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The several OEMs are deploying enhanced features in the vehicles to increase the comfort and safety of the driver. Road safety has been an important factor owing to rising road fatalities in accidents. The steering wheel switches reduces the risk of the driver’s distraction by enabling the driver to concentrate on the road. Furthermore, technological advancements in the steering wheel switches are likely to propel the growth of the Steering Wheel Switches market. Many manufacturers have developed steering wheel switches with a limited number of buttons with optimized ergonomics, and this has also increased safety. The increasing comfort solutions in the vehicles are also expected to accelerate the performance and development of the Steering Wheel Switches.
Key Market Driver -
The increasing adoption of automation is expected to drive the growth of the market
Key Market Restraint -
The replaceable cost of the steering wheel switches is higher, and this factor is expected to hamper the growth of the market.
The rising adoption of automation in the vehicles is also expected to drive the growth of the automotive steering wheel market over the forecast period. The rapid vehicle automation has led to an increase in demand for electronic components. This factor is also likely to propel the growth of the Steering Wheel Switches market. The replaceable cost of the steering wheel switches is higher and even the slow adoption of these switches in the mid-level segment is expected to restrain the growth of the Steering Wheel Switches market over the forecast period.
The global Steering Wheel Switches market has been segmented into type, vehicle type, and region. By type, the global Steering Wheel Switches market is segmented into the push and seesaw. The push-type switch segment is expected to show exponential growth in the market over the forecast period. These switches are majorly used in volume control and radio control. The seesaw switch type segment is also expected to show good growth in the market over the forecast period. By vehicle type, further, the market has been segmented into passenger cars and commercial vehicles. The passenger car segment is expected to dominate the market over the forecast period owing to the rise in the adoption of the automation in the passenger cars. The commercial vehicle segment is expected to show steady growth in the market over the forecast period.
Some of the major companies that are present in the Steering Wheel Switches market include Preh GmbH, Valeo, ZF Friedrichshafen AG, TOKAI RIKA, CO, LTD., ALPS ALPINE CO., LTD., Leopold Kostal GmbH & Co. KG, Panasonic Corporation, among others.
Geographically, the Steering Wheel Switches market is segmented into North America, Europe, Asia Pacific, and the rest of the world. Asia-Pacific is expected to dominate the market over the forecast period. The propelling growth of automotive manufacturing industries in this region is expected to drive the market for the Steering Wheel Switches. North America is likely to show good growth in the Steering Wheel Switches market over the forecast period. The rise in road safety awareness in this region among the consumers is expected to drive the market. Europe is also expected to show good growth in the Steering Wheel Switches market over the forecast period.
By Vehicle Type
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