Steering Wheel Switches Market: Future Scope and Projected Industry Growths to 2025
The size of steering wheel switches market was registered at USD 2 billion in the year 2018 and is anticipated to cross USD 2.5 billion by 2025. Between the period 2019-2025, the market is expected to register a CAGR of 1.4%.
With the automotive industry adhering increased importance to the driver’s comfort and convenience, steering wheel switches industry size is projected to witness massive growth in the years ahead, in terms of sales and volume. Traditionally, these wheels were designed only with one button for honking. However, with consumers demanding increased functionality in the car such as controls for playing music and handsfree talking on the phone, steering wheels have come to include more switches.
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For most part, additional switches help the driver operate different functions without having to get distracted from driving, thus helping to prevent accidents. Steering wheel switches are more prevalent in passenger vehicles and light commercial vehicles, though they are also gaining prominence in heavy commercial vehicles. Owing to the comfort and functionality that these switches provide, automotive industry players are looking forward to incorporating more such switches in the steering wheel with varied styles, which would eventually boost steering wheel switches industry trends.
It is imperative to mention that in the countries where the demand for luxury cars are greater, such as Germany, Italy, UK, and France, steering wheel switches industry giants have designed wheels to accommodate as many as 10 switches. This trend has been followed in mid-range cars as well, with switches like infotainment, phone connectivity and volume control that can keep drivers from operating the distracting touchscreen for any kind of function control.
Many auto manufacturers are also adding a joystick-like push button controller on the left of the steering wheel, which is intuitive and can be operated without the driver having to seek out the touchscreen display first. The rising demand for such easily functional switches will indeed boost the steering wheel switches market share. Many automobile designers and manufacturers are also working to design a uniform steering wheel switch layout so that it is easier for users to operate controls using intuition and feel, thereby propelling the steering wheel switches industry trends further.
The efforts by prominent industry contenders is anticipated to majorly drive Europe steering wheel switches market size, that is projected to surpass USD 1 billion by 2024. In addition, the region is characterized by stringent regulations focusing on bettering driver safety, which would further bolster the industry outlook.
The high costs associated with steering wheels designed by OEMs will also drive the aftermarket steering wheel switches industry share. Aftermarket steering wheel switches are easier to afford and incorporate into the existing design of the vehicle. The consumer also gets a wider choice of what to incorporate and what to avoid when steering wheel switches are purchased and installed through the aftermarket. Widespread presence of the e-commerce industry and easy availability of the product in online auto stores will further drive the aftermarket steering wheel switches market.
Though the growth prospects of steering wheel switches industry are indeed impressive, it is expected that the emergence of autonomous vehicles technology and innovative cars that may come without steering wheels may hinder the steering wheel switches industry progress. Nonetheless, it has been forecast that driverless cars would take a while to go mainstream, on the grounds of which it is justified to state that steering wheel switches market would continue to experience an exponential growth graph in the ensuing years.
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Some Point from Table of Contents:
Chapter 4. Steering Wheel Switches Market, By Vehicle (Revenue, Shipments)
4.1. Key trends by vehicle
4.1.1. PCV
4.1.1.1. Market estimates and forecast, 2013 - 2025
4.1.2. LCV
4.1.2.1. Market estimates and forecast, 2013 - 2025
4.1.3. HCV
4.1.3.1. Market estimates and forecast, 2013 – 2025
Chapter 5. Steering Wheel Switches Market, By Product (Revenue, Shipments)
5.1. Key trends by product 77
5.1.1. Push
5.1.1.1. Market estimates and forecast, 2013 - 2025
5.1.2. See-saw
5.1.2.1. Market estimates and forecast, 2013 - 2025
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