LONDON--(BUSINESS WIRE)--Technavio market research analysts forecast the global automotive power window switch market to grow at a CAGR of over 4% during the period 2018-2022, according to their latest report.
In this report, Technavio highlights the rising popularity of gesture recognition system as one of the key emerging trends in the global automotive power window switch market. Vehicles are getting more technology-intensive and advanced to meet the growing demands of customers and regulatory pressures. In automotive manufacturing, the advent of electrical and electronic engineering in automobiles and the use of these fields of study in conjunction with mechanical engineering have led to a significant increase in the use of mechatronics. This presented growth opportunities to numerous related markets such as semiconductor, ICT, telematics service, telecom, telecom hardware, and mobile device.
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In this report, Technavio analysts highlight the high demand for automotive switches as a key factor contributing to the growth of the global automotive power window switch market:
High demand for automotive switches
The high demand for safety systems in the automotive industry is leading to the increased adoption of safety sensors and switches. Dynamic business environment and changing consumer preferences have led to automotive manufacturers offering advanced safety feature in their vehicle. The rising demand for passenger cars and commercial vehicles is contributing to the growth of the global automotive power window switches market.
According to a senior analyst at Technavio for automotive electronics, “The demand for automotive switches is rising owing to the increasing electrification in vehicles. Automotive switches are used in several applications such as steering wheel switches, power window buttons, and HVAC controls, which are found in most modern vehicles for increased comfort of drivers. The adoption of these features mostly depends on the global sales of vehicles. The growing automotive market in North America, Europe, and APAC is driving the automotive switches market in these regions. Many global automakers are affiliating with local automakers of emerging markets to gain access to the potential markets.”
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Global automotive power window switch market segmentation
This market research report segments the global automotive power window switch market into the following applications (passenger vehicles and commercial vehicles) and key regions (the Americas, APAC, and EMEA).
Of the two major applications, the passenger vehicles segment held the largest market share in 2017, accounting for nearly 96% of the market. The market share for this application is expected to increase by 2022. The fastest growing application is passenger vehicles, which will account for nearly 97% of the total market share by 2022.
APAC was the leading region for the global automotive power window switch market in 2017, accounting for a market share of nearly 52%. By 2022, APAC is expected to continue dominating the market and register the highest growth rate of nearly 2%.
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