An automobile is made up of a number of components that are connected via micro switches that are specifically designed to function as a sensor for the presence or absence of another condition. With the right micro switch, automotive industry players can build better products with different configuration of terminations, actuators, and wired connections. As the automotive industry touches new peaks in the emerging economies and the growing prospects of electric vehicles in developed countries, the market for automotive micro switches is primed for a profitable future. According to a recent business intelligence study by Transparency Market Research (TMR), the global automotive micro switch market will be worth US$4,282.2 million by the end of 2025, with the demand expanding at a notable CAGR of 5.1% during the forecast period of 2017 to 2025.
As per the findings of the TMR report, the global shares in the automotive micro switch market are distributed among a large pool of players, and newer players are frequently eating out a share of pie owing to low entry barriers. These micro switches are cost-effective, and do not require extensive technological expertise to be built. That being said, the analyst of the report has identified Honeywell Sensing and Productivity Solutions, Alps Electric, Johnson Electric Holdings Ltd., Panasonic Corporation, C&K Components Inc., OMRON Corporation, Crouzet Automatismes SAS, CAMSCO Electric Co. Ltd., TE Connectivity, The APEM Group, Microprecision Electronics, and Knitter Switch as some of the notable companies ahead of the curve. To gain an edge over their competitors, these players are frequently indulging in mergers and acquisition, as it helps them strengthen their supply chain as well as find new customers.
Based on type, the market for automotive micro switch market has been segmented into door interlock switches, reset switches, ultra-miniature micro switches, sub-miniature micro switches, double pole double throw micro switches, single pole standard precision micro switches, general purpose micro switches, and standard micro switches. End users studied under this study are retail, automotive, industrial, consumer electronics, and others. Geographically, the analyst of the report has highlighted Asia Pacific as the region that will continue to formulate for the most prominent chunk of the demand in the near future.
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Increasing consumer preference for integrated components within an automobile that add to convenience in handling as well as improves safety of the product is the primary driver of the automotive micro switch market. Manufacturers are building complex combinations of mechanical structure coupled with electronic systems that are increasing intelligent, and are equipped with systems such as infotainment, HVAC, window, electric steering, acceleration, heated seats, headlight controls, and transmission. For all these systems, micro switches are essential.
- Global automotive micro switch market is estimated to be worth US$4,282.2 million by the end of 2025, mounting from its evaluated worth of US$9,271.1 million as of 2016
- Owing to low entry barriers, new players are able to make a mark in this market, although a few well-established players are expected to rain their dominance in the near future
- Prospering automotive industry in Asia Pacific is expected to sustain a consistent demand in the near future.