The global steering wheel switches market size is expected to register promising growth during the forecast period. This is ascribable to factors such as increasing demand for automation in automotive industry. Fortune Business Insights, published this information in its latest report, titled “Steering Wheel Switches Market Size, Share & Industry Analysis, By Type (Push, Seesaw), By Vehicle Type (Passenger Cars, Commercial Vehicles) Others and Regional Forecast, 2019-2026.”
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Switches are mounted on a steering wheel of an automotive to assist the driver in operating several functions such as ADAS, telephone, infotainment system, and on-board computer, among others. In addition to this, they can be either manually operated or automatically depending on their context.
For instance, the telephone system can be activated at an instant hit to the switch or if support voice recognition can be automatically activated through command of voice. In 1894, Alfred Vacheron is believed to be the first person to use steering wheel during the world’s initial automotive race that commenced from Paris to Rouen. From that time to present, the steering wheel has evolved largely with introduction of technology in the automotive industry.
What does the Market Report Include?
The market report includes an exhaustive study of several factors such as drivers, restraints, challenges, and opportunities that will affect the growth of the market in the forthcoming years. The report covers regional demographics that include qualitative and quantitative information about the regions that are further divided into nations that are contributing to the growth of the market between 2019 and 2026.
Furthermore, the competitive landscape has been discussed in-depth that include information of several players operating in the market. Moreover, information on the adoption of strategies such as merger and acquisition, collaboration, partnerships, and joint ventures by the companies that will drive the growth of the market has been included during the projected horizon.
Drivers and Restraints:
Technological Advancement in the Product to Augur Growth
Rising road fatalities has propelled the manufacturers to enhance the safety and comfort of the driver. Technological advancements along with safety on road being a top-notch priority has enabled the OEMs to develop steering wheels with limited switches and improved ergonomics. The development has resulted in limiting the risk of distraction for the driver, while driving on the road. In addition to this, automation in automotive industry is expected to drive the growth of the market in the forthcoming years.
For instance, in April 2019, Hyundai Motors, a leading automotive manufacturer, displayed its futuristic cockpit concept laced with technological advancements. The concept consists of a multi-layer display with an advanced digital instrument cluster. In addition to this, the steering wheel is equipped with two digital touch displays that can be configured in several ways. The buttons offer an efficient haptic feedback that is user-friendly during operation, while reducing distraction on the road.
Rising Automotive Industry in Asia-Pacific to Fuel Demand
Among the regions, the market in Asia-Pacific is anticipated to lead and register highest steering wheel switches market revenue during the forecast period. This is ascribable to factors such as growing automotive industry in countries such as China and India.
On the other hand, North America will witness substantial growth owing to increasing awareness on road safety in the forthcoming years. Overall, the market in Europe is expected to gain momentum during the projected horizon. This is attributable to factors such as increasing adoption of technology and growing demand for automation between 2019 and 2026.
Strategic Partnerships by the Companies to Boost Demand
According to the steering wheel switches market report, there are several companies operating, which are striving to maintain market presence during the forecast period. Adoption of strategies such as merger and acquisition, collaboration, joint venture, and product development and expansion by the companies to outshine their competition and gain major market share will bode well for market growth in the forthcoming years. Below is an industrial development for the market:
- November 2019: ZF Friedrichshafen AG, a German technology company, announced its strategic partnership with Danfoss Silicon Power GmbH involving the silicon carbide and silicon power modules. This joint venture is expected to boost the commercial and technical pedigree of inverters. Additionally, it will enhance the electric drivelines by providing a reliable interface between power modules and inverters.
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List of the Companies Operating in the Market:
- Preh GmbH
- ZF Friedrichshafen AG
- TOKAI RIKA, CO, LTD.
- ALPS ALPINE CO., LTD.
- Leopold Kostal GmbH & Co. KG
- Panasonic Corporation
- Among others
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