Steering Wheel Switch Market Poised for Growth, Reaching £1.7 Billion by 2032
The automotive steering wheel switch market is set for continued expansion, driven by a rising demand for driver assistance and safety features, alongside an uptick in vehicle sales and production. This sector is also benefiting from ongoing technological advancements within the automotive industry.
A new report by Allied Market Research, titled "Automotive Steering Wheel Switch Market by Type (Split and Modular) and Vehicle Type (Passenger Vehicles and Commercial Vehicles): Global Opportunity Analysis and Industry Forecast, 2023-2032", reveals that the market was valued at £1.5 billion in 2022 and is projected to reach £1.7 billion by 2032, growing at a compound annual growth rate (CAGR) of 2.3% during the forecast period.
Key Growth Drivers
The report highlights several key factors driving the growth of the automotive steering wheel switch market:
Increased Demand for Driver Assistance and Safety Features: The growing emphasis on driver safety and assistance systems is a major factor boosting the demand for steering wheel switches. These switches are essential for controlling features like cruise control, lane departure warning, and emergency braking, enhancing the overall safety and convenience of vehicles.
Rise in Vehicle Sales and Production: As vehicle production continues to increase globally, particularly in emerging markets, the demand for automotive components like steering wheel switches is expected to rise accordingly.
Technological Advancements in the Automotive Industry: The rapid adoption of advanced technologies in vehicles, such as electric vehicles and autonomous driving systems, is creating new opportunities for steering wheel switch manufacturers. These switches are crucial for controlling various functions within these advanced vehicles.
Market Segmentation and Trends
The report examines the automotive steering wheel switch market across various segments, providing valuable insights into specific trends:
By Type: The "push type" button currently dominates the market, favoured for its ease of integration, space-saving design, and affordability. These buttons are widely used for controlling a range of functions, including cruise control, infotainment systems, and driver assistance features.
By Vehicle Type: Passenger vehicles currently hold a larger share of the market, driven by rising urbanisation and growing demand for personal mobility solutions. The segment is further boosted by increasing disposable incomes and consumer preferences for newer vehicles.
By Sales Channel: The aftermarket segment dominates the market, fuelled by the increasing need for repair and maintenance of older steering wheel switches. As the vehicle fleet ages, the demand for replacements and upgrades increases, contributing to the growth of the aftermarket segment.
Regional Outlook
The report points to strong growth potential for the automotive steering wheel switch market in developing countries, particularly in Asia Pacific. India, Mexico, Indonesia, and China are experiencing significant economic growth, leading to an increase in vehicle sales and production. This trend is further driven by rapid urbanisation and a growing middle class, creating a higher demand for personal mobility solutions.
Key Market Players
The report profiles several key players in the global automotive steering wheel switch market, including:
Valeo SA
Preh GmbH
ZF Friedrichshafen
ALPS Alpine Co Ltd
Tokai Rika
Standard Motor Products, Inc.
Panasonic Corporation
Delphi Technologies
C&K Components, Inc.
KOSTAL Automobil Elektrik GmbH & Co. KG
These players are actively pursuing growth strategies, such as new product launches, collaborations, and expansions, to maintain their competitive edge in the market.
Recent Developments
The report highlights a recent development in the industry:
In November 2023, Preh GmbH launched a new "Preh control lever," a customised motorised drive lever system designed to replace traditional steering wheels in the cockpit. This innovative system offers greater versatility, allowing for a wider range of functions and potentially paving the way for autonomous driving capabilities.
Conclusion
The automotive steering wheel switch market is poised for continued growth in the coming years, driven by a confluence of factors, including increasing demand for driver assistance and safety features, a rise in vehicle sales and production, and ongoing technological advancements in the automotive industry. As vehicles become more sophisticated and technology-driven, the role of steering wheel switches will become even more critical, creating further opportunities for market players in this sector.
