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Global Steering Wheel Switches Market
Global Wheel Switches Market is expected to reach US$ 5.7 Billion by 2026 from US$ 3.7 Billion in 2016 at CAGR of 4.42%.
Global Wheel Switches Market
Steering wheel switches market is majorly segmented by the product, vehicle, distribution channel and region. Based on vehicle segment, a passenger car is expected to dominate the global steering wheel switches market in 2017. This can be credited to increasing number of applications such as infotainment and driver information. The increasing interest of customers in the sports car and luxury cars is contributing to the growth.
Steering wheel switches can be also segmented based on products, where the push buttons segment held highest market share owing to its high requirement in various applications. For instance, in June 2017, Honda demonstrated its new product Acura RLX sedan car, the driver will be able to shift into self-driving mode by using push button employed on the steering wheel.
The rise in the number of accident rates is observed due to the distraction of driver for operating distinct functions in the vehicle. Manufacturers have analyzed that controls on the steering wheel will enhance the safety of the driver and its passengers. The added safety features will help in enhancing the Steering Wheel Switches Market.
Applications such as infotainment, ADAS, onboard computer, and telephone among others is increasing the demand for the number of switches that will offer driver with all controls on his fingertips. In addition to this, it is the reduced size of the product that will further facilitate manufacturers to employ a greater number of buttons thereby boosting overall market demand.
Developed countries such as Germany, France, UK, and the U.S., have high usage of luxury cars and sports cars which employ more than 10 buttons in each vehicle. The substantial increase in sales of these vehicles along with extra comfort features will promote the industry size over the current forecast period. Steering wheel switches market size is also predicted to foster globally due to customization per vehicle along with changing customer preferences in style trends.
In terms of region, Wheel Switches Market is segmented by North America, Europe, Asia-Pacific, Middle East & Africa, and Latin America. Asia-Pacific held the highest market in 2017. The rising automobile production across the region, especially in emerging economies such as India and China along with a presence of multiple component manufacturers in the region is fuelling regional growth of Steering Wheel Switches Market.
Key player across the Steering Wheel Switches industry are Delphi, ZF, Valeo, ALPS, Tokai Rika, and Panasonic Automotive. Industry players are focusing on collaborating with automobile manufacturers. For instance, DAESUNG offers its products to all the vehicles of Kia, Nissan, and Hyundai. Industry participants witness intense competition level from local manufacturers as they offer similar products in lower rates. Moreover, players are required to focus on online product sales via various e-commerce websites such as E-bay, Amazon, dhgate, Autozone, etc. and the online channel may support in rising sales for individual customers.
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The Scope of the Steering Wheel Switches Market:
Global Steering Wheel Switches Market, by Product:
Global Steering Wheel Switches Market, by Vehicle:
• Passenger Vehicle (PCV)
• Light Commercial Vehicle (LCV)
• Heavy Commercial Vehicle (HCV)
Global Steering Wheel Switches Market, by Distribution Channel:
Global Steering Wheel Switches Market, by Geography:
• North America
• Middle East & Africa
• Latin America
Key Players operating in the Steering Wheel Switches Market:
• Tokai Rika
• Panasonic Automotive
• Max Orman Toyota
• Leopold Kostal
• TOYO DENSO
This Report Is Submitted By @Global Market Research Company
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