected to provide a boost to the South Asia and Oceania markets, where the total market is estimated to reach $371m and create a noteworthy incremental dollar opportunity of $238m.
On the other hand, North America is expected to maintain steady growth over the forecast period with a CAGR of three percent. The Europe market is expected to sustain its lead over the global market due to the extensive use of on-road vehicles in the region as well as the presence of the automotive manufacturing market in Germany.
In terms of volume, Europe is expected to register a market of 23,151.5’000 units by the end of 2019. While the market of MEA is expected to have a negligible share in the global market, it is projected to witness significant growth with a substantial CAGR of six percent, and is estimated to create an incremental dollar opportunity of 49m over the forecast years.