LONDON--(BUSINESS WIRE)--The automotive power window switch market is expected to grow by 45.19 million units during 2020-2024. The report also provides the market impact and new opportunities created due to the COVID-19 pandemic. We expect the impact to be significant in the first quarter but gradually lessen in subsequent quarters – with a limited impact on the full-year economic growth.
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Automotive manufacturers are continuously focusing on introducing advanced safety features in their vehicles owing to changing consumer preferences and the dynamic nature of the industry. Also, the ongoing trend of electrification in vehicles has increased the adoption of various safety sensors and switches in automobiles. With the growing demand for automobiles, global automakers are partnering with local players to gain access to potential markets. For instance, Ford Motor has partnered with Changan Automobile. BMW sells in China through Brilliance China Automotive. All these factors are positively influencing the growth of the global automotive power window switch market.
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As per Technavio, the increasing demand for automobiles in emerging countries will have a positive impact on the market and contribute to its growth significantly over the forecast period. This research report also analyzes other significant trends and market drivers that will influence market growth over 2020-2024.
Automotive Power Window Switch Market: Increasing Demand for Automobiles in Emerging Countries
Factors such as improved purchasing power of consumers and economic growth in countries such as Brazil, China, and India have significantly increased the adoption of automobiles. Hence, many automotive OEMs are increasing their focus toward these countries to tap the huge growth potential. For instance, the automotive sector in Mexico is attracting significant investments from prominent automotive OEMs and supplies. This is mainly driven by the strong domestic market and the country’s free trade agreements with neighboring countries such as the US, Canada, and other South American countries. Similarly, many international automotive OEMs have set up their production facilities in Brazil to cater to the growing domestic demand for automobiles. These factors are fueling the growth of the global automotive power window switch market during the forecast period.
“Rising popularity of gesture recognition system and the increasing integration of switches in a single panel will further boost market growth during the forecast period,” says a senior analyst at Technavio.
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Automotive Power Window Switch Market: Segmentation Analysis
This market research report segments the automotive power window switch market by Application (Passenger vehicle and Commercial vehicle) and Geography (APAC, Europe, North America, South America, and MEA).
The APAC region led the automotive power window switch market in 2019, followed by Europe, North America, South America, and MEA respectively. During the forecast period, the APAC region is expected to register the highest incremental growth due to the growing volume sales of SUVs in emerging economies such as China and India.
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Some of the key topics covered in the report include:
- Vendors covered
- Vendor classification
- Market positioning of vendors
- Competitive scenario
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