Steering Wheel Switches Market Growth Analysis | 2023-2028

Market Insights

The steering wheel switches market was estimated at USD 1.9 billion in 2022 and is likely to grow at a CAGR of 2.79% during 2023-2028 to reach USD 2.25 billion in 2028.

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Market Dynamics

Introduction

Steering wheel switches are the switches embedded in the steering wheel of a car in order to provide easy operation to the person driving the car. It is generally classified into two types, viz push type and see-saw type. Steering wheel switches increase the safety of individuals by reducing the distraction of the driver and also by minimizing the number of buttons for operation.

Market Drivers

Rapid transformation and advancements in vehicle design to offer increased safety and advanced features with minimal manual operation coupled with exponential growth in the electric vehicle market are likely to boost the market over the next five years.

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Key Players

Some of the major players in the market are:

• ALPS Alpine Co., Ltd.
• C&K Components, Inc.
• COBO S.p.A.
• Delphi Technologies
• GSK InTek Co., Ltd.
• Leopold Kostal GmbH & Co. KG
• Marquardt GmbH
• Panasonic Corporation
• Standard Motor Products, Inc.
• Tokai Rika Co., Ltd.

Note: The above list does not necessarily include all the top players in the market.

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Segment Analysis

By Vehicle Type

Based on the vehicle type, the market is segmented as passenger cars, light commercial vehicles (LCV), and medium- and heavy-duty vehicles (M&HCV). Passenger car is expected to remain dominant as well as the fastest-growing segment of the market over the next five years, owing to the introduction of several new technologies in the vehicle type, such as infotainment systems and ADAS systems.

Regional Insights

In terms of region, Asia-Pacific is likely to maintain its supremacy in the market during the forecast period. The region is also expected to grow at the fastest rate during the same period, mainly driven by China, India, and Japan. Rapid industrialization, transformation, and globalization coupled with increasing government initiatives of the major economies towards indigenous and local manufacturing are boosting the manufacturing sector, which in turn, is augmenting higher growth in the market during the forecast period.

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Research Methodology

• This strategic assessment report from Stratview Research provides a comprehensive analysis that reflects steering wheel switches market realities and future market possibilities for the forecast period.
• The report segments and analyzes the market in the most detailed manner in order to provide a panoramic view of the market.
• The vital data/information provided in the report can play a crucial role for market participants as well as investors in the identification of the low-hanging fruits available in the market as well as to formulate growth strategies to expedite their growth process.
• This report offers high-quality insights and is the outcome of a detailed research methodology comprising extensive secondary research, rigorous primary interviews with industry stakeholders, and validation and triangulation with Stratview Research’s internal database and statistical tools.
• More than 1,000 authenticated secondary sources, such as company annual reports, fact books, press releases, journals, investor presentations, white papers, patents, and articles, have been leveraged to gather the data.
• We conducted more than 15 detailed primary interviews with market players across the value chain in all four regions and industry experts to obtain both qualitative and quantitative insights.

Report Features

This report provides market intelligence in the most comprehensive way. The report structure has been kept such that it offers maximum business value. It provides critical insights into market dynamics and will enable strategic decision-making for existing market players as well as those willing to enter the market. The following are the key features of the report:

• Market structure: Overview, industry life cycle analysis, supply chain analysis.
• Market environment analysis: Growth drivers and constraints, Porter’s five forces analysis, SWOT analysis.
• Market trend and forecast analysis.
• Market segment trend and forecast.
• Competitive landscape and dynamics: Market share, Service portfolio, New Product Launches, etc.
• COVID-19 impact and its recovery curve
• Attractive market segments and associated growth opportunities.
• Emerging trends.
• Strategic growth opportunities for the existing and new players.
• Key success factors.

Market Segmentation

This report studies the market, covering a period of 12 years of trend and forecast. The report provides detailed insights into the market dynamics to enable informed business decision-making and growth strategy formulation based on the opportunities present in the market.

The steering wheel switches market is segmented into the following categories:

By Vehicle Type

• Passenger Car
• LCV
• M&HCV

By Product Type

• Push
• See-Saw

By Distribution Channel Type

• OE
• Aftermarket

By Region

• North America (Country Analysis: the USA, Canada, and Mexico)
• Europe (Country Analysis: Germany, France, the UK, Russia, and the Rest of Europe)
• Asia-Pacific (Country Analysis: China, Japan, India, and the Rest of Asia-Pacific)
• Rest of the World (Country Analysis: Brazil, Argentina, and Others)

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Report Customization Options

With this detailed report, Stratview Research offers one of the following free customization options to our respectable clients:

Company Profiling

• Detailed profiling of additional market players (up to 3 players)
• SWOT analysis of key players (up to 3 players)

Market Segmentation

• Current market segmentation of any one of the product types by distribution channel type.

Competitive Benchmarking

• Benchmarking of key players on the following parameters: product portfolio, geographical reach, regional presence, and strategic alliances.

Custom Research: Stratview Research offers custom research services across sectors. In case of any custom research requirement related to market assessment, competitive benchmarking, sourcing and procurement, target screening, and others, please send your inquiry to sales@stratviewresearch.com.