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An automotive switch typically serves to control electronic circuits which are part of the electromechanical switches present in automobiles. In simple terms, automotive switches are available in a range of electronic automobile components that are widely classified in interior control automotive switches, access management automotive switches and powertrain automotive switches. Quite recently, Fact.MR has published a study which reveals a steady growth trend for the automotive switches market that are influenced by projecting trends dominant in the automotive industry. Some of the prime market influencers active in the global automotive switches market are swelling demand for electronic components in automobiles, rising preference for comfort and luxury in automotive interior as well as development of electro-mobility.
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According to this Fact.MR report, the automotive switches market is projected to witness a volume CAGR of 4.2% during the forecast period until 2028. The coming years are likely to experience increase in vehicle production, thereby, promoting the demand for auto parts that directly contribute to the sales of automotive switches; it is estimated that automotive switches sales will escalate by a volume of 4,207.6 Million units by 2028 end.
Passenger Car Segment to Dominate Automotive Switches Market Share
The passenger cars segment in the automotive switches market is anticipated to register prominent demand with close to 1.45x growth in sales volume during the forecast period. Although compact passenger car sub-segment governs the automotive switches demand, SUV sub-segment is forecasted to rise at a prominent volume CAGR of 4.8% until 2028.
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Furthermore, escalating preference for sport utility vehicles and stable launch of new SUV models can be accredited to this development of the SUV sub-segment from the automotive switches market.
Europe and China Serve as Promising Markets for Automotive Switches
On the basis of value, Europe and China are likely to witness a close competition as they together capture over half of the total global revenue. In Europe, growing sales of electric vehicles is attributed to stringent environmental regulations and emission standards, thereby, driving the European automotive switches market. On the other hand, developing economies are offering an evident stronghold on auto parts manufacturing, which is further backed up by ongoing electrification of the automotive industry. All such factors are expected to present lucrative prospects for automotive switches market players during the stated forecast period.
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This is the final section of the report that presents a dashboard view of the prime companies operating in the automotive switches market. Readers can also access thorough information associated to key market players which is enclosed in the form of company profiles. Some of the leading companies identified in the automotive switches market include LS Automotive Technologies, Tokai Rika Co, Ltd., Panasonic Corporation, Hella KGaA Hueck & Co., Robert Bosch GmbH, Honeywell International, TE Connectivity, Omron Corporation, ZF Friedrichshafen AG, Leopold Kostal GmbH & Co. KG, Industrial Engineering Syndicate (INENSY), Toyodenso Co., Ltd., and Aptiv PLC.
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